Bank of America fined $12 million for mortgage disclosure violations by federal watchdog

(CNBC) 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. “It is illegal to report false information to federal regulators, and we will be taking additional steps to ensure that Bank of America stops breaking the law.”

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