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

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

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

Saturday, Jan 14 2023

Written by The Mortgage Leader

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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 Bank The 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.