Reported 24 days ago
The Consumer Financial Protection Bureau (CFPB) is pursuing a settlement with Townstone Financial to address allegations of discriminatory lending practices and redlining in Chicago's African American neighborhoods. The proposed settlement includes a $105,000 penalty for Townstone and prohibits future violations of the Equal Credit Opportunity Act. Townstone's CEO expressed relief at the potential resolution, while acknowledging the toll the case has taken on his family over the past six years. The lawsuit began in 2020 after the CFPB found that Townstone drew very few loan applications from majority-African-American areas.
Source: YAHOO