Swing and miss
In 2020, The Consumer Financial Protection Bureau filed a redlining complaint against a mortgage company under the Equal Credit Opportunity Act (ECOA) and Consumer Financial Protection Act (CFPA). The target was Townstone Financial based in Chicago, IL.
A federal judge dismissed the case ruling the evidence did not prove ECOA violations and the CFPB did not have the authority to file the lawsuit. Whoops.
Barry Sturner, Owner, Townstone Financial tells his story.
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