U.S. alleges illegal racial bias in home lending by City National Bank, announces a $31-million settlement. The bank denies redlining, but agrees to remedies.
City National Bank has agreed to pay $31 million to settle a U.S. Justice Department lawsuit alleging racial bias in its home mortgage lending in Los Angeles County.
From 2017 to 2020, City National Bank maintained just three of its 37 branches in majority Black and Latino neighborhoods, the complaint said.The bank relied on “relationship managers” to generate home loan applications from existing customers, who were predominantly white, the government alleged, and it failed to act on internal reports showing it risked running afoul of fair lending laws.
Under the proposed settlement, which was filed simultaneously with the complaint and requires court approval, the bank would provide $29.5 million in home loan subsidies to borrowers in Black and Latino areas, including interest-rate cuts and down-payment assistance. City National Bank released a statement saying it supports the Justice Department’s efforts to ensure equal access to loans regardless of race.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
City National Will Spend $31 Million In LA County Home Mortgage Discrimination SettlementCity National Bank, the largest bank headquartered in Los Angeles, is accused of taking part in lending discrimination — also known as redlining — against Black and Latino homebuyers in L.A. County between 2017 and 2020.
Weiterlesen »
California bank to pay $31 million settlement for redliningLA-based City National is the latest bank in the past several years to be found systematically avoiding lending to racial and ethnic minorities, a practice that the Biden administration has set up …
Weiterlesen »
Justice Department inks $31 million settlement with California bank over redlining chargesU.S. Dept. of Justice describes settlement with City National Bank in L.A. as the largest redlining payment ever.
Weiterlesen »
City National Bank to pay $31M redlining settlement, largest in US historyThe LA-based bank is the latest to be found systematically avoiding lending to racial and ethnic minorities, a practice that the Biden administration has set up its own task force to combat.
Weiterlesen »
RBC's City National Bank settles U.S. redlining claims in Los AngelesCity National Bank, a unit of Royal Bank of Canada , agreed to commit more than $31 million to boost lending to Black and Hispanic home buyers in the Los Angeles area, in the U.S. Department of Justice's largest settlement over illegal redlining.
Weiterlesen »
City National Bank to pay $31M redlining settlement, DOJ’s largest everThe Justice Dept. has accused City National Bank of discrimination by refusing to underwrite mortgages in predominately Black and Latino communities, requiring the bank to pay more than $31 million in the largest redlining settlement in department history.
Weiterlesen »