Violation Tracker Individual Record

Bank of America Corporation
Current Parent Company: 
Bank of America
August 21, 2014
Offense Group: 
financial offenses
Primary Offense: 
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: 
Action Type: 
agency action
Justice Department multiagency referral
Civil or Criminal Case: 
HQ Country of Parent: 
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.