CFPB v. Colony Ridge Development, LLC

Colony Ridge Development, LLC; Colony Ridge BV, LLC; Colony Ridge Land, LLC; and Loan Originator Services, LLC allegedly violated the Equal Credit Opportunity Act (ECOA) by targeting consumers of Hispanic origin with a predatory loan product, according to the CFPB and DOJ. Colony Ridge defendants allegedly violated the Consumer Financial Protection Act of 2010 (CFPA) by making deceptive representations to consumers, according to the CFPB. Colony Ridge Development and Colony Ridge BV allegedly violated the Interstate Land Sales Full Disclosure Act (ILSA) by making untrue statements, omitting material facts, failing to provide required accurate translations, and failing to report and disclose required information, according to the CFPB. The defendants allegedly violated the CFPA by virtue of their violations of ECOA and ILSA, according to the CFPB. DOJ further alleges defendants’ conduct violated the Fair Housing Act.

Summary generated from official Consumer Financial Protection Bureau press release