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Violation Tracker Individual Record

Company: Trident Mortgage Company
Current Parent Company: Berkshire Hathaway
Penalty: $22,400,000
Year: 2022
Date: July 27, 2022
Offense Group: consumer-protection-related offenses
Primary Offense: discriminatory practices (non-employment)
Violation Description: Trident Mortgage agreed to pay more than $22 million to settle allegations that it engaged inintentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and the Justice Department alleged that Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. This was said to have discouraged prospective applicants from applying for mortgage and refinance loans in the greater Philadelphia area's majority-minority neighborhoods. The settlement included an $18.4 million loan subsidy program, $2 million on efforts to generate loan applications in redlined areas, and a $4 million fine. The case was also announced by the Justice Department and state AGs (see separate entries).
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Nebraska
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: diversified
Specific Industry of Current Parent: diversified
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.