DOJ, OCC, CFPB pledge to combat “modern-day redlining”

DOJ, OCC, CFPB pledge to combat “modern-day redlining”
Attorney General Merrick Garland

The Department of Justice, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are teaming up in a new initiative to combat redlining.

The Civil Division of the DOJ will partner with U.S. Attorneys offices in its “most aggressive and coordinated effort” yet, Attorney General Merrick Garland said.

“Much has changed since the federal government engaged in Depression-era redlining, but discriminatory lending practices by financial institutions still exist,” Garland said. “Unfortunately, redlining remains a persistent form of discrimination that harms minority communities.”

The initiative will “seek to address fair lending concerns on a broader geographic scale than the DOJ has ever before,” Garland said. The DOJ will also draw on and strengthen its partnership with CFPB, and with financial regulatory agencies like the OCC.

The all-hands-on-deck effort has already resulted in a settlement with a bank for alleged redlining — the second in two months’ time — and Garland said more are on the way.

This content is exclusively for HW+ members.
Start an HW+ Membership now for less than $1 a day.
Your HW+ Membership includes:
Unlimited access to HW+ articles and analysis
Exclusive access to the HW+ Slack community and virtual events
HousingWire Magazine delivered to your home or office
Become a member today
Already a member? log in

The post DOJ, OCC, CFPB pledge to combat “modern-day redlining” appeared first on HousingWire.
Source: https://www.housingwire.com/rss