Under the department’s settlement, which is subject to the approval of the District Court, Evolve Bank will establish a settlement fund of $1.3 million to compensate affected borrowers. Evolve Bank will also pay a $50,000 civil penalty.
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The Consumer Financial Protection Bureau has penalized Choice Money Transfer for violations of the Remittance Transfer Rule and the Electronic Fund Transfer Act.
According to the bureau, the company did not accurately disclose important prepayment information to remittance senders, such as money transfer fees, current exchange rates and the date the recipient would receive the funds.
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The U.S. Department of Justice (DOJ) announced an agreement to resolve allegations that Lakeland Bank engaged in a pattern or practice of lending discrimination by “redlining” in the Newark metropolitan area, including neighborhoods in Essex, Somerset and Union counties in New Jersey.
The DOJ said the settlement is the third-largest redlining settlement in department history.
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