Independent Banker - July 2024 - 20

PORTFOLIO
◎FOCUS COMPLIANCE
Keep in line with equal
lending practices
Regulators continue to crack down on unfair lending practices and redlining.
By Katie Kuehner-Hebert
C
ommunity bankers take note:
Banking regulators and
the U.S. Justice Department are
ramping up scrutiny of possible
redlining practices.
Redlining is the practice of not
making loans to individuals living
in certain neighborhoods based on
their race or ethnic origin, which is
prohibited under the Fair Housing Act
and the Equal Credit Opportunity Act.
In October 2021, the Justice
Department launched its
Combating Redlining Initiative,
the department's " most aggressive
and coordinated enforcement effort
to address redlining. "
" Today, we are committing
ourselves to addressing modern-day
redlining by making far more
robust use of our fair lending
authorities, " U.S. attorney general
Merrick B. Garland said when the
initiative was announced.
He continued, " We will spare no
resource to ensure that federal fair
lending laws are vigorously enforced
and that financial institutions provide
equal opportunity for every American
to obtain credit. "
Increase in scrutiny
To date, the Justice Department has
secured more than $122 million
in relief for communities across
the country through numerous
redlining settlements with banks
and mortgage lenders.
ICBA is also aware of examiners
significantly increasing their
investigation of potential fair
lending and redlining violations
during exams, says Mickey Marshall,
ICBA assistant vice president and
regulatory counsel.
" The cases being referred to the
DOJ now are more 'edge' cases that
may not have been referred in the
past, as the agencies are casting a very
broad net, " Marshall says.
Historically, regulators concerned
20 // ICBA Independent Banker // July 2024
Illustration by Kuroneko Mac/Adobe

Independent Banker - July 2024

Table of Contents for the Digital Edition of Independent Banker - July 2024

Contents
Independent Banker - July 2024 - Cover1
Independent Banker - July 2024 - Cover2
Independent Banker - July 2024 - Contents
Independent Banker - July 2024 - 2
Independent Banker - July 2024 - 3
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