Bank of America Fined $12 Million for Mortgage Data Misreporting

30 Nov 2023 CW Team

Bank of America is set to pay a $12 million fine in response to allegations of misreporting mortgage data. The penalty, imposed by regulatory authorities, highlights the importance of accurate and transparent reporting in the financial industry.

The fine stems from instances where Bank of America inaccurately reported data related to mortgage transactions. Regulatory bodies have identified these discrepancies and have taken enforcement action, emphasizing the need for financial institutions to maintain the highest standards of data accuracy and integrity.

The $12 million penalty underscores the consequences that financial institutions may face for non-compliance with reporting regulations. It serves as a reminder of the regulatory scrutiny applied to the mortgage sector and the broader financial industry, reinforcing the importance of adhering to stringent reporting standards.

Bank of America's response to the fine will likely involve corrective measures to address the reporting inaccuracies and prevent similar issues in the future. The incident highlights the ongoing efforts by regulatory authorities to uphold the integrity of financial data and ensure transparency within the mortgage market.

As Bank of America navigates the consequences of the $12 million fine, the financial industry is reminded of the imperative to prioritize accurate reporting practices. The incident contributes to the broader discourse on regulatory oversight and the role of financial institutions in maintaining the reliability and credibility of data in the mortgage and banking sectors.

Infrastructure Transport

05 Feb 2026

MMRDA Installs 325-Tonne Steel Spans on Mumbai Metro Line 4

The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a key construction milestone on Metro Line 4 with the successful installation of three large steel spans at Bhandup West during overnight operations.The spans, together weighing 325 metric tonnes, were launched using eight heavy-duty cranes and 12 multi-axle vehicles. The operation required precise engineering and meticulous planning to minimise disruption in the densely populated suburban area.Due to effective inter-agency coordination, the work—originally scheduled across four nights—was completed within just two n..

CMRL Targets March 2027 Opening for Vadapalani–Panagal Park

Chennai Metro Rail Limited (CMRL) is progressing as scheduled to open the Vadapalani–Panagal Park section of Phase II’s Corridor 4 by March 2027. The 3.5 km underground stretch is part of the 26.1 km Corridor 4 connecting Lighthouse with Poonamallee Bypass.Construction activities are advancing steadily, with tunnelling works between Vadapalani and Panagal Park already completed. Track-laying operations are expected to commence shortly. At Panagal Park station, structural works have reached the concourse and platform levels, while excavation continues at the lowest level.CMRL is also consid..

Maha-Metro Invites Pune Metro Civil Maintenance Bids

Maharashtra Metro Rail Corporation Limited (Maha-Metro) has invited bids for the annual civil maintenance contract of the Pune Metro Rail Project. The tender, bearing ID and number P1-O&M-20/2025, is scheduled to close on 23 February 2026, with a pre-bid meeting slated for 10 February 2026. The earnest money deposit (EMD) for the contract is Rs 3,50,500, and the duration of the contract is one year.The scope of work includes annual civil maintenance of 28 elevated and underground stations, 28.079 km of elevated viaduct including steel bridges, 12.15 km of tunnels, and two depots under the ..