HMDA: HMDA Consent Order
Автор: Banker's Compliance Consulting
Загружено: 2024-03-04
Просмотров: 26
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Find your HMDA Resources here - https://lp.bankerscompliance.com/the-...
Bank of America has been called out for loan officers falsely reporting that applicants chose not to provide their demographic information. This violation of regulations could lead to civil money penalties. The enforcement action serves as a reminder for lenders to train their loan officers to collect accurate demographic data and not falsify information. The difficulty of proving such violations is acknowledged, but interviews, emails, and notes can be used as evidence. Additionally, the discussion highlights the upcoming regulation, 1071, which will require lenders to monitor for similar violations and hold overseers accountable for non-compliance. The subjective nature of enforcement actions is mentioned, emphasizing the need for lenders to use them as opportunities for training rather than threats.
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