BofA To Pay $165 Million In Settlement With Credit Unions Over Failed Mortgage-Backed Securities

Reuters

In this Monday, Oct. 14, 2012, shows a Bank of America branch in downtown Miami. Bank of America said Wednesday, Oct. 17, 2012, that it narrowly turned a profit from July through September, good enough to beat Wall Street expectations. The bank earned $340 million in the most recent quarter, which works out to a fraction of a penny per share. Financial analysts expected an 11-cent loss, according to a poll by FactSet, a data provider. (AP Photo/Lynne Sladky)

WASHINGTON, April 2 (Reuters) - Bank of America Corp agreed to pay $165 million to resolve claims from the U.S. credit union regulator over purchases of mortgage-backed securities by corporate credit unions that have since failed, the regulator said on Tuesday.

The bank did not admit fault as part of the settlement, the National Credit Union Administration said.

BEFORE YOU GO

PHOTO GALLERY

11 Professions Less Trusted Than Bankers

BEFORE YOU GO

MORE: