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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 Gives London's WorldRemit a Key Market in U.S.

Payments Source

states with the announcement that it’s added a proprietary license in Rhode Island. WorldRemit inched closer to its goal of obtaining its own money transmitter license in all available U.S.

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

American Banker

The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based 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.

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More States Mull Interest Rate Preemption and “Anti-Evasion” Legislation

CFPB Monitor

Rhode Island, Minnesota, and Nevada have joined the list of jurisdictions considering proposals to legislatively opt out of federal interest rate preemption established under the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA).

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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.

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CFPB issues report on state community reinvestment laws

CFPB Monitor

On November 2, 2023, the Consumer Financial Protection Bureau issued a report on the community reinvestment laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia), and the District of Columbia that evaluate the record of state-chartered financial institutions and other lenders in meeting the credit (..)

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Citizens Hits Back at CFPB’s Lawsuit Over Credit Card Dispute Failings

Banking Exchange

The Rhode Island-based bank says legal action from the consumer regulator is “unwarranted” and ignores previous remedial work Consumer Credit Compliance Customers Cards CFPB Compliance/Regulatory Consumer Compliance Community Banking Feature3 Feature.