Bank to pay over $13M in Charlotte home loan discrimination case
CHARLOTTE, N.C. (QUEEN CITY NEWS) — A $13 million-plus settlement has been reached with a bank that has a presence in the Queen City over a home loans ‘redlining’ discrimination case, the North Carolina Attorney General’s Office announced on Monday.
First National Bank agreed to pay $13.5 million over allegations the bank engaged in racially discriminatory acts while providing home mortgage loans to residents in Charlotte and Winston-Salem.
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“When banks discriminate, it means hardworking people can’t buy a house, start a business, or invest in their futures,” Attorney General Josh Stein said. “I want every person who calls North Carolina home to have a fair shot, and I’m pleased that this settlement will create better borrowing opportunities for all North Carolinians.”
There are 16 branches in the Queen City.
Court records stated that between 2017 and 2021, the bank avoided providing loans to Charlotte residents in areas that were predominantly Black or Hispanic despite working hard to provide loans to those in predominantly white communities.
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