The Consumer Financial Protection Bureau (CFPB) has accused Bank of America of violating the Home Mortgage Disclosure Act (HMDA) by failing to collect essential race, ethnicity, and sex data on mortgage applications from 2016 to 2020. Former director Rohit Chopra highlighted that BofA falsely alleged customers declined this information. The CFPB noted that these issues were identified as early as 2013 but remained unaddressed. Additionally, under acting director Russell Vought, there has been a significant reduction in the agency's enforcement capabilities and pending actions, impacting 20 enforcement cases since February.
The CFPB's claim that Bank of America failed to collect critical race, ethnicity, and sex data on mortgage applications underscores significant regulatory lapses in mortgage lending practices.
Despite recognizing improper practices as early as 2013, Bank of America did not take action to comply with the Home Mortgage Disclosure Act until the CFPB intervened.
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