Bureau sues 1st Alliance Lending

The CFPB announced on Friday it has filled a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices. 1st Alliance, based in Hartford, Connecticut, originated residential mortgages from 2004 to September 2019 and stopped operating in November 2019. DiIorio was its chief executive officer and he, St. Lawrence, and Aramburu were 1st Alliance’s three managing executives.

The Bureau alleges that 1st Alliance, with DiIorio’s, St. Lawrence’s, and Aramburu’s participation, knowledge, and direction, violated the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Mortgage Acts and Practices—Advertising Rule, and the Consumer Financial Protection Act of 2010. The Bureau’s complaint, filed in the United States District Court for the District of Connecticut, seeks injunctions against the defendants, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of civil money penalties.