Bank Bank of America will pay $12 million to the United States authorities for providing false information about their mortgageThe Consumer Financial Protection Bureau (CFPB) announced this Tuesday.
CFPB Director Rohit Chopra said in a statement that the agency, the nation’s second-largest, “violated a federal law that thousands of mortgage lenders have routinely followed for decades.” Bank of America employees by organization they avoided asking Some mortgage applicants’ basic demographic data, such as race or gender, may not be included in their reports. They refused to give that information.
These demographic data by lawThe CFPB reminded that loans are important for “monitoring whether financial institutions are responding to the housing needs of their communities and identifying possible discriminatory lending patterns.”
Additionally, the organization accused the bank of “ignoring” this problem. In 2013, he knew some of his employees were not collecting accurate information during phone calls with mortgage applicants but decided to do nothing.
The fine will go to the CFPB’s victim fund. Bank of America has been fined by a government agency for the second time this year after it was forced to pay $200 million in May for charging “undue rates” or opening fake accounts.