All articles tagged with #mortgage data
The article discusses how political figures, including President Trump, are using mortgage data against their opponents, raising concerns about the accessibility of personal financial information and what citizens can do to protect their privacy.
Bank of America has agreed to pay a $12 million fine to settle charges by the U.S. Consumer Financial Protection Bureau (CFPB) that it routinely submitted inaccurate information about mortgage applicants to the federal government. The bank's loan officers failed to ask applicants required questions about their race, ethnicity, and sex, and then falsely reported that the applicants chose not to respond. This violated the Home Mortgage Disclosure Act, a law that helps regulators assess whether lenders are engaged in discriminatory lending. Bank of America did not admit or deny wrongdoing and stated that it has improved training to ensure proper collection of demographic data.
The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government. Bank of America loan officers failed to ask certain demographic questions required by law and falsely reported that applicants had chosen not to respond. This violation of the Home Mortgage Disclosure Act (HMDA) and its implementing regulation, Regulation C, is not the first time Bank of America has faced penalties from the CFPB for violating federal law. The bank must now take steps to rectify its illegal reporting practices and pay the penalty into the CFPB's victims relief fund.