Marx Sterbcow, Managing Attorney of the Sterbcow Law Group, will be presenting at The National REO Brokers Association‘s (“NRBA”) Business Development Seminar in Orlando, Florida on October, 7, 2022. The topic of the session will be “You are a CFPB target! Regulation, Liabilities & Politics” which will focus on the impact of the Consumer Financial Protection Bureau’s lawsuit against Townstone Financial and how the CFPB’s regulation by political enforcement is now taking aim at the real estate brokerage and title insurance industries. The Seminar is at the Lowe’s Portofino Hotel at Universal Studios.
Marx Sterbcow, Managing Attorney of the Sterbcow Law Group, will be presenting at the Collateral Risk Network event during the Valuation Expo Conference at the Mirage Casino in Las Vegas on September 7, 2022. The presentation, “The CFPB’s New Equity Agenda” will discuss the Consumer Financial Protection Bureau and US Department of Justice’s focus on fair lending and fair housing. The session will also focus on the CFPB’s Equal Time Advertising Rule (“EqTar”) and the Demographic Equality Employment Quota Rule (“DEEQR”) theories under the Fair Lending Act and how these concepts will reverberate across all regulated entities as these new expectations on businesses are being imposed by the federal government. EqTar is defined as the failure to advertise to a specific racial group and DEEQR is defined as job specific hiring practices.
Consumer Financial Protection Bureau Sues a Chicago Mortgage Company Alleging “Redlining” Violations Based on Political Speech and Social Commentary Broadcast on Conservative Radio Station
The Consumer Financial Protection Bureau (“CFPB”), the controversial brainchild of Senator Elizabeth Warren, filed suit in Chicago yesterday against Townstone Financial, a small mortgage company, charging “redlining” violations based on political speech and social commentary broadcast on a conservative radio station. The Complaint alleges that statements made about crime in Chicago and support for police discouraged African-Americans from applying to their company and that the fact that their weekly radio show was broadcast on a conservative talk radio station discriminated against African-Americans.
James Bopp, Jr. of The Bopp Law Firm of Terre Haute, Indiana and co-counsel for Townstone, said that “The CFPB is using this case to drive all banking and mortgage companies away from advertising on conservative talk radio and to punish mainstream conservative political speech and social commentary. The CFPB has long been controversial and just lost a case in the United States Supreme Court for being improperly structured. They have been waiting years to file a case on the eve of a Presidential election to damage conservative voices. This is another federal agency weaponized to attack conservatives that needs to be stopped.”