The U.S. Department of Justice recently reached a $6.5 million settlement with Citadel Federal Credit Union after allegations of lending discrimination in Philadelphia neighborhoods with predominantly Black and Hispanic populations. The agreement, announced on Thursday, highlights the DOJ’s commitment to enforcing fair lending practices and addressing issues of discriminatory lending practices in the mortgage industry.
Key points from the announcement include:
– $6.5 million settlement agreement between the DOJ and Citadel Federal Credit Union
– Allegations of lending discrimination in Philadelphia neighborhoods with majority Black and Hispanic populations
– Focus on enforcing fair lending practices in the mortgage industry
– Significance of addressing issues of discriminatory lending practices for minority communities
This settlement serves as a reminder to financial institutions to adhere to fair lending laws and regulations to ensure equal access to mortgage credit for all borrowers, regardless of their race or ethnicity. The DOJ’s action underscores the importance of vigilance in monitoring and addressing discriminatory practices in the mortgage industry to promote a more equitable lending environment for all consumers.
You can read this full article at: https://www.housingwire.com/articles/citadel-agrees-to-pay-6-5m-to-settle-dojs-redlining-claims/(subscription required)
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