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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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27-02-2024 10:37:46 (UTC+7)

EUR/USD

1.0852

+0.0005 (+0.05%)

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EUR/USD

1.0852

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GBP/USD

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USD/JPY

150.50

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AUD/USD

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USD/CAD

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EUR/JPY

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EUR/CHF

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Copper Futures

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Crude Oil WTI Futures

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US Coffee C Futures

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Euro Stoxx 50

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US Small Cap 2000

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IBEX 35

10,138.40

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BASF SE NA O.N.

46.330

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Allianz SE VNA O.N.

245.65

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Adidas AG

188.20

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Deutsche Lufthansa AG

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Siemens AG Class N

174.90

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12.302

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 EUR/USD1.0852Neutral
 GBP/USD1.2679↑ Sell
 USD/JPY150.50↑ Buy
 AUD/USD0.6532Sell
 USD/CAD1.3508↑ Sell
 EUR/JPY163.32↑ Buy
 EUR/CHF0.9549Neutral
 Gold2,042.05Neutral
 Silver22.773↑ Buy
 Copper3.8457Neutral
 Crude Oil WTI77.56Sell
 Brent Oil81.65Neutral
 Natural Gas1.736Neutral
 US Coffee C180.10↑ Buy
 Euro Stoxx 504,864.15Neutral
 S&P 5005,069.53↑ Sell
 DAX17,423.23↑ Sell
 FTSE 1007,684.30Neutral
 Hang Seng16,560.00↑ Buy
 Small Cap 20002,029.05↑ Sell
 IBEX 3510,138.40Sell
 BASF46.330↑ Buy
 Bayer28.59↑ Buy
 Allianz245.65Neutral
 Adidas188.20Neutral
 Lufthansa7.237↑ Buy
 Siemens AG174.90↑ Buy
 Deutsche Bank AG12.302↑ Buy
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SJC Eximbank7,770/ 7,920
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Cập nhật 27-02-2024 10:37:48
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Cập nhật lúc 10:33:27 27/02/2024
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