A colored weak singlet scalar state with hypercharge 4/3 is one of the possible candidates for the explanation of the unexpectedly large forward-backward asymmetry in tt production as measured by the CDF and D0 experiments. We investigate the role of this state in a plethora of flavor chang- ing neutral current processes and precision observables of down-quarks and charged leptons. Our analysis includes tree- and loop-level mediated observables in the K and B systems, the charged lepton sector, as well as the Z → b ¯b width. We perform a fit of the relevant scalar couplings. This approach can explain the (g − 2)µ anomaly while tensions among the CP violating observables in the quark sector, most notably the nonstandard CP phase (and width difference) in the Bs system cannot be fully relaxed. The results are interpreted in a class of GUT models which allow for a light colored scalar with a mass below 1 TeV.