Provident Charged with ECOA Charging Violations
The CFPB and the Department of Justice (DOJ) announced the filing of a joint complaint against Provident Funding Associates for charging higher broker fees on approximately 14,000 mortgage loans to African-American and Hispanic borrowers. The enforcement action requires $9 million in direct compensation to the identified borrowers, a new training program and monitoring of broker fee compensation patterns. The latter two providing sound advice for any financial institution. [5/29/15]