CFPB Accuses Mortgage Co. Of Lending, Consumer Violations

Law360 (January 15, 2021, 8:49 PM EST) -- The Consumer Financial Protection Bureau sued mortgage company 1st Alliance Lending in Connecticut federal court Friday for alleged violations of lending and consumer laws, including misleading consumers about whether they would qualify for refinances and not informing them of credit denials.

The complaint alleges that East Hartford, Connecticut-based 1st Alliance and co-owners John Christopher DiIorio, Kevin Robert St. Lawrence and Socrates Aramburu violated the Fair Credit Reporting Act, the Equal Credit Opportunity Act and the Truth in Lending Act.

"At all times relevant to this complaint, 1st Alliance's business model incorporated, in part, a series of deceptive acts or practices, unfair...

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