CFPB and Chicago loanee fail to reach final agreement on redlining lawsuits

By Emilie Ruscoe (March 21, 2022, 7:51 p.m. EDT) – A Chicago-area mortgage lender and the Consumer Financial Protection Bureau have dropped efforts to settle the bureau’s allegations that the lender was disparaging majority-black neighborhoods in a infomercial comment, the parties told a federal judge in Chicago.

In a status report filed Friday, the CFPB and defendants Townstone Financial Inc. and its chief executive Barry Sturner told U.S. District Judge Franklin U. Valderrama and U.S. Magistrate Judge Gabriel A. Fuentes that they had no been able to reach a settlement agreement because Townstone and Sturner “were unable to be satisfied that entry into the [proposed] the consent order would not cause irreparable harm to their business.”…

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