Bank of America to Pay $12 Million Fine Over Inaccurate Mortgage Data: CFPB

The penalty stems from claims the bank failed to ask legally required questions about the race, ethnicity, and sex of mortgage applicants.

A Bank of America logo in New York on Jan. 10, 2017. Stephanie Keith/Reuters

Bank of America will pay $12 million for submitting inaccurate mortgage data to the federal government under a long-standing federal law, the Consumer Financial Protection Bureau (CFPB) announced on Tuesday.

The federal agency, championed by Democrats, noted that the second-largest U.S. bank, which holds $2.4 trillion in assets, neither admitted nor denied wrongdoing in the case.