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City National Bank reaches settlement of redlining allegations with Justice Dept

By Hannah Lang (Reuters) - City National Bank has agreed to pay $31 million to settle lending discrimination allegations with the U.S. Justice Department, the agency said on...
City National Bank reaches settlement of redlining allegations with Justice Dept © Reuters. FILE PHOTO: A City National Bank office is seen in downtown Los Angeles, California January 22, 2015. REUTERS/Lucy Nicholson/File Photo

By Hannah Lang

(Reuters) - City National Bank has agreed to pay $31 million to settle lending discrimination allegations with the U.S. Justice Department, the agency said on Thursday.

A complaint filed in federal court on Thursday alleged that from 2017 through at least 2020, the Los Angeles-based bank received fewer applications in majority-Black and Hispanic neighborhoods in Los Angeles County compared with other banks, and in the past 20 years opened only one branch in a majority-Black and Hispanic neighborhood.

In a statement, City National Bank said it disagreed with the allegations, but was supportive of the Justice Department's efforts to "ensure equal access to credit for all consumers, regardless of race."

As part of the settlement, City National Bank has agreed to invest $29.5 million in a loan subsidy fund for residents of majority-Black and Hispanic neighborhoods in Los Angeles County and to open a bank branch in one of those neighborhoods.

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07-02-2023 08:37:56 (UTC+7)

EUR/USD

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EUR/USD

1.0739

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    EUR/USD 1.0739 ↑ Buy  
    GBP/USD 1.2045 ↑ Buy  
    USD/JPY 132.35 ↑ Sell  
    AUD/USD 0.6899 ↑ Buy  
    USD/CAD 1.3429 ↑ Sell  
    EUR/JPY 142.13 ↑ Sell  
    EUR/CHF 0.9953 Neutral  
    Gold 1,884.45 Buy  
    Silver 22.328 ↑ Buy  
    Copper 4.0445 ↑ Buy  
    Crude Oil WTI 74.75 Buy  
    Brent Oil 81.63 ↑ Buy  
    Natural Gas 2.492 Buy  
    US Coffee C 176.35 Neutral  
    Euro Stoxx 50 4,205.45 Neutral  
    S&P 500 4,111.08 ↑ Buy  
    DAX 15,345.91 Neutral  
    FTSE 100 7,836.71 Neutral  
    Hang Seng 21,339.00 ↑ Buy  
    Small Cap 2000 1,954.80 ↑ Sell  
    IBEX 35 9,159.20 ↑ Sell  
    BASF 52.950 ↑ Sell  
    Bayer 58.19 ↑ Sell  
    Allianz 219.30 Neutral  
    Adidas 155.36 ↑ Sell  
    Lufthansa 9.803 ↑ Buy  
    Siemens AG 142.96 Sell  
    Deutsche Bank AG 11.356 ↑ Buy  
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SJC Eximbank6,640/ 6,700
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Cập nhật lúc 08:31:42 07/02/2023
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