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DOJ Settles Redlining Claims in Rhode Island

CFPB Monitor

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 Rhode Island. for its peer lenders, and on average 46.5% for its peer lenders, and on average 46.5%

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Rhode Island bank agrees to pay $9m over discriminatory lending allegations

TheGuardian

Since the company was founded in 1800 in Rhode Island, 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.

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Cannabis Companies Would Be Eligible For COVID-19 Relief Under Bill

PYMNTS

But 34 members of Congress, spearheaded by Blumenauer and Barbara Lee of California, Don Young of Alaska and Tom McClintock of California, argued in a letter that the pandemic was no time to treat cannabis companies as if they are an exception to the many other sources of financial and economic stability of their communities.

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CFPB issues report on state community reinvestment laws

CFPB Monitor

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CVS Returns $43M In Provider Relief Funds

PYMNTS

The Rhode Island-based company, which employs more than 10,000 nurses and provides healthcare services at its MinuteClinics , said it did not request the funds, which were meant to reimburse healthcare providers for expenses or lost revenues related to the COVID-19 pandemic. “We We look forward to our continued partnership,” he added.

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Bad Actors Emerge in PPP Lending – More Expected as Forgiveness Guidance Emerges

Abrigo

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 Rhode Island, there were several red flags pointing to fraud. Industry officials warn it won’t be the last.

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Charles Potts: Fueling growth through innovation

Independent Banker

Demand for digital solutions continues to accelerate, making innovation an imperative for community banks looking to excel in today’s evolving market. That’s why ICBA makes innovation a priority and provides community banks with the information and tools necessary to grow and succeed in today’s competitive landscape.