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The Department of Justice (DOJ) announced a settlement agreement with Washington Trust Company, of Westerly (WTC) to resolve claims that WTC redlined majority Black and Hispanic neighborhoods in RhodeIsland. for its peer lenders, and on average 46.5% for its peer lenders, and on average 46.5%
Since the company was founded in 1800 in RhodeIsland, the bank has never offered its home loan services at a branch location in a majority-Black or Latino neighborhood throughout the state, including in the state capital of Providence, where the vast majority of the state’s Black and Latino population live.
As expected, bad actors are surfacing, and financial crimes divisions of community financial institutions are struggling with the realization that loans rushed through may be fraudulent. In the case of the two men in RhodeIsland, there were several red flags pointing to fraud. Lending & Credit Risk. SBA Lending.
Liquidation would close out a five-year drama that began when regulators cited the bank for SBA lending irregularities. Independence Bank can cease operations once it satisfies the conditions in an FDIC consent order.
Washington Trust shares plunged after the Westerly, RhodeIsland, company disclosed it booked an office deal in the third quarter, boosting the size of its portfolio while other lenders are pulling back.
Supreme Court ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. The trade groups’ views are set forth in comment letters submitted to HUD in response to its advance notice of proposed rulemaking seeking comment on the need for revisions to the Rule following Inclusive Communities.
57, disapproving of the CFPB’s Bulletin 2013-2 regarding “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” As the Supreme Court aptly recognized in Inclusive Communities , limitations on disparate impact liability are necessary to protect potential defendants from abusive disparate impact claims.
Select VC Investors: VantagePoint Capital Partners, Lend Lease Ventures. Select VC Investors: RhodeIsland Economic Development Corporation. Add it all up, including interest, and already-cash-strapped RhodeIsland could be out as much as $110 million on the loans. via SFGate. Company: Better Place.
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