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Assistant Attorney General Kristen Clarke said combating redlining “is one of the most important strategies for ensuring equal economic opportunity today.” Ameris Bank will invest $7.5 million ...
Redlining is a discriminatory practice in which financial services are withheld from neighborhoods that have significant numbers of racial and ethnic minorities. [2] Redlining has been most prominent in the United States, and has mostly been directed against African Americans, as well as Mexican Americans in the Southwest. [3]
The bank had been accused of steering clear of higher crime neighborhoods and favoring whites in granting loans and mortgages, finding that, of the approximately 1,900 mortgages made in 2014, only 25 went to black applicants. The banks' executives denied bias, and the settlement came with adjustments to the banks' business practices.
NEW YORK (AP) — The three major U.S. banking regulators said Thursday they a plan to rewrite much of the The post Anti-discriminatory bank law getting update to address harm of redlining ...
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The Passaic County-based bank avoided opening branches or providing loans to majority Black and Latino neighborhoods, the Justice Department said. Lakeland Bank agrees to $13M settlement over ...
Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.
An obscure 47-year-old law designed to right the historic wrongs of redlining was the ‘original ESG framework,’ execs say. Just look at how Crown Heights and Bed-Stuy have changed Dylan Sloan