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The Consumer Financial Protection Bureau ordered Bank of America (New York Stock Exchange: BAC) to pay a $12 million fine for allegedly reporting false mortgage loan data to the federal government, according to a statement Tuesday.
For at least four years, hundreds of the bank’s loan officers did not asking mortgage applicants certain demographic questions as required by federal law, the consumer watchdog alleged. They then falsely reported that the applicants had chosen not to respond.
“It is illegal to report false information to federal regulators and we will take additional steps to ensure that Bank of America stops violating the law,” said CFPB Director Rohit Chopra.
The 12 million dollars penalty fee will go to the CFPB victim relief fund.
This is one of many actions the CFPB has taken against BofA for violating federal laws. In July, the regulator and the Office of the Comptroller of the Currency ordered the lender to pay more than $200 million for illegally charging junk fees, withholding credit card rewards and opening fake accounts.
