July 13, 2016
Years ago, redlining was a name used for the discriminatory practice where people living in certain areas or neighborhoods were not given the same access to credit as people in other areas. The term “redlining” refers to the practice of using a red line on a map to show the area where financial institutions would not invest. Although Fair Lending laws have been enacted and redlining has been illegal for years, it still goes on today, as illustrated in last month’s Consumer Financial Protection Bureau (CFPB) and Department of Justice’s joint action against BancorpSouth Bank.
Click here for the full CUInsight article.