Thursday, July 16, 2020

CFPB files lawsuit against Chicago-based Townstone Financial for alleged discriminatory lending practices

The Consumer Financial Protection Bureau (CFBP) on Wednesday filed a lawsuit against Townstone Financial Inc., a Chicago-based nonbank retail-mortgage creditor.

CFPB’s complaint alleges that Townstone violated the Equal Credit Opportunity Act (ECOA) and Regulation B by engaging in discriminatory mortgage-lending practices and that those violations also constituted violations of the CFPA, the Consumer Financial Protection Act.

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