Tennessee-based community bank Patriot Bank agreed to pay $1.9 million to resolve allegations from the Department of Justice (DOJ) that it engaged in redlining discriminatory practices.
The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority-Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in those communities from obtaining home loans.
Over the same six-year period, other banks received nearly 3.5 times as many loan applications compared to Patriot in majority-Black and Hispanic neighborhoods in Memphis, details ⇒
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