Yesterday the Department of Justice announced a fair lending settlement with Texas Champion Bank, a $345 million bank in Alice, Texas. The allegations concerned pricing on unsecured consumer loans to Hispanic applicants. The settlement was the result of a 2010 referral by the FDIC. In the settlement Texas Champion agreed to pay $700,000 in restitution […]
Community State Bank – Redlining Background Community State Bank is a $200 million institution in St. Charles, Mich., (near Saginaw and Flint) with eight branches. Community consented to redlining allegations from the Department of Justice. In the Complaint, DOJ alleged that Community had policies/practices to deny/discourage the residents of majority-minority neighborhoods from obtaining home loans. […]
Luther Burbank Savings Minimum Loan Amount Settlement On September 12th the Department of Justice announced a settlement with Luther Burbank Savings regarding the setting of minimum loan amounts for home mortgages. Facts · The case originated as an OTS referral to DOJ. · DOJ alleged that through mid-2011 Luther had a minimum loan amount policy […]