Bank of America Fined $12M for Reporting False Mortgage Data

Bank of America fined over routinely filing false mortgage lending data to the government, the CFPB says.

Bank of America building
(Image credit: Getty Images)

Bank of America agreed to pay $12 million to settle charges that its loan officers routinely filed false mortgage lending information to the federal government, according to the Consumer Financial Protection Bureau (CFPB).

The penalty is set to be paid into the CFPB’s victims relief fund.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.