NEWS BRIEF: Cadence Bank Settles Redlining Action
Photo credit: CL File
The Atlanta-based lender Cadence Bank has reached a resolution in a case brought by the US Department of Justice. “When banks fail to provide equal access to credit in communities of color, they violate our civil rights laws and they deprive people in those communities of the opportunity to build wealth,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “Redlining is an illegal practice that has far-reaching consequences for people of color, their families and for the neighborhoods where they live.” The suit alleged redlining in Black and Hispanic neighborhoods in the Houston, Texas, metro area. Cadence will invest over $5.5 million to increase credit opportunities for residents of those neighborhoods. www.justice.gov