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Bank of America fined $12 million for falsified HMDA data
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Banking, Consumer Protection
Friday, December 1, 2023
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Bank of America learned a $12 million lesson about the
importance of reporting accurate mortgage data after the Consumer Financial
Protection Bureau ordered the nation’s second-largest bank to pay for four
years of misreported borrower information.
Hundreds of loan officers at Bank of America violated the
Home Mortgage Disclosure Act and Regulation C by allegedly failing to report
demographic information for mortgage applicants.
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