Published 6 days ago • loading... • Updated 4 days ago

CFPB pushes to vacate Townstone settlement, refund mortgage lender

Summary by bankingdive.com

The bureau identified the redlining case against Townstone Financial as “abusive” and “unjust” and plans to make the company whole by returning the $105,000 penalty it paid.

12 Articles

All

Left

Center

Right

Fast Company

+2 Reposted by 2 other sources

Lean Left

The CFPB wants to refund a penalty that a mortgage lender paid to settle racial discrimination claims

Since President Trump’s return to office in January, the Consumer Financial Protection Bureau (CFPB) has dropped several enforcement actions against companies filed under the agency’s previous director, Rohit Chopra. Now the bureau is seeking to give back a $105,000 penalty that Chicago-based lender Townstone Financial paid to settle alleged racial discrimination claims last year. The case was initially filed in 2020, during Trump’s first term,…

5 days ago

Read Full Article

MSNBC

Left

Russell Vought steers the Trumpified CFPB in a regressive direction

It's striking to see the Consumer Financial Protection Bureau try to give money to a mortgage lender, instead of trying to get money from a mortgage lender.

5 days ago·United States

Read Full Article

bankingdive.com

Center

CFPB pushes to vacate Townstone settlement, refund mortgage lender

The bureau identified the redlining case against Townstone Financial as “abusive” and “unjust” and plans to make the company whole by returning the $105,000 penalty it paid.

6 days ago

Read Full Article

LexBlog

CFPB Seeks to Vacate Townstone Redlining Settlement

In an unprecedented move, the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Acting Director is seeking to vacate the Bureau’s settlement with Townstone Financial (“Townstone” or the “Company”), which was entered by the US District Court for the Northern District of Illinois on November 7, 2024. In a press release, Acting Director Vought stated that the CFPB “abused its power, used radical ‘equity’ arguments to tag Townstone as a ra…

4 days ago

Read Full Article

Americans for Financial Reform

Blog: Trump CFPB Reverses Townstone Discriminatory Lending Settlement - Americans for Financial Reform

In an astounding first, the Trump-appointed leadership of the Consumer Financial Protection Bureau has requested that a federal court reverse a racial discrimination settlement that the agency had previously reached with Townstone Financial, a Chicago-based mortgage lender. The post Blog: Trump CFPB Reverses Townstone Discriminatory Lending Settlement appeared first on Americans for Financial Reform.

4 days ago

Read Full Article

Consumer Finance Monitor

CFPB seeking to reverse Townstone settlement, saying bureau ‘abused its power’

Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial. “CFPB abused its power, used radical ‘equity’ arguments to tag Townstone as racist with zero evidence, and spent years persecuting and extorting them – all to further the goal of mandating DEI in lending via their regulation by enforcement tactics,” said CFPB Acting Director Russell Vought.... Continue R…

5 days ago

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year