$10.6 Million Fine Proves Some Banks Are Still Redlining
"This week the Department of Justice and the Consumer Financial Protection Bureau fined a Mississippi bank $10.6 million, alleging BancorpSouth’s lending practices in Memphis deliberately discriminated against minorities," according to an article by Jen Kinney.
Kinney shares news first reported by the Associated Press, which also provides details of the fine. Consumer Financial Protection Bureau Director Richard Cordray released a statement describing BancorpSouth's discriminatory practices:
BancorpSouth’s discrimination throughout the mortgage lending process harmed the people who were overcharged or denied their dream of home ownership based on their race, and it harmed the Memphis minority neighborhoods that were redlined and denied equal access to affordable credit…