The Consumer Financial Protection Bureau (CFPB) is taking action against Townstone for potential violations of the Equal Credit Opportunity Act (ECOA). The CFPB is seeking to prohibit Townstone from engaging in practices that may discriminate against borrowers based on factors such as race, gender, or age. In addition to this prohibition, the CFPB is proposing a penalty of $105,000 to be paid to a victims relief fund as a result of these alleged violations.
Key points:
– The CFPB is targeting Townstone for potential ECOA violations
– The agency is seeking to prevent discriminatory lending practices by Townstone
– A penalty of $105,000 is being proposed to be paid to a victims relief fund by Townstone
– The CFPB’s actions aim to protect borrowers from discrimination in the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/cfpb-seeks-settlement-in-townstone-financial-redlining-dispute/(subscription required)
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