A coalition of state attorneys general filed letters to the CFPB and the Office of the Comptroller of the Currency noting that banks frequently refuse to cooperate with states’ enforcement investigations.
Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers.
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The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act.
The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service.
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