Government alleges competitors in the community bank's peer group made home loans in minority areas of Memphis at almost three times the rate of Patriot from 2015 to at least 2020
Washington Trust 'vehemently' denies the allegations but joins a long list of lenders who have coughed up $98M in settlements since the DoJ launched an anti-redlining initiative in 2021
The Ohio bank's $9M pledge to promote ownership in Black and Hispanic areas is the 6th since the DOJ launched an initiative to combat redlining in 2021 that has generated $84M in relief
The company launched its Variance Reduction System this week, a provision in the settlement Meta worked out with the US Department of Justice
This case is the first-ever redlining settlement against a mortgage company and the second-largest such settlement in DOJ history
A proposed rule change is meant to give local officials more flexibility, but critics condemned the proposal as an attempt to "gut" fair housing efforts