The U.S. Justice Department on Thursday said it has reached an agreement with Los Angeles-based City National Bank in what prosecutors described as the largest-ever payment to settle alleged discriminatory lending practices by a bank.
The agreement will include more than $31 million in relief for affected people and communities and represents “the largest redlining settlement” in its history, the Justice Department said. City National has only opened one branch in a majority-Black or majority-Hispanic neighborhood since 2003, even as it opened or acquired 11 branches during that time period.
City National Bank said in a statement that it disagrees with the allegations by the Justice Department but supports the effort by the government to ensure equal access to credit for all consumers, regardless of race.
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