First National Bank of Pennsylvania Agrees to Pay $13.5 Million to Resolve Allegations of Redlining in N.C.
By Denny Jacob
The U.S. Department of Justice said First National Bank of Pennsylvania agreed to pay $13.5 million to resolve allegations of lending discrimination by redlining predominantly Black and Hispanic neighborhoods in North Carolina.
The Justice Department's complaint alleges that F.N.B. from 2017 through 2021 failed to provide mortgage lending services to neighborhoods in Charlotte and Winston-Salem, and discouraged people seeking credit in those communities from obtaining home loans.
F.N.B. didn't immediately respond to a request for comment.
The Justice Department and the State of North Carolina jointly announced the news. They resolved their claims via two proposed consent orders, subject to court approval, that will require F.N.B. to invest the $13.5 million to increase credit opportunities for communities of color in Charlotte and Winston-Salem.
F.N.B. also agreed to retain independent consultants to enhance its fair lending program and better meet the communities' needs for mortgage credit, according to the Justice Department.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 05, 2024 12:54 ET (17:54 GMT)
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