Largest Bank Headquartered In LA Will Pay Over $31M In Redlining Settlement

By KIMBERLEY HAAS Officials at the U.S. Department of Justice announced on Thursday that they have secured over $31 million from City National Bank to resolve allegations of redlining in Los Angeles County. City National is the largest bank headquartered in Los Angeles and among the 50 largest banks in the country. This is the largest redlining settlement agreement in the department’s history, according to a press release. Redlining is an illegal practice where lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of the residents in those communities. According to the complaint filed in federal court, City National avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods…