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BREAKING: CFPB and DOJ now targeting company for advertising on conservative radio
Posted on 8/4/19 at 10:30 pm
Posted on 8/4/19 at 10:30 pm
Dodd Frank Report
“Sources have told The Title Report that the target of the investigation is a small, three-person mortgage company located in Chicago, which marketed their services on a conservative AM radio station in the area. The Title Report reached out to legal counsel for the firm but has not gotten a response.
If the regulators file expected allegations, sources said the lawsuit could effectively end the industry’s ability to market and advertise their services through a variety of channels, including trade publications, online media, newspapers, radio stations and TV for fear of regulators charging companies with ECOA violations based on the predominant demographics or political leanings of each media outlet“
Sweet Jesus the CFPB and DOJ deep state need to be dissolved.
“Sources have told The Title Report that the target of the investigation is a small, three-person mortgage company located in Chicago, which marketed their services on a conservative AM radio station in the area. The Title Report reached out to legal counsel for the firm but has not gotten a response.
If the regulators file expected allegations, sources said the lawsuit could effectively end the industry’s ability to market and advertise their services through a variety of channels, including trade publications, online media, newspapers, radio stations and TV for fear of regulators charging companies with ECOA violations based on the predominant demographics or political leanings of each media outlet“
Sweet Jesus the CFPB and DOJ deep state need to be dissolved.
This post was edited on 8/4/19 at 10:33 pm
2
Posted on 8/4/19 at 10:45 pm to MrLSU
Wow, It is almost like we are headed to a place where only those who get the mark of approval will be allowed to work, buy or sell.
This was predicted 2000 years ago.
This was predicted 2000 years ago.
Posted on 8/4/19 at 10:46 pm to bird35
bring. it. on.
I know where my family and I are going after the end.
I know where my family and I are going after the end.
Posted on 8/4/19 at 10:51 pm to MrLSU
quote:
Sources said the expected lawsuit would essentially impose a new Equal Time Rule for the financial services industry’s marketing in certain media outlets. The Equal Time Rule is a portion of the Communications Act of 1934 which provides that broadcast licensees must permit equal use of broadcast facilities to all legally qualified candidates for political office and that the broadcast licensee may not censor the candidates’ messages, and the action would establish similar practices as a determination for discrimination in advertising under ECOA.
One source, speaking anonymously, described the potential activity as the bureau engaging in regulation by enforcement. Another source, again speaking anonymously, warned that the theory could provide agencies a way to restrict political speech with which they disagree, a move which would raise significant First Amendment concerns.
to the Justice Department’s website, ECOA prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Political affiliation isn’t a protected class.
The only argument I could see them try to make is disparate impact based on the protected classes who don’t listen to conservative talk radio, but that:
- would be difficult to prove
- would make some hellacious assumptions
- would be pretty damn bold to make those assumptions publicly
All this outside of a very strange application of ECOA to start with.
The Bureau is a mammoth that needs to be dissolved.
This post was edited on 8/4/19 at 10:52 pm
Posted on 8/5/19 at 10:31 am to TerryDawg03
Mortgage News Daily
CFPB Rumblings
It was reported to me that since last June, the CFPB has been investigating a tiny Chicagoland mortgage lender for possible Fair Lending Violations. Recently, the DOJ opened its own investigation in the case leading some sources to conclude that the Bureau may be ready to take legal action. If it does, it may be testing a new legal theory of discrimination that harkens back to the FCC’s Equal Time Rule.
Based on what has been seen thus far, this Equal Time theory suggests that if a financial services company fails to provide an equivalent opportunity to every demographic or political group, then it may be considered guilty of redlining violations. At issue is the way the Chicago-based lender advertises its services and, apparently, expresses its conservative political viewpoints. The small lender apparently has its own radio show on Chicago’s AM560 The Answer, the same radio ration that features Sean Hannity, Jay Sekulow, and Hugh Hewitt. Does this constitute discrimination against listeners who don’t agree with conservative commentators?
An anonymous source confirmed that “an independent investigation of the lender’s HMDA data indicated that it was not an outlier and actually beat several larger peers.” The source said they were also scratching their head when they learned that an independent survey of Chicago African American residents revealed no perception of discrimination, leading them to wonder what was driving the case.
As one person sent to me, “If the CFPB moves against a small lender without the finances to oppose it, we could see a legal environment that requires banks, lenders, title insurance agencies, real estate brokerage, real estate agents, loan officers, attorneys, and others to spread out their advertising budget evenly based on demographics, political affiliation, religious affiliation, or other metrics that might be a proxy for a prohibited basis under fair lending laws, even into markets and media outside of their competitive strategy. Or worse, this could be a free speech issue in which corporations, owners, and executives cannot express any political beliefs the then-current administration finds objectionable. Will companies started pulling their ads from Fox News and The Wall Street Journal, and moving them to MSNBC and the New York Times?
“Seems incredible but consider the impact of conservative media losing half or more of its revenue just in time for the 2020 election cycle. It’s probably time to reach out to your Congressional representatives about this issue.”
Well this story is turning out to be worse for businesses than first anticipated.
CFPB Rumblings
It was reported to me that since last June, the CFPB has been investigating a tiny Chicagoland mortgage lender for possible Fair Lending Violations. Recently, the DOJ opened its own investigation in the case leading some sources to conclude that the Bureau may be ready to take legal action. If it does, it may be testing a new legal theory of discrimination that harkens back to the FCC’s Equal Time Rule.
Based on what has been seen thus far, this Equal Time theory suggests that if a financial services company fails to provide an equivalent opportunity to every demographic or political group, then it may be considered guilty of redlining violations. At issue is the way the Chicago-based lender advertises its services and, apparently, expresses its conservative political viewpoints. The small lender apparently has its own radio show on Chicago’s AM560 The Answer, the same radio ration that features Sean Hannity, Jay Sekulow, and Hugh Hewitt. Does this constitute discrimination against listeners who don’t agree with conservative commentators?
An anonymous source confirmed that “an independent investigation of the lender’s HMDA data indicated that it was not an outlier and actually beat several larger peers.” The source said they were also scratching their head when they learned that an independent survey of Chicago African American residents revealed no perception of discrimination, leading them to wonder what was driving the case.
As one person sent to me, “If the CFPB moves against a small lender without the finances to oppose it, we could see a legal environment that requires banks, lenders, title insurance agencies, real estate brokerage, real estate agents, loan officers, attorneys, and others to spread out their advertising budget evenly based on demographics, political affiliation, religious affiliation, or other metrics that might be a proxy for a prohibited basis under fair lending laws, even into markets and media outside of their competitive strategy. Or worse, this could be a free speech issue in which corporations, owners, and executives cannot express any political beliefs the then-current administration finds objectionable. Will companies started pulling their ads from Fox News and The Wall Street Journal, and moving them to MSNBC and the New York Times?
“Seems incredible but consider the impact of conservative media losing half or more of its revenue just in time for the 2020 election cycle. It’s probably time to reach out to your Congressional representatives about this issue.”
Well this story is turning out to be worse for businesses than first anticipated.
Posted on 8/5/19 at 10:43 am to TerryDawg03
quote:
The Equal Time Rule is a portion of the Communications Act of 1934 which provides that broadcast licensees must permit equal use of broadcast facilities to all legally qualified candidates for political office and that the broadcast licensee may not censor the candidates’ messages,
I remember when the Democrats were trying to invoke this during the W Bush years for talk radio. They tried to counter with Air America Radio and it was a disaster from the start. Of course, it amazingly disappeared not long after Obama took office.
Posted on 8/5/19 at 10:58 am to bird35
Who is St. John for $1000?
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