Post by Logan on Jul 1, 2016 1:43:25 GMT -6
NEW YORK – The Department of Justice and the Consumer Financial Protection Bureau fined Mississippi-based BancorpSouth $10.6 million, alleging the bank deliberately discriminated against minorities in its lending practices.
BancorpSouth, a medium-sized regional bank with $13.9 billion in assets and 239 branches in eight states, deliberately avoided building branches in minority neighborhoods in Memphis, Tennessee from at least 2011 to 2013.
The bank also denied more loans to African Americans and other minorities when compared to neighborhoods with smaller minority populations, the Justice Department and CFPB said Wednesday, and minorities who were approved for loans were given higher interest rates when compared to non-minorities.
While BancorpSouth is based in Tupelo, Mississippi, the case deals with BancorpSouth's presence in Memphis and stems from a 2014 investigation into BancorpSouth by the Justice Department and CFPB.
Read more: www.clarionledger.com/story/business/2016/06/30/mississippi-based-bancorpsouth-fined-106m-redlining/86546006/
BancorpSouth, a medium-sized regional bank with $13.9 billion in assets and 239 branches in eight states, deliberately avoided building branches in minority neighborhoods in Memphis, Tennessee from at least 2011 to 2013.
The bank also denied more loans to African Americans and other minorities when compared to neighborhoods with smaller minority populations, the Justice Department and CFPB said Wednesday, and minorities who were approved for loans were given higher interest rates when compared to non-minorities.
While BancorpSouth is based in Tupelo, Mississippi, the case deals with BancorpSouth's presence in Memphis and stems from a 2014 investigation into BancorpSouth by the Justice Department and CFPB.
Read more: www.clarionledger.com/story/business/2016/06/30/mississippi-based-bancorpsouth-fined-106m-redlining/86546006/