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. […]
April 11, 2012 Last week the Department of Justice filed a complaint against GFI Mortgage Bankers, Inc. of New York. DOJ alleged “that GFI engage in a pattern or practice of discrimination on the basis of race and national origin by charging African-Americans and Hispanic borrowers higher interest rates and fees on home mortgage loans […]