Bank of America, N.A., will be shielded from adverse regulatory actions with respect to its funding arrangements with housing counseling agencies certified by the U.S. Department of Housing and Urban Development (HUD) thanks to the Consumer Financial Protection Bureau’s (CFPB) first no-action letter (NAL) since revising its NAL policy in September.
In accordance with the revised policy, Bank of America listed various potential consumer benefits and concerns associated with the HCA funding arrangements in its NAL application.
Learn more about the terms of the agreement.