City National Bank acquitted of abuse of authority charges
2023.01.12 16:02
City National Bank acquitted of abuse of authority charges
By Ray Johnson
Budrigannews.com – The United States Justice Department announced on Thursday that City National Bank had agreed to pay $31 million to settle allegations of lending discrimination against the company.
According to a complaint that was filed on Thursday in a federal court, the Los Angeles-based bank has only opened one branch in a neighborhood with a majority of Black and Hispanic residents in Los Angeles County in the past 20 years and has received fewer applications there than other banks from 2017 until at least 2020.
City National Bank said in a statement that while it disagreed with the claims, it supported the Justice Department’s efforts to “ensure equal access to credit for all consumers, regardless of race.”
City National Bank has agreed to open a branch and invest $29.5 million in a loan subsidy fund for residents of majority-Black and Hispanic neighborhoods in Los Angeles County as part of the settlement.
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