The Financial Industry Regulatory Authority has fined Credit Suisse Securities (USA) $4.5 million, and Bank of America's Merrill Lynch unit $3 million for misrepresenting delinquency data and inadequate supervision in connection with the issuance of residential subprime mortgage securitizations.

FINRA found that Credit Suisse in 2006 misrepresented the historical delinquency rates for 21 subprime residential subprime mortgage securitizations it underwrote and sold.

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