Tag

Lending Discrimination

All articles tagged with #lending discrimination

civil-rights2 years ago•3 min saved

Washington Trust Bank Settles Redlining Claims for $9 Million with DOJ

Washington Trust Company, the oldest community bank in the US, has agreed to pay $9 million to settle allegations of redlining in Rhode Island. The Justice Department accused the bank of engaging in lending discrimination by avoiding providing credit services to majority-Black and Hispanic neighborhoods. The settlement aims to provide relief to impacted communities and promote equal access to home loan opportunities. As part of the agreement, Washington Trust will invest in a loan subsidy fund, establish community partnerships, open branches in minority neighborhoods, and employ a Director of Community Lending. The Justice Department's Combating Redlining Initiative has now secured $98 million in relief for communities affected by lending discrimination.

via Department of Justice|

#civil-rights #justice-department #lending-discrimination

business2 years ago•5 min saved

Addressing Disparities in Banking for Entrepreneurs of Color.

The collapse of Silicon Valley Bank has reignited concerns about lending discrimination in the banking industry and the resulting disparities in capital for people of color. Minority business owners have long faced challenges accessing capital due to discriminatory lending practices. Many women, people of color, and immigrants opt for community or regional banks like SVB because they are often rejected from the “top four banks.” Black-owned banks work to close the lending gap and foster economic empowerment in these traditionally excluded communities, but their numbers have been dwindling over the years, and they have far fewer assets at their disposal than the top banks.

via CNN|

#business #entrepreneurs-of-color #lending-discrimination