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CFPB, DOJ take action against mortgage provider for fair lending violations
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Case Law, Consumer Protection
Friday, June 5, 2015
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The Consumer Financial Protection Bureau and Department of Justice filed a joint complaint and proposed consent order against Provident Funding Associates for alleged violations of the Fair Housing Act and Equal Credit Opportunity Act. Despite placing caps on compensation, Provident granted the mortgage brokers it worked with discretion in determining broker fees. Provident argued its practices were necessary under the market competition.
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