Two affiliated Cincinnati banks have agreed to pay 9 million dollars to settle federal claims of biased mortgage lending in predominantly African-American neighborhoods in Columbus and three other cities from 2010 through 2014. The Justice Department says Union Savings Bank and Guardian Savings Bank engaged in "redlining." The money will go toward investments in black neighborhoods, including the creation of two full-service branches and a loan center. Redlining is the practice of denying services, either directly or through selectively raising prices, to residents of certain areas based on the racial or ethnic composition of those areas. The term refers to the practice of marking a red line on a map to delineate an area where banks would not make loans on the basis of race or gender.
Cincinnati Banks Settle Claims Of Redlining In Columbus, Other Cities
