<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Bank to pay record $31M in LA redlining settlement"/><p class="gnt_ar_b_p">The largest bank headquartered in Los Angeles agreed to pay $31 million for allegedly engaging in lending discrimination in what is the largest redlining settlement in Department of Justice history, the department announced Thursday.</p><p class="gnt_ar_b_p">City National Bank, among the 50 largest banks in the U.S., engaged in redlining in Los Angeles County from 2017 through at least 2020, according to a Justice Department <a target="_blank" href="https://www.justice.gov/opa/pr/justice-department-secures-over-31-million-city-national-bank-address-lending-discrimination" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">complaint filed in federal court</a> Thursday.</p><p class="gnt_ar_b_p">The complaint alleges the bank "avoided providing mortgage lending services" to majority-Black and Hispanic neighborhoods and "discouraged residents in these neighborhoods from obtaining mortgage loans."</p><p class="gnt_ar_b_p">Here's what to know about redlining and the City National Bank case.</p><h2 class="gnt_ar_b_h2">What is redlining?</h2><p class="gnt_ar_b_p">"<a target="_blank" href="/story/news/nation/2020/06/15/systemic-racism-what-does-mean/5343549002/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">Redlining</a>" is an illegal practice in which lenders avoid providing credit services to people living in communities of color, according to the Justice Department.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">In the 20th century, banks and the real estate determined neighborhoods where people of color lived — outlined in red ink — were deemed the riskiest to invest in.</p><p class="gnt_ar_b_p">That meant it was largely impossible for people of color to get loans, thereby segregating communities, Glenn Harris, president of Race Forward and publisher of Colorlines, previously told USA TODAY.</p><p class="gnt_ar_b_p">The practice prevented Black families, in particular, from amassing and maintaining wealth in the same way that white families could, resulting in the <a target="_blank" href="/in-depth/money/personalfinance/real-estate/2022/08/08/black-homeownership-wealth-for-some-dashed-dreams-others/7770995001/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">growth of the racial wealth gap</a> and housing insecurity which persists today.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://news.google.com/__i/rss/rd/articles/CBMiamh0dHBzOi8vd3d3LnVzYXRvZGF5LmNvbS9zdG9yeS9uZXdzL25hdGlvbi8yMDIzLzAxLzEyL3JlZGxpbmluZy1zZXR0bGVtZW50LWNpdHktbmF0aW9uYWwtYmFuay8xMTA0MDEzMDAwMi_SAQA?oc=5">Read more <span>➤</span></a> </div>
