TOPIC: Consumer Financial Protection Bureau

CFPB, OCC & Justice Department Team Up for $9 Million Redlining Suit as Part of “Vigorous” Fair Lending Enforcement Effort

Good day, Bankers. Today we are discussing the recent action taken by regulatory agencies against fair lending violations.

This article was originally posted on the Ncontracts blog.

The regulatory agencies have been warning for months that they intend to take a tough stance against fair lending violations—and as of October 22, 2021, they have taken action in a huge way. 

The Consumer Financial Protection Bureau (CFPB) and Justice Department, with the cooperation of the Office of the Comptroller of the Currency (OCC), have filed a lawsuit against a Trustmark National Bank, a $17 billion-asset bank based in Jackson, Miss., alleging redlining in majority Black and Hispanic neighborhoods in the Memphis, Tenn., area...

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