General World News

HSBC Bank’s US arm is under investigation for redlining

HSBC Bank USA on Tuesday disclosed that it is facing an investigation from the U.S. Department of Housing and Urban Development (HUD) for alleged redlining practices. 

The federal investigation is based on a complaint filed by the non-profit organization National Community Reinvestment Coalition (NCRC). 

According to filings with the Securities and Exchange Commission (SEC), HUD is investigating whether “HSBC Bank USA violated the U.S. Fair Lending Act by engaging in discriminatory lending practices in majority Black and Hispanic neighborhoods in six U.S. metropolitan areas from 2018 through 2021.” 

The NCRC complaint includes six metropolitan areas: New York (NY), Seattle (WA), Orange County (CA), Los Angles (CA), details ⇒

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