$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…
Topics
- The $64 Million Intersection
- Developers Seeking Approval for Chicago's Second Tallest Skyscraper
- The Suburbs, Reimagined
- Developers Buy Land for 'Futuristic Mini-City' in Las Vegas
- $900 Million in BUILD Transportation Grants Announced
- SUVs Pay More to Park in Montreal
- Local Leaders Press Massachusetts for New Sources of Transportation Funding
- NYC Leads the Way (Sort of)
- Street Murals for Traffic Safety
- Reimagining Infrastructure
- 2,000 Units of Privately Funded Affordable Housing Approved for Queens
- To Reduce Carbon Emissions, Focus on Existing Buildings
- L.A.'s Strategy for 'Universal Basic Mobility'
- Berkeley to Explore 'Idaho Stop' Policy for People on Bikes
- Pittsburgh to Oakland BRT Making Planning Progress
- Controversial Redevelopment Approved in Coastal Agricultural Area
- Rose Bowl Property Ready for a Makeover
- Preserving Affordable Housing Along the Brightline in South Florida
- 'Project Connect' Bus System Plan Underway in Austin
- Flood Barrier Approved for Manhattan's East Side
