WebMar 15, 2024 · The Townstone case was novel for the CFPB, as it was one of the CFPB’s first fair lending enforcement actions against a lender in the non-bank mortgage sector. The CFPB may appeal the decision to the Seventh Circuit. While the decision has no binding impact on other courts, it may encourage more lenders to litigate rather than settle future ... WebJul 25, 2024 · Townstone filed its initial otion to Mismiss on October 23, 2024. After the CFPB D amended its complaint, Townstone renewed its motion on February 8, 2024—in which it argued that the CFPB’s claims are unsupported by the law, unsupported by the facts pled in the complaint, and run afoul of the First and Fifth Amendments to the Constitution.
Townstone Financial, Inc. Fact Sheet in Response to CFPB Lawsuit
http://nittygrittyfi.com/complaint-ecoa-debt-collection-federal-district-court WebJul 15, 2024 · Townstone Financial, Inc. and Barry Sturner On July 15, 2024, the Consumer Financial Protection Bureau (Bureau) filed a lawsuit in federal district court in the Northern … sleep now in the fire rage
CFPB Suffers Significant Defeat In ECOA Lawsuit Against Townstone
WebApr 13, 2024 · The CFPB alleged Townstone discouraged African-Americans from applying for credit with the lender based on the lender’s sponsorship of and participation in a talk radio program. In dismissing the complaint, the district court found that ECOA’s statutory language unambiguously applies only to “applicants,” not “prospective applicants ... Web25. Townstone has generated up to 90% of its mortgage-loan applications from radio advertising, including through the Townstone Financial Show. 26. The Townstone Financial Show is a long-form commercial advertisement, which Townstone refers to as an infomercial, that also includes shorter advertisements for Townstone during commercial … WebFeb 6, 2024 · As previously reported, in July 2024 the CFPB filed the first ever redlining complaint against a nonbank mortgage company, Townstone Mortgage (Townstone), under the Equal Credit Opportunity... sleep now mattress