The Justice Dept. has accused City National Bank of discrimination by refusing to underwrite mortgages in predominately Black and Latino communities, requiring the bank to pay more than $31 million in the largest redlining settlement in department history.
The Justice Department accused Los Angeles-based City National Bank on Thursday of discrimination by refusing to underwrite mortgages in predominately Black and Latino communities, requiring the bank to pay more than $31 million in the largestCity National is the latest bank in the past several years to be found systematically avoiding lending to racial and ethnic minorities, a practice that the Biden administration has set up its own task force to combat.
“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,” Assistant Attorney General Kristen Clarke, who leads the Justice Department’s civil rights division, said in a statement.
and the long-term effects are still felt to this day. The average net worth of a Black family is a fraction of a typical white household, and homes in historically redlined neighborhoods are still worth less than homes in non-redlined communities.
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