Washington Federal, N.A.
On October 27, 2020, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured, for-profit national bank headquartered in Seattle, Washington. The Bureau found that Washington Federal reported inaccurate data about its mortgage transactions for 2016 and 2017, in violation of the Home Mortgage Disclosure Act (HMDA), its implementing regulation, Regulation C, and the Consumer Financial Protection Act of 2010 (CFPA). Washington Federal reported data under HMDA on over 7,000 mortgage applications in each of 2016 and 2017. The Bureau found that these data included significant errors with some samples having error rates as high as 40%. The order requires Washington Federal to pay a $200,000 civil money penalty and develop and implement an effective compliance management system to prevent future violations.