JD Supra

CFPB v. Townstone Financial - 7th Circuit Expands Equal Credit Opportunity Act Claims to “Potential Applicants” in Redlining Victory for Consumer Financial Protection Bureau

On July 11, 2024, the U.S. Court of Appeals for the 7th Circuit held in Bureau of Consumer Financial Protection v. Townstone Financial, Inc., that the Equal Credit Opportunity Act (“ECOA”) prohibits ...
JD Supra

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

Under the Trump administration, the CFPB brought suit against mortgage lender Townstone Financial, Inc. The CFPB alleged that Townstone had discouraged prospective applicants from applying for credit ...