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US CFPB ends monitoring of BofA over mortgage reporting case
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US CFPB ends monitoring of BofA over mortgage reporting case
Jun 23, 2025 3:46 PM

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.

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