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International Business Times
International Business Times
Helder Marinho

Bank of America To Pay $12 Million Fine For Inacurate Mortgage Data

Bank of America was fined by the CFPB (Credit: Reuters)

Bank of America has been ordered to pay a fine of $12 million by the Consumer Financial Protection Bureau for submitting inaccurate mortgage information to federal authorities.

According to the CFPB, loan officials at the bank failed to ask mortgage applicants some demographic questions as required by law. And then, they reported as if the customers chose not to respond to those questions.

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