There was a new settlement of $9 million with Jacksonville-based Ameris Bank that was part of an inter-agency redlining initiative had been established in 2021 to improve access to credit in areas historically excluded from the mortgage market. The move is designed to address potentially discriminatory practices from lenders, in hopes of providing equal access to capital.
This new redlining initiative is intended to enforce more regulation on small lenders such as Ameris Bank, while also creating a fairer lending landscape for consumers. The settlement is part of a larger effort by the organizations involved to ensure that access to credit is equitable throughout the United States. In addition to Ameris Bank, other lenders may also be subject to enforcement action as part of this initiative.
The most important elements of the text in bullet points:
• The settlement of $9million with Jacksonville-based Ameris Bank was part of a 2021 Inter-Agency Redlining Initiative
• The move is intended to address potentially discriminatory practices from lenders
• It seeks to provide equal access to capital
• The settlement is part of a larger effort to ensure equal access to credit across the US
• Non-compliant lenders may face enforcement action
You can read this full article at: https://www.housingwire.com/articles/doj-107m-secured-for-communities-of-color-in-battle-against-redlining/(subscription required)
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