• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Market Cap
  • Shop
What's Hot

What is Proof-of-Authority (POA) Consensus in Blockchain?

2025-05-10

What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

2025-05-09

ZachXBT reveals Coinbase users lost another $45M in a week to ongoing social engineering scams

2025-05-07
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
Twitter Instagram YouTube
Crypto Semantic
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of January 28

    2025-02-03

    Op-Ed: The Artist and the Artificial Sublime

    2025-01-20

    Zora launches onchain NFT secondary markets with Uniswap

    2024-08-12

    NFT sales surge led by DMarket on Ethereum

    2024-08-12

    Top NFT Collections by Sales This Week: DMarket Surges Ahead

    2024-08-11
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Analyst Says Momentum Is Going To Switch to Ethereum, Predicts Capital Rotation to Altcoins

    2024-02-20

    Bitcoin Price Rally In Jeopardy? Decoding Key Hurdles To More Upsides

    2024-02-19

    Arweave’s AR token hits 18-month high amid rapid growth and innovation

    2024-02-19

    Largest Bitcoin Whales Gobble Up Nearly $13,000,000,000 Worth of BTC in 2024 Alone: Santiment

    2024-02-19

    NEAR Skyrockets 30% – Investors Intrigued By These Metrics

    2024-02-19
  • Learn

    What is Proof-of-Authority (POA) Consensus in Blockchain?

    2025-05-10

    What Is Proof-of-Stake (PoS)? Guide to Blockchain Consensus for Beginners

    2025-05-09

    What is a Layer-1 (L1) Blockchain? L1 Problems & Future

    2025-05-03

    What is a Layer-2 (L2) Blockchain Solution? Types & Problems They Solve

    2025-05-02

    What Is a Layer-0 Blockchain Protocol?

    2025-05-02
  • Market Cap
  • Shop
Crypto Semantic
Home»Regulation»Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators
Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators
Regulation

Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators

2023-12-03No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

One of many largest banks within the nation is getting slapped with a multi-million greenback nice from the Shopper Monetary Safety Bureau (CFPB).

The company says Financial institution of America can pay $12 million for repeatedly sending false data to federal regulators.

The CFPB says BofA has routinely violated the Residence Mortgage Disclosure Act, which was enacted in 1975.

The regulation requires lenders to keep up sure information and submit knowledge about mortgage functions and originations to the CFPB to guard customers in opposition to predatory practices within the residential mortgage market.

The CPFB says that a whole lot of BofA mortgage officers uncared for their responsibility to ask mortgage candidates numerous demographic questions as mandated by federal regulation. However as a substitute of following as much as get the required particulars, the mortgage officers falsely reported that 100% of mortgage candidates opted to not present their demographic knowledge over a three-month interval.

The regulator additionally says that BofA failed to make sure that its mortgage officers have been offering correct data on mortgage functions. In line with the CFPB, the lender’s mortgage officers weren’t gathering the required demographic knowledge from mortgage candidates as early as 2013 however BofA selected to miss the shortcoming.

Says CFPB Director Rohit Chopra,

“Financial institution of America violated a federal regulation that hundreds of mortgage lenders have routinely adopted for many years. It’s unlawful to report false data to federal regulators, and we will likely be taking extra steps to make sure that Financial institution of America stops breaking the regulation.”

Along with the $12 million nice, the CFPB is requiring Financial institution of America to take measures that may cease its unlawful data-collection apply.

See also  Worldcoin ‘disappointed’ with Hong Kong ban as WLD drops 5%

Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox

Test Value Motion

Comply with us on Twitter, Fb and Telegram

Surf The Every day Hodl Combine

Generated Picture: Midjourney



Source link

America bank Breaking false Fine information Law pay regulators Repeatedly Sending
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Alchemy Pay (ACH) Price Prediction 2024 2025 2026 2027

2024-10-23

Law enforcement in Delhi and Hong Kong crack down on major crypto scams

2024-10-15

AAVE Breaking Out After Two Years of Consolidation, Eyes ATH

2024-09-23

Americans Under 40 Forcing Both Political Parties To ‘Collapse’ Into Bitcoin: Pantera Capital CEO Dan Morehead

2024-08-18
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Regulation

Shark Tank’s Kevin O’Leary Says New Regulatory-Compliant Crypto Exchange Set To Replace Binance and FTX

2023-10-01

Enterprise capitalist Kevin O’Leary says {that a} main crypto trade is being set as much…

NFT

Meet Botto, the AI-Artist That Mints Its Own NFTs

2023-08-22

To an off-the-cuff observer, creating AI-generated artwork is comically simple. You simply use a software…

Altcoins

HBAR cracks $0.05 support – what’s next?

2023-09-05

contributor Posted: September 5, 2023 Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and…

Subscribe to Updates

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Twitter Instagram
Popular Post

Ethereum Price Could Narrowly Avoid More Losses if it Closes Above One Key Level

2023-07-20

Arbitrum, Optimism Will Profit Massively

2023-06-19

Bitcoin: Can liquidity hunt drive BTC to $36K?

2023-10-25

Get the latest news and Update from Crypto Semantic about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Financial Disclosure
© 2025 cryptosemantic.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • Kinza Babylon Staked BTCKinza Babylon Staked BTC(KBTC)$83,270.000.00%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • ICPanda DAOICPanda DAO(PANDA)$0.003106-39.39%
  • bitcoinBitcoin(BTC)$104,427.000.61%
  • ethereumEthereum(ETH)$2,506.464.04%
  • tetherTether(USDT)$1.000.01%
  • rippleXRP(XRP)$2.37-1.41%
  • binancecoinBNB(BNB)$657.89-0.20%
  • solanaSolana(SOL)$174.151.45%
  • usd-coinUSDC(USDC)$1.000.00%
bitcoin
Bitcoin (BTC) $ 104,355.96
ethereum
Ethereum (ETH) $ 2,514.01
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.37
bnb
BNB (BNB) $ 657.76
solana
Solana (SOL) $ 174.15
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.233786
cardano
Cardano (ADA) $ 0.798817
tron
TRON (TRX) $ 0.262444