The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in lending discrimination by redlining predominantly Black and Hispanic neighborhoods in and around Philadelphia.
DOJ announces first credit union redlining settlement
October 11, 2024 / By ICBA
The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in lending discrimination by redlining predominantly Black and Hispanic neighborhoods in and around Philadelphia.
The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in lending discrimination by redlining predominantly Black and Hispanic neighborhoods in and around Philadelphia.
Details: The DOJ said the landmark agreement is its first redlining settlement with a credit union. It said there are more than 4,600 U.S. credit unions, all subject to federal laws that prohibit redlining and lending discrimination.
ICBA Advocacy: ICBA has repeatedly called on policymakers to address credit unions’ exemption from the Community Reinvestment Act, including in congressional testimony. Recent ICBA polling conducted by Morning Consult found 69% of U.S. adults say credit union customers should have the same consumer protections that banks provide, such as those offered by the CRA.
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