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 Urban

09 Jan 2026

Mount Invests Rs 250 Cr, Adds PUF & PEB Plants, 400+ Jobs

TUMKUR, Karnataka, January 8, 2025 - Mount Roofing & Structures Private Limited, one of India's fastest-growing manufacturers in PUF and a leading solutions provider across Pre-Engineered Building (PEB) and Polycarbonate sheets, simultaneously inaugurated its second fully automated continuous Sandwich Panel manufacturing line and a new PEB manufacturing plant at its integrated campus in Tumkur." The milestone expansion, part of a total investment of INR 250 crores, marks a significant advancement in the company's commitment to engineered performance, manu..

Titan Intech Strengthens UltraLED Push With Global LED Veteran

Titan Intech has announced the induction of global LED industry veteran Su Piow Ko to its Board of Directors, marking a strategic step in strengthening its UltraLED Displays roadmap and building globally competitive LED display solutions from India.The appointment aligns with Titan Intech’s ambition to position India as a hub for advanced, high-quality LED display manufacturing. With an increased focus on UltraLED Displays, the company aims to enhance technical governance, raise manufacturing standards and expand its presence across global markets.Su Piow Ko brings over three decades of inte..

Dun & Bradstreet Flags New Growth Engines in India 2026 Outlook

Dun & Bradstreet has released its India 2026: D&B’s Perspective report, projecting a stable macroeconomic environment underpinned by fresh opportunities for productivity-led and inclusive growth. The report outlines how India’s next growth phase will be driven by digitised logistics, trusted data ecosystems, clean energy and rising city vitality.According to the outlook, India’s GDP growth is expected to reach around 6.6 per cent by FY2027, supported by resilient consumer demand and sustained public investment. Manufacturing is seen entering a new phase, moving beyond scale towar..