City National Bank to pay at least $31M to settle redlining charges
It’s the fifth redlining settlement the Justice Department has reached since announcing an initiative to combat redlining in October 2021. The settlements have generated $75 million in relief, including a $20 million settlement with Berkshire Hathaway-owned Trident Mortgage Company in July and a $13 million settlement with Lakeland Bank in September.
“Redlining is a practice from a bygone era, runs contrary to the principles of equity and justice, and has no place in our economy today,” Assistant Attorney General Kristen Clarke said in a statement Thursday. “This settlement should send a strong message to the financial industry that we expect lenders to serve all members of the community and that they will be held accountable when they fail to do so.”
Happy Martin Luther King Day everyone.
