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The Supreme Court on Wednesday will consider the Securities and Exchange Commission's powers to enforce securities law through its in-house tribunal system rather than in court, marking the second of three major cases this term that could rock the administrative state.
Bank Of America: The U.S. Consumer Financial Protection Bureau said on Tuesday that more than 400 loan officers at the second-largest U.S. bank failed to ask applicants required questions about their race, ethnicity and sex, and then falsely reported that the applicants chose not to respond.
Supreme Court justices appeared skeptical of the Securities and Exchange Commission's powers to conduct in-house adjudications without juries in a case that could disrupt the administrative state.
The bank failed to accurately reported answers on demographic data that can be used to identify possible discriminatory practices, CFPB said.
Bank of America has been ordered to pay $12 million over accusations it didn’t provide the correct mortgage information to the government.