News

First National Bank of Pennsylvania to Pay $13.5 Million to Resolve Lending Discrimination Allegations

1 Mins read

The U.S. Department of Justice has announced that First National Bank of Pennsylvania (F.N.B.) has agreed to pay a total of $13.5 million in order to resolve allegations of lending discrimination. This discrimination is said to have occurred through redlining practices primarily targeting Black and Hispanic neighborhoods in North Carolina.

According to the complaint filed by the Justice Department, F.N.B. allegedly failed to offer mortgage lending services to neighborhoods in Charlotte and Winston-Salem between 2017 and 2021. Additionally, they are accused of discouraging individuals in these communities from seeking home loans.

F.N.B. has yet to provide a comment regarding these allegations.

In a joint announcement, the Justice Department and the State of North Carolina have confirmed the resolution of their claims against F.N.B. This resolution entails two proposed consent orders that, pending court approval, will oblige F.N.B. to allocate the $13.5 million towards increasing credit opportunities for communities of color in Charlotte and Winston-Salem.

Furthermore, F.N.B. has agreed to enlist independent consultants in order to enhance its fair lending program and better address the mortgage credit needs of these communities.

For more information, please contact Denny Jacob.

Related posts
News

Solana Price Prediction: SOL Price Could Jump 15% But One Meme Coin Set For Life Changing Gains - Crypto Economy

2 Mins read
While SOL continues its impressive run, another project is quietly building momentum, promising not just gains but genuinely life-changing opportunities for early…
News

The costliest chai in India: How credit cards sell you the lounge dream

6 Mins read
Twitter is full of airport lounge selfies. The chai and coffee is free and the chairs feel premium. But the real cost…
News

Wall Street veteran uses AI to imagine MicroStrategy's Chapter 11 bankruptcy in 2026

1 Mins read
Though the MicroStrategy (Nasdaq: MSTR) stock is more than 2,000% up over the last five years, not everyone is positive about the…

Leave a Reply

Your email address will not be published. Required fields are marked *