The entity denies allegations of discrimination and pledges to open a branch in the area.
The Department of Justice (DOJ) announced that City National Bank has agreed to pay $31 million to settle a discrimination case filed against them. The Justice Department had filed a complaint against City National Bank earlier that same day, alleging that the company had actively participated in the practice of redlining in the Los Angeles area.
The organization recorded fewer applications in majority-Black and Hispanic neighborhoods than other banks in the last three years and only opened one banking branch in a majority-Black and Hispanic neighborhood in the last 20 years.
City National Bank released a statement saying that it disagreed with these allegations, but “nonetheless support the DOJ in its efforts to ensure equal access to credit for all consumers, regardless of race.” They agreed to invest $29.5 million in a loan subsidy for majority-Black and Hispanic neighborhoods in Los Angeles and to open a bank branch in one of those neighborhoods.
As the Lord Leads, Pray with Us…
- For officials in the Justice Department as they seek to ensure equal rights and access to minority communities.
- For the attorney general and assistant attorneys general as they pursue the president’s agenda.
- For companies and organizations to uphold the law as they provide goods and services.
Sources: Department of Justice, Reuters
