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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 Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville ...
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 ...
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
The long-outlawed practice of redlining (in which banks choke off lending to minority communities) recently re-emerged as a concern for federal bank regulators in New York and Connecticut. A settlement with the Justice Department and the Consumer Financial Protection Bureau was the largest in the history of both agencies, topping $33 million in ...
The Fair Housing Act was passed at the urging of President Lyndon B. Johnson. Congress passed the federal Fair Housing Act (codified at 42 U.S.C. 3601-3619, penalties for violation at 42 U.S.C. 3631) Title VIII of the Civil Rights Act of 1968 only one week after the assassination of Martin Luther King Jr.
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 ...