CFPB
Bank of America, N.A.
November 28, 2023
Summary
The CFPB issued a consent order against Bank of America, N.A. on November 28, 2023, for submitting inaccurate Home Mortgage Disclosure Act (HMDA) and Regulation C mortgage data, ordering a $12 million civil money penalty and requiring policies, procedures, and a compliance plan. The Bureau terminated the order on June 5, 2025, after Bank of America fulfilled the penalty, compliance-plan, annual reporting, and HMDA compliance-management-system obligations.
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Bank of America, N.A.
On November 28, 2023, the Bureau issued an order against Bank of America, N.A., which is a national bank headquartered in Charlotte, North Carolina with branches and ATMs located in 38 states and the District of Columbia. The order required Bank of America to pay a $12 million civil money penalty and to develop policies and procedures to ensure compliance with the Home Mortgage Disclosure Act (HMDA) and its implementing Regulation C.
On June 5, 2025, pursuant to the Bureau’s authority under 12 U.S.C. § 5563(b)(3) and under Paragraph 72 of the order, the Bureau terminated the order. Bank of America has fulfilled the obligations under the order, including, among other things, payment of a civil money penalty of $12 million, development of a compliance plan and an annual report, and implementation of improvements to its HMDA compliance management system.
Related documents
Order Terminating the Consent Order
Press release
CFPB Orders Bank of America to Pay $12 Million for Reporting False Mortgage Data
Case docket
Page last modified Jun. 5, 2025 @ 10:21 AM EDT
Action Details
Forum
- Administrative Proceeding
Docket number
2023-CFPB-0016
Initial filing date
NOV 28, 2023
Products
- • Fair Lending
- • Mortgage Origination
Source: https://www.consumerfinance.gov/enforcement/actions/bank-of-america-na-hmda-data-2023/
Common questions
- What does "Bank of America, N.A." cover?
- The CFPB issued a consent order against Bank of America, N.A. on November 28, 2023, for submitting inaccurate Home Mortgage Disclosure Act (HMDA) and…
- Which agency issued this update?
- This update was issued by CFPB.
- When was it published?
- It was published on November 28, 2023.