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City National Bank to Pay $31M in Biggest Redlining Settlement

Saturday, Jan 14 2023
Lending
Written by  The Mortgage Leader

City National Bank has agreed to pay $31 million, the largest redlining settlement in the Department of Justice’s history, to resolve allegations of discrimination by rejecting mortgages in Black and Latino communities. So reports the Associated Press.

city National BankThe agency claims that from 2017 to 2020 the bank systematically avoided underwriting mortgages in mainly Black and Latino areas in Los Angeles County, receiving one-sixth as many mortgage applications as other lenders in those neighborhoods.

The Biden administration has established a task force to fight redlining and City National is the most recent bank to come in the crosshairs.

Read the full article from the Associated Press.

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