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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Credit Outta Shape?

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Retail Banking in the United States: COVID-19 Impact Snapshot 2020 – ResearchAndMarkets.com

This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in the US. Based on proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.

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Your credit and the CARES Act

If you made accommodations with your lenders or creditors due to financial hardships related to coronavirus, follow these steps to ensure that your credit reports and scores are not negatively impacted.

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Bad Credit Score?

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Supreme Court Invalidates Restriction on President’s Power to Remove the CFPB Director

On June 29, 2020, the Supreme Court issued its opinion in Seila Law LLC v. Consumer Financial Protection Bureau, slip op. No. 19-7. The decision resolves a long-disputed issue regarding the constitutionality of the structure of the Consumer Financial Protection Bureau (CFPB or the Bureau)—namely, whether the Dodd-Frank Act’s statutory restriction on removal of the CFPB Director is consistent with the President’s powers in Article II of the Constitution. In a 5-4 decision, the Supreme Court held the restriction unconstitutional and invalidated it. At the same time, the Court rejected the argument that the entire CFPB should be invalidated due to the constitutional defect, and it left other remedial issues, such as the effect of the decision on pending Bureau matters, for lower courts to decide.

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Credit Score Sick?

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