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Settlement Details
The Consumer Financial Protection Bureau announced a settlement with Chicago mortgage lender Townstone Financial, concluding a years-long lawsuit over alleged racial discrimination. Townstone will contribute $105,000 to the CFPB’s victims relief fund as part of the settlement. The company did not admit or deny the allegations, with representatives citing a strategic decision to settle due to the government’s legal advantage.
Key Legal Precedent
This case follows a significant legal victory for the CFPB in July when the U.S. Seventh Circuit Court of Appeals expanded the agency’s authority to address racial bias in lending practices and marketing efforts. This latest settlement is part of the CFPB’s broader campaign to address racial bias within the mortgage industry, marking its second enforcement action in under a month.
Why It Matters
According to CFPB Director Rohit Chopra, the lawsuit reinforces protections against "redlining," which can discourage loan applications from certain racial or ethnic groups. The CFPB alleges that Townstone Financial’s marketing discouraged Black applicants by referring to certain neighborhoods as crime-ridden, which they argue was discriminatory.
Background
The CFPB initially filed suit in 2020, accusing Townstone of neglecting the credit needs of African American communities in Chicago and of using derogatory language in its radio marketing. This case sets a precedent for how financial institutions must approach marketing to ensure inclusivity and compliance with anti-discrimination laws.
