2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
VIEWpoint Issue 2 | 2022
7 Trends Defining the Future of Non-Profits
What’s in the Fiscal Responsibility Act?
Reasons to Consider Outsourced Accounting for Your Non-Profit
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) ordered Trident Mortgage Company to pay over $22 million for violating the Equal Credit Opportunity Act (Regulation B). It was determined that the company intentionally discriminated against families living in majority-minority neighborhoods in the greater Philadelphia area.
Problematic conduct by Trident Mortgage Company included the following:
According to Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division: “This settlement is a stark reminder that redlining is not a problem from a bygone era. Trident’s unlawful redlining activity denied communities of color equal access to residential mortgages, stripped them of the opportunity to build wealth and devalued properties in their neighborhoods.”
For more information on how to avoid redlining and other Regulation B violations, contact our regulatory compliance specialists today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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