Bank of America to Pay $12 Million Over Reporting of False Mortgage Data
- Bank failed to ask applicants for their race, ethnicity, sex
- Data is collected to monitor providers for discrimination
The fines will go into the bureau’s victim-relief fund, according to a consent order.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Bank of America Corp. agreed to pay $12 million in fines for submitting false mortgage-lending information to the US government, regulators said.
From early 2016 through late 2020, some of the bank’s loan officers failed to ask mortgage applicants for their race, ethnicity and sex, as required under federal law, and then falsely recorded that the customers declined to provide the information, the Consumer Financial Protection Bureau said in a statement Tuesday. The fines will go into the bureau’s victim-relief fund, according to a consent order.