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Violation Tracker Individual Record

Company: Bank of America Corporation
Current Parent Company: Bank of America
Penalty: $16,650,000,000
Year: 2014
Date: August 21, 2014
Offense Group: consumer-protection-related offenses
Primary Offense: mortgage abuses
Mega-Scandal: Mortgage Abuses
Violation Description: The Department of Justice announced a $16.65 billion settlement with Bank of America Corporation to resolve federal and state claims against the company and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of this global resolution, the bank agreed to pay a $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act and provide billions of dollars of relief to struggling homeowners, including funds that will help defray tax liability as a result of mortgage modification, forbearance or forgiveness. The settlement did not absolve Bank of America, its current or former subsidiaries and affiliates or any individuals from potential criminal prosecution.
Level of Government: federal
Action Type: agency action
Agency: Justice Department multiagency referral
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.