Mary & Rich Horn: CFPB v. Townstone Financial, Inc.

In this episode of Commitment Matters, Mary speaks with Rich Horn, Attorney at Garris Horn LLP. You can contact Rich via email.

During their conversation, Rich or Mary mentioned:

Find CFPB v. Townstone Financial case details and documents online. Learn more about Rich’s work and the services his law firm, Garris Horn LLP, offers.Rich says the concept of redlining has altered how banks market and determine their operation locations. Rich details two fair lending statutes, The Equal Opportunity Credit Act, or ECOA, and the Fair Housing Act, or FHA. Other cases illustrate similar discrimination and violations of ECOA and FHA, such as United States v. Chevy Chase Bank, F.S.B.It’s important to note the differences between disparate treatment and disparate impact.Evidence in these cases is often pulled from HMDA (Home Mortgage Disclosure Act) data, which is publicly published data about the U.S. mortgage market.United States v. Cadence Bank is another example case that Rich uses to explain redlining.Chevron deference is a law principle previously discussed on Commitment Matters. Rich explains how it’s applied in this case.UDAP refers to Unfair, Deceptive or Abusive Acts or Practices.Rich brings up a new rule from the CFPB called the Business Loan Data Collection Rule, which will create new HMDA data for small business loan applicants.

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