(Reuters) -The U.S. Consumer Financial Protection Bureau has closed an oversight agreement with Bank of America tied to allegations that the lender submitted inaccurate mortgage data, according to a filing dated earlier this month. The move ends the consumer watchdog’s monitoring of the lender more than three years ahead of schedule. In November 2023, BofA […]
U.S.
US CFPB ends monitoring of BofA over mortgage reporting case
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(Reuters) -The U.S. Consumer Financial Protection Bureau has closed an oversight agreement with Bank of America tied to allegations that the lender submitted inaccurate mortgage data, according to a filing dated earlier this month.
The move ends the consumer watchdog’s monitoring of the lender more than three years ahead of schedule.
In November 2023, BofA had agreed to pay a $12 million fine to settle CFPB charges that it routinely submitted inaccurate information about mortgage applicants to the federal government, in violation of longstanding laws.
The bank neither admitted nor denied wrongdoing, but as part of the settlement, the CFPB was set to oversee the issue for five years unless it chose to end its oversight early.
The regulator terminated the agreement on June 4, saying BofA had fulfilled all obligations.
BofA declined to comment. The CFPB did not immediately respond to a request for comment.
(Reporting by Niket Nishant in Bengaluru; Additional reporting by Saeed Azhar; Editing by Maju Samuel)