Provident Pays $9M To Settle Discriminatory Lending Suit
Law360, New York (May 28, 2015, 6:25 PM EDT) -- Provident Financial Associates LP, the nation's second-largest private mortgage company, agreed on Thursday to pay $9 million to end a lawsuit brought by the federal government accusing the lender of charging excessive broker fees to black and Hispanic borrowers.
The Consumer Financial Protection Bureau and the U.S. Department of Justice announced the settlement the same day that they filed charges against Provident, which was accused of allowing brokers to impose higher fees on black and Hispanic homeowners than their white counterparts.
"The law is clear: access to mortgage loans may not be made more difficult because of an applicant's race or...
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!