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Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
On Tuesday, October 27, 2020, the Bureau settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017. Inaccurate HMDA data can make it difficult for the public and regulators to discover and stop discrimination in home mortgage lending or for public officials and lenders to tell whether a community’s credit needs are being met. The settlement requires Washington Federal to pay a $200,000 civil money penalty and develop and implement an effective compliance-management system to prevent future violations.