News & Analysis as of November 17, 2024

Statutory Violations

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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

CFPB Files $3.95M Proposed Order to Settle HMDA Lawsuit Against Florida-Based Mortgage Company

Sheppard Mullin Richter & Hampton LLP on 6/24/2024

On June 18, the CFPB filed a proposed final judgment that would require a Florida-based nonbank mortgage originator and servicer to pay a $3.95 million civil money penalty and implement corrective actions requiring the...more

CFPB and DOJ file lawsuit against land developer alleging predatory lending

Ballard Spahr LLP on 12/28/2023

The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege...more

DOJ Settles Redlining Claim Against ESSA Bank

Ballard Spahr LLP on 6/16/2023

The Justice Department (DOJ) recently announced a settlement with ESSA Bank & Trust (ESSA), which has agreed to pay over $3 million to resolve allegations that it engaged in a pattern or practice of redlining in violation of...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

Mortgage lender fined for alleged HMDA violations

Hogan Lovells on 6/11/2019

On 5 June 2019 the Consumer Financial Protection Bureau (CFPB) announced its consent order (consent order) with a large mortgage lender (the company) for allegedly reporting erroneous sex, race, and ethnicity Home Mortgage...more

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