Bank of America has agreed to pay $4.2 million after the U.S. Department of Labor’s Office of Federal Contract Compliance Programs reportedly found evidence of hiring discrimination practices in past years, according to published reports.
The OFCCP alleged that African Americans, Hispanics and women were discriminated against when applying for phone representative, client service, mortgage underwriter, phone sales and sales specialist positions at BofA locations in New Jersey, Florida, Georgia and Texas, according to a DOL press release.
Despite the payout, BofA said it disagrees with the allegations and is confident that its hiring practices were appropriate.
“These reviews occurred between six and 10 years ago in a small number of offices. We decided it was best to put this matter behind us by reaching this resolution,” BofA said.
BofA spokesperson Bill Halldin said in some cases, the bank hired more women than men for a position, but the DOL felt there should’ve been more women hired.
More than half of BofA’s U.S. workforce is women, while 46% is ethnically diverse.
DOL uncovered these alleged instances during routine compliance checks.
As part of the agreement, BofA will monitor its hiring practices to ensure compliance and enlist a consultant to look at its hiring procedures over a five-year period.
“This is one of the largest settlements in OFCCP history, and this result will further the goal of equal employment opportunity,” Craig Leen, director of the OFCCP, said in a statement.
The $4.2 million amount includes back wages and interest. It is considered an early resolution conciliation agreement, which as of November 2018, is a way for the DOL to reach compliance-related settlements more quickly and efficiently to maximize resources.
