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  4. RBC's City National Bank settles U.S. redlining claims in Los Angeles
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RBC's City National Bank settles U.S. redlining claims in Los Angeles

By Jonathan Stempel (Reuters) -City National Bank, a unit of Royal Bank of Canada, agreed to commit at least $29.5 million to boost lending to Black and Hispanic home buyers in...
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RBC's City National Bank settles U.S. redlining claims in Los Angeles © Reuters. A City National Bank office is seen in downtown Los Angeles, California January 22, 2015. REUTERS/Lucy Nicholson

By Jonathan Stempel

(Reuters) -City National Bank, a unit of Royal Bank of Canada, agreed to commit at least $29.5 million to boost lending to Black and Hispanic home buyers in the Los Angeles area to settle a U.S. government lawsuit accusing it of illegal redlining.

The settlement with the U.S. Department of Justice was disclosed on Thursday in filings with the federal court in Los Angeles.

City National accepted a five-year consent order that also requires the bank, the largest headquartered in Los Angeles, to improve training, advertising, community outreach and financial education, and set up a fair lending oversight committee.

In a civil complaint, the government accused City National of violating the federal Fair Housing Act by having "avoided" providing home loans and other mortgage services in majority-Black and majority-Hispanic neighborhoods between 2017 and 2020.

City National was accused of relying on staff to generate applications largely from its disproportionately white customer base instead of reaching out to Blacks and Hispanics, and ignoring internal reports that suggested shortcomings in its fair lending practices.

The complaint said just 7% of the 6,182 residential mortgage loans that City National made in the area from 2017 to 2020 went to residents of majority-Black and Hispanic census tracts, compared with 44% of loans by its peers.

City National denied wrongdoing in agreeing to settle.

According to the consent order, the bank "maintains that it was in compliance with applicable law at all times, but seeks to resolve this matter in order to avoid prolonged litigation."

The bank had no immediate comment.

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09-12-2023 15:44:18 (UTC+7)

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 EUR/USD1.0764↑ Buy
 GBP/USD1.2550↑ Buy
 USD/JPY144.95↑ Sell
 AUD/USD0.6577Neutral
 USD/CAD1.3582↑ Sell
 EUR/JPY155.99↑ Sell
 EUR/CHF0.9471Buy
 Gold2,020.80↑ Buy
 Silver23.290↑ Sell
 Copper3.8340Neutral
 Crude Oil WTI71.26Sell
 Brent Oil75.65Sell
 Natural Gas2.552↑ Sell
 US Coffee C177.70↑ Buy
 Euro Stoxx 504,522.25Neutral
 S&P 5004,604.37↑ Sell
 DAX16,759.22Neutral
 FTSE 1007,554.47↑ Sell
 Hang Seng16,324.50Sell
 Small Cap 20001,880.82↑ Sell
 IBEX 3510,223.40Neutral
 BASF45.190↑ Buy
 Bayer31.90↑ Sell
 Allianz243.80Sell
 Adidas193.36↑ Buy
 Lufthansa8.364↑ Sell
 Siemens AG162.42↑ Buy
 Deutsche Bank AG11.824Buy
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Cập nhật lúc 15:39:13 09/12/2023
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