Bank to pay $31M redlining settlement, DOJ’s largest ever

Money

The Associated Press

NEW YORK (AP) – The Justice Department accused Los Angeles-based City National Bank on Thursday of discriminating against Black and Latino residents, requiring the bank to pay more than $31 million in what is the largest redlining settlement in DOJ history.

City National is the latest bank in the last several years to be found systematically avoiding lending to racial and ethnic minorities.

The Biden administration has set up its own task force to combat the practice.

The Justice Department says that between 2017 and 2020, City National avoided marketing and underwriting mortgages in majority Black and Latino neighborhoods in Los Angeles County.

Other banks that operated in these neighborhoods received six times the number of mortgage applications than City National did.

Read the full story on AP News right here.

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1/12/2023 4:39:06 PM (GMT -6:00)

 

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