![]() ![]() Sturner is Townstone’s co-founder, sole owner, sole director, President, and Chief Executive Officer. Most of Townstone’s mortgage lending and brokering takes place in the ChicagoNaperville-Elgin Metropolitan Statistical Area (Chicago MSA). 2 Townstone is a mortgage broker/lender headquartered in Chicago, which operates in Illinois, Indiana, Michigan, Wisconsin, and Florida. The Parties The CFPB is an independent agency of the United States created by the Consumer Financial Protection Act of 2010 (CFPA), with authority to enforce the CFPA and ECOA. 1Citations to the docket are indicated by “R.” followed by the docket number and, where necessary, a page or paragraph citation. For the following reasons, Defendants’ motion to dismiss is granted. 1 Defendants have moved to dismiss the FAC with prejudice. (Townstone), a mortgage broker/lender and its owner Barry Sturner (Sturner) (collectively, Defendants) for allegedly discouraging prospective African-American applicants in the Chicago metropolitan area from applying for mortgages. The Bureau of Consumer Financial Protection (CFPB) filed this lawsuit against Townstone Financial, Inc. ![]() The ECOA’s implementing regulation, Regulation B, extends the ECOA’s prohibition to “prospective applicants.” 12 C.F.R. on the basis of race, color, religion, national origin, sex or marital status, or age. MEMORANDUM OPINION AND ORDER The Equal Credit Opportunity Act (ECOA) makes it “unlawful for any creditor to discriminate against any applicant with, respect to any aspect of a credit transaction. ![]() 110 Case: 1:20-cv-04176 Document #: 110 Filed: 02/03/23 of 26 PageID #:654 IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION BUREAU OF CONSUMER FINANCIAL PROTECTION, Plaintiff, No. Bureau of Consumer Financial Protection v. ![]()
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