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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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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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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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Pawtucket Credit Union finds new leadership close to home

American Banker

The Rhode Island institution's next CEO has led lending operations at nearby Navigant Credit Union since 2017. ]].

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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. The Consumer Financial Protection Bureau (CFPB) filed a lawsuit on Thursday (Jan. It filed the complaint in the U.S.

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Citizens Financial again builds up reserves to shield against office losses

American Banker

For at least the fifth consecutive quarter, the Providence, Rhode Island, company increased its allowance for credit losses on general office loans, which continue to be a problem area for banks.