News & Analysis as of November 17, 2024

Equal Access to Credit

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

DOJ Reaches Historic Multi-Million Dollar Redlining Settlement With Citadel Federal Credit Union

Troutman Pepper on 10/14/2024

On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This...more

Citadel FCU is first credit union to settle DOJ redlining complaint

Ballard Spahr LLP on 10/14/2024

The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic...more

Wiley Consumer Protection Download (November 9, 2020)

Wiley Rein LLP on 11/9/2020

Regulatory Announcements - CFPB Issues No Action Letter to Facilitate Consumer Access to Loans. The Consumer Financial Protection Bureau (CFPB) issued a No-Action Letter to Bank of America, N.A. on November 5 regarding...more

CFPB Files First Ever Redlining Complaint Against a Non-Bank Mortgage Lender

Ballard Spahr LLP on 7/21/2020

On July 15, 2020, the CPFB filed a complaint in federal court against Townestone Financial, Inc. (Townestone) representing the first ever redlining complaint against a non-bank mortgage lender. ...more

Bipartisan Bill Introduced to Expand Mortgage Access to the Self-Employed

Ballard Spahr LLP on 9/14/2018

U.S. Senators Mark R. Warner (D-VA) and Mike Rounds (R-SD) introduced federal legislation on August 28, 2018, that would expand access to mortgages to the self-employed, gig workers, and other creditworthy individuals with...more

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