TORONTO - An RBC subsidiary in the U.S. has reached a US$31-million settlement with the Department of Justice over allegations of discrimination by limiting mortgage lending in predominately Black and Latino communities. The Justice Department says the agreement with City National, which RBC bought in 2015, marks the largest redlining settlement in department history. The Justice Department is requiring Los Angeles-based City National Bank to pay more than $31 million in the largest redlining settlement in department history. (Jan. 12) (AP video: Stefanie Dazio)As part of the settlement, City National will create a $29.5-million loan subsidy fund for loans to Black and Latino borrowers, and will spend $1.75 million on advertising, community outreach and financial education programs to reach minority borrowers. — With files from The Associated PressCompanies in this story: (TSX:RY)Read more about:SHARE:

Source: The Star January 13, 2023 04:02 UTC