The Consumer Financial Protection Bureau (CFPB) on Friday announced that it is seeking a settlement with Chicago-based Townstone Financial that would resolve a case over what the bureau calls “discriminatory lending practices and redlining African American neighborhoods in Chicago.”

The proposed order would prohibit Townstone from taking any action that would violate the Equal Credit Opportunity Act (ECOA) and require Townstone to pay a penalty of $105,000 into the CFPB’s victims relief fund.

The move toward this resolution follows a lengthy court battle dating back to 2020, along with a details ⇒

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