Bank of America Exits Consumer Regulator’s Monitoring Three Years Early

The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank’s alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early.

The bank “fulfilled the obligations” of the agreement signed in November 2023, including paying a $12 million civil money penalty, and the pact was terminated on June 4, according to a CFPB filing. The consent order with one of the largest US banks was supposed to extend through at least November 2028 to ensure compliance.