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

Abrigo

The Department of Justice (DOJ) recently charged two businessmen in Rhode Island with fraudulently seeking PPP loans, the first in the country linked to the loan program. In the case of the two men in Rhode Island, there were several red flags pointing to fraud. Lending & Credit Risk. Member Business Lending.

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CFPB Sues Citizens Bank For Violating Truth In Lending Act

PYMNTS

30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). District Court for the District of Rhode Island. Meanwhile, states are pursuing their own agendas, with both New York and California pursuing new regulations against debt collectors. It filed the complaint in the U.S.

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DOJ announces $9M settlement with Washington Trust for redlining in Rhode Island

American Banker

based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021. The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based

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House Hearing Signals Fireworks On Big Tech Antitrust Issues

PYMNTS

David Cicilline of Rhode Island, who serves as subcommittee chairman. Take the tech sector: You have seen a lot of innovation, but you also have platforms with network effects that lend themselves to scale.”. We certainly would not want to regulate technology the same way we regulate municipal water.”.

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A scandal-scarred Rhode Island bank moves to liquidate

American Banker

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.

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Citizens builds liquidity amid concerns over credit, regulation and war

American Banker

The Rhode Island-based bank is bolstering its cash position in the face of worries about office loans, stricter capital requirements for regional lenders and the possibility of economic shock from overseas conflicts.