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☆ Bank of America fined $12 million for mortgage disclosure violations by federal watchdog
▼ + stars: | 2023-11-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

A man walks past an ATM outside Bank of America Corp. headquarters in Charlotte, North Carolina, May 2, 2016. WASHINGTON — The Consumer Financial Protection Bureau on Tuesday fined Bank of America $12 million for reporting false mortgage lending data to the federal government. "Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades," CFPB director Rohit Chopra said in a statement. According to a CFPB consent order, Bank of America violated part of the 1975 Home Mortgage Disclosure Act (HMDA) that requires lenders to accurately report demographic data about mortgage applications to financial regulators. The firm also employed over 4,500 loan officers, and averaged over 300,000 mortgage loan applications per year between January 2016 and the present day, the CFPB said.

Persons: Rohit Chopra, —, Biden, Bill Halldin, Halldin Organizations: Bank of America Corp, WASHINGTON, Consumer Financial, Bank of America, of America, Justice Department Locations: Charlotte , North Carolina

That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022. The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions." A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm. Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries. “Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.

Persons: Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies Organizations: U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson Locations: Bengaluru, Washington

☆ Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
▼ + stars: | 2023-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A man walks past an automated teller machine (ATM) outside Bank of America Corp. headquarters in Charlotte, North Carolina, U.S., on Monday, May 2, 2016. Bank of America , the second largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said Tuesday. The announcement Tuesday is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank. Regulators have punished Wells Fargo for a sales culture that led to the creation of 3.5 million fake accounts. But other lenders have had similar lapses, including U.S. Bank , which paid a $37.5 million fine last year for putting customers into unauthorized accounts.

Persons: Rohit Chopra, Bill Halldin, Wells, weren't Organizations: Bank of America Corp, Bank of America, Consumer Financial, of America, Regulators, U.S . Bank Locations: Bank, Charlotte , North Carolina, U.S

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