June 23 (Reuters) - The U.S. Consumer Financial
Protection Bureau has closed an oversight agreement with Bank of
America ( BAC ) 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.