Law360 (July 15, 2020, 11:12 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday filed a complaint in Illinois federal court accusing a Chicago-area mortgage lender of redlining and disparaging majority-Black neighborhoods in infomercial commentary, marking the agency's first new fair lending-related enforcement action in more than a year.
In its complaint, the CFPB alleges Townstone Financial Inc. engaged in discriminatory conduct from 2014 to 2017 that resulted in it receiving far fewer applications from prospective Black borrowers and far fewer applications for homes in Black neighborhoods than other mortgage lenders operating in the Chicago metropolitan area.
"Specifically, during its weekly marketing radio shows and podcasts, Townstone made...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!