The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic neighborhoods in and around Philadelphia, Pennsylvania from at least 2017 through 2021 in violation of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA).
Consumer spending trends serve as a barometer of economic health and consumer behavior, reflecting the financial well-being of individuals and households. In recent years, the rise of debt settlement companies has become intertwined with evolving consumer spending patterns.
Today, the Consumer Financial Protection Bureau (CFPB) banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products after the company misled student borrowers about its neutrality and initiated sham arbitration proceedings.
The Federal Trade Commission, together with the Justice Department’s Antitrust Division, released their annual report detailing fiscal year 2023 data on the HSR Premerger Notification Program, which alerts the agencies to transactions that may substantially lessen competition in violation of federal law.
National Credit Union Administration Chairman Todd M. Harper released the following statement today on the U.S. Department of Justice’s settlement with Citadel Federal Credit Union to resolve lending discrimination allegations. Citadel is a $6 billion financial institution in Southeastern Pennsylvania.
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