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The Consumer Financial Protection Bureau and the Department of Justice are taking a renewed interest in redlining, the practice of lenders charging more for products or excluding altogether minorities within certain geographic areas and their findings may be surprising.
May 8 -
Five Star Bank is the latest financial institution to settle claims that it avoided lending to minorities. More redlining cases can be expected, industry experts say.
January 21 -
Wells Fargo and insurer QBE have agreed to pay $19.3 million to settle claims that they overcharged homeowners in Florida on lender-placed insurance policies.
May 14
Federal judges have dismissed two lawsuits that accused Wells Fargo of reverse-redlining in Los Angeles and Cook County, Ill., Reuters reported.
The city of Los Angeles had accused Wells Fargo of steering black and Hispanic borrowers into higher-cost mortgages, dating back to 2004, resulting in higher foreclosure rates and lower property tax collections.
U.S. District Judge Otis Wright said he
In the Cook County predatory-lending case, U.S. District Judge Gary Feinerman said the county was not authorized to pursue a claim under the Fair Housing Act.
