(NNPA)—The old adage, ‘the more things change, the more they stay the same’ seems somehow an apt description for what a growing number of communities are suffering: a lack of fair lending.
In recent weeks and in varying locales, the issue of redlining has led to lawsuits that have been challenged or settlements that avoided courtroom dramas. Regardless of locale, allegations are remarkably similar: lack of access in mortgage lending coupled with a lack of convenient access to full-service banking.
On September 24, the Consumer Financial Protection Bureau and the Department of Justice jointly ordered Hudson City Savings Bank to pay a total of $32.75 million. Of these funds, $25 million will be dedicated to subsidizing increased mortgage opportunity for Blacks and Latino neighborhoods, $5.5 million paid in penalties, and $2.25 million for outreach and community programs in Connecticut, New Jersey, Pennsylvania, and both New York City and Staten Island.
About Post Author
