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high risk$150 million
Brian Moynihan
Bank of America CEO
Bank of America CEO, Foreclosure Fraud
Overview
Brian Moynihan became Bank of America CEO in 2010, inheriting the toxic Countrywide mortgage portfolio. Under his leadership, BofA paid $16.65 billion for mortgage fraud, the largest civil settlement in history. The bank's robo-signing scandal illegally foreclosed on thousands of families. BofA continues to face accusations of discriminatory lending.
Key Affiliations
Controversies & Concerns
$16.65 BILLION: Largest civil settlement in US history
ROBO-SIGNING: Illegal foreclosure processing
COUNTRYWIDE LEGACY: Inherited predatory mortgage portfolio
OVERDRAFT FEES: Billions extracted from low-income customers
REDLINING: Ongoing discrimination allegations
Related Investigations (1)
Criminal Charges & Violations
2 documented violations
12 U.S.C. � 5531Consumer Financial Protection Act, Mortgage fraud(SETTLED, $16.65B)
Fair Housing ActLending discrimination(ONGOING LITIGATION)
Known Associates & Connections
Jamie Dimon
Fellow major bank CEO
Warren Buffett
Berkshire Hathaway is major Bank of America shareholder
Sources & Documentation
3 documented sources from official records, investigations, and reports
Personal Information
- Born
- October 9, 1959
- Birthplace
- Marietta, Ohio
Education
- •Brown University
- •Notre Dame Law School
Key Timeline
October 9, 1959
Born in Ohio
2010
Becomes BofA CEO
2014
$16.65B mortgage settlement