BancorpSouth fined $10.6 million for discriminatory lending, redlining

CFPB, DOJ accuse bank of having “explicitly discriminatory denial policy”

BancorpSouth will pay $10.6 million to settle charges against the bank by theDepartment of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices.

According to a joint release from the CFPB and the DOJ, the agencies accused BancorpSouth of a number of discriminatory practices, including illegally redlining in Memphis; denying the mortgage loan applications of certain African-Americans more often than similarly situated non-Hispanic white applicants; charging African-American customers more for certain mortgage loans than non-Hispanic white borrowers with similar loan qualifications; and implementing an “explicitly discriminatory loan denial policy.”

Read on.

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