The Consumer Financial Protection Bureau (CFPB) has broad authority under the Equal Credit Opportunity Act (ECOA) to prohibit discrimination against credit applicants and from discouraging prospective applicants for credit.
This reinforces the bureau’s enforcement authority as it wages a war against redlining, including in a case against Chicago-based Townstone Financial, according to court documents reviewed by HousingWire.
In the summer of 2020, the CFPB filed suit against Townstone, alleging that it violated Regulation B of the ECOA by drawing “almost no applications for properties in details ⇒
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