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Seventh Circuit Revives CFPB’s ECOA Action Alleging Discrimination Against Prospective Applicants Against Nonbank Lender

On July 11, the Seventh Circuit held that the Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq. (ECOA) authorizes the imposition of liability for the discouragement of prospective applicants. See CFPB v. Townstone Financial, Inc., ___ F.4th ___ (7th Cir. 2024), 2024 WL 3370023. As anticipated in Goodwin’s…

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