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discriminatory loan practice

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New Jersey Bank Agrees To Pay Up $13M After Allegedly Depriving Black And Hispanic Borrowers Of Loans

Lakeland Bank will pay a $13 million settlement after alleged discriminatory practices that negatively impacted Black and Hispanic borrowers looking for homes in New Jersey.

Sep 30, 2022

Here's Why Mayor Eric Adams Says New York City Will Not Be Opening Any New Accounts With Wells Fargo

Wells Fargo’s alleged discriminatory loan practices seem to be coming with consequences as New York City has announced it will no longer open new depository bank accounts with the company, according to an official letter. AfroTech has been tracking the findings surrounding Wells Fargo’s lending practices, and as we just told you, information released by Bloomberg suggested half of the Black applicants who were looking to refinance their homes were rejected. More recently, we reported Wells Fargo received backlash for allegedly rejecting lower interest rates for Black homeowners leading to a proposed class-action lawsuit in San Francisco, CA. In response, it appears New York City is taking a stand against Wells Fargo’s alleged actions in an official statement released Friday, April 8 by Mayor Eric Adams and Comptroller Brad Lander. “As the Mayor and Comptroller of New York City, a diverse community where Black homeowners own and are the primary residents of more than a quarter of...

Apr 20, 2022