First National Bank of Pennsylvania discriminated against Black and Latino homebuyers in North Carolina for at least four years, the Department of Justice announced Monday. This is the latest in a long list of banks that have been redlined.
The Department of Justice announced that FNB will pay $13.5 million to resolve redlining charges, mostly to black and Latino renters in Charlotte and Winston-Salem, two housing markets where the Justice Department found discrimination. It was announced that the money would be allocated to a fund that supports loan subsidies.
The Justice Department alleges in the complaint that First National closed branches in majority and minority neighborhoods, failed to provide mortgage services to potential Black and Latino borrowers, and diverted potential loans from across the region. He claims that he ignored it.
U.S. Department of Justice and Bank of Oklahoma reach settlement over discriminatory lending practices
The Department of Justice found that lenders similar in size and scope to First National made loans to two to four times as many minority borrowers as First National from 2017 to 2021.
The Department of Justice will require First National Bank to pay $13.5 million to settle a discrimination lawsuit after the bank failed to provide mortgage services to Black and Latino homebuyers in North Carolina. It is. (Fox News)
The case stemmed from FNB’s acquisition of Yadkin Bank, a regional bank in the Carolinas, in 2017. FNB has said there was wrongdoing at Yadkin before the acquisition, but the Justice Department has said banks that acquire other banks should be held accountable for the acquired banks. Bank actions.
North Carolina Judiciary files lawsuit to block Ethics Commission from investigating her public comments
“The playing field is not level, and that’s not what we want for North Carolinians,” said North Carolina Attorney General Josh Stein.
This is the 13th redlining settlement offered to banks by the Biden administration since 2021. The Department of Justice, under Attorney General Merrick Garland, created the Redlining Task Force to focus on racial discrimination in financial services. past.
CLICK HERE TO GET THE FOX NEWS APP
In 2023, the Department of Justice filed one of the largest redlining lawsuits in history against Los Angeles-based City National Bank, which also targeted black and Latino communities during a similar period from 2017 to 2020. It turned out that there was discrimination.
