General World News

Cadence Bank reaches settlement with DOJ over redlining

Cadence Bancorporation, parent of Cadence Bank, reached separate settlements with the Department of Justice and the Treasury Department’s Office of the Comptroller of the Currency totaling over $8.5 million for redlining practices, according to the federal government.

The DOJ alleged that between 2013 to 2017, the bank violated the Fair Housing Act and the Equal Credit Opportunity Act “by avoiding predominantly Black and Hispanic neighborhoods [in the Houston, metro area] because of the race, color and national origin of the people living in those neighborhoods.”

To address these grievances, Cadence has agreed to invest over $5.5 million to increase credit opportunities for details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com