Bank of America has been fined millions of dollars by the Consumer Financial Protection Bureau for sending false information to federal regulators. The bank was accused of violating the Home Mortgage Disclosure Act by failing to collect and report required demographic data. Regulators also noted that Bank of America failed to ensure that its loan officers provided accurate loan information. The CFPB asked Bank of America to take steps to stop illegal data collection practices and said it was illegal to report false information to federal regulators.