The Consumer Financial Protection Bureau said that Townstone Financial violated civil rights law
Posted BY: Jasmine | NwoReport
The Consumer Financial Protection Bureau in 2017 began investigating Townstone Financial, a small mortgage company in Chicago, over possible violations of civil rights law.
The bureau bars lenders from making statements that “discourage” minorities from applying for loans. Townstone may have violated that regulation, the agency said, when its employees discussed crime in Chicago on a company-hosted radio show about the mortgage market, which also advertised Townstone’s services.
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The offending statements, plucked from five episodes recorded over a three-year period, included a reference to the South Side of Chicago as a “war zone,” as well as a recommendation that home sellers “take down the Confederate flag.” Merely mentioning the flag, the agency argued, could scare off black applicants.
Facing a possible lawsuit and potentially stiff penalties, Townstone in 2019 retained a consumer testing firm, Kleimann Communication Group, to see if the remarks did in fact alienate African Americans.
