Real Estate/Development,
Banking
Jan. 13, 2023
City National Bank to pay $31M to resolve DOJ redlining claims
“We disagree with the allegations, but nonetheless support the DOJ in its efforts to ensure equal access to credit for all consumers, regardless of race,” City National Bank, headquartered in Los Angeles, said in a news release.
City National Bank agreed to pay $31 million to resolve allegations of lending discrimination in Los Angeles County, the U.S. Department of Justice announced Thursday. The deal is the largest redlining settlement in the department’s history, according to an announcement.
As part of the agreement, City National Bank will pay $29.5 million in residential mortgage loan subsidies for borrowers in majority Black and Hispanic neighborhoods in Lo...
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