November 27, 2020         
New Year Hopes... New Year's Chic at LC Waikiki   •   Because Apes Are Hairy Too, MANSCAPED™ Supports the San Diego Zoo!   •   Afiya Bennett Makes Stunning Appearance in L'officiel Brasil in Honor of Black Awareness Day in Brasil   •   Jamaican Boy's Post-Dog Attack Procedures Highlight the Less Well-Known Side of a Plastic Surgeon's Work, says Dr. J Plastic Sur   •   Comcast RISE Awards Over 700 Black-Owned, Small Businesses with Marketing and Technology Resources and Makeovers   •   MANSCAPED™ Named Official Sponsor of Bad Boy Mowers Crossover Classic   •   “KISS THE GROUND” Wins Its 25th Film Festival Award to Date   •   iHeartMedia and Podimo Partner to Translate and Adapt Widely Popular Podcasts For Listeners Globally   •   Vehicle Retail Sales Decline due to Quirky Sales Calendar; When Adjusted for Selling Days, Retail Sales Stable   •   Michaels is Calling On #DifferenceMakers to Creatively Spread Holiday Cheer   •   Advancing Equity, Improving Lives: Minister Bardish Chagger Launches LGBTQ2 Survey and Engagement on Federal LGBTQ2 Action Plan   •   Hall of Fame Resort & Entertainment Company Reveals Details of Hall Of Trivia on HQ App   •   MCI Diagnostic Opens Dallas Headquarters   •   CTA Releases "What We Heard" report on Phase II of its Accessible Transportation for Persons with Disabilities Regulations   •   Majority of Americans Expect to Buy Gifts This Holiday Season Despite Tumultuous Year, but Many Cut From the Gift List According   •   Outstanding Korean Products Introduced on TradeKorea Webpage - Food & Beverage   •   Frontier Alliance International Announces a Deeper Journey Through the Book of Revelation With a Number of Free Multimedia Resou   •   Minister of Justice hosts virtual forum on Diversity on the Bench   •   Enough is Enough: Ontario Engineering Community Committed to Uprooting Systematic Biases   •   Outstanding Korean Products Introduced at TradeKorea Webpage - Beauty & Fashion
Bookmark and Share

Bank Settles With Feds Over Allegations Of Discrimination


WASHINGTON – The Justice Department announced that Midwest BankCentre will open a full-service branch in an African-American neighborhood and invest approximately $1.45 million in majority African-American areas of the St. Louis metropolitan area as part of a settlement to resolve allegations that they engaged in a pattern or practice of discrimination on the basis of race and color.

The settlement, which remains subject to court approval, was filed in conjunction with the department’s complaint in the U.S. District Court for the Eastern District of Missouri.

The complaint alleges that Midwest BankCentre violated the Fair Housing Act and the Equal Credit Opportunity Act, which prohibit financial institutions from discriminating on the basis of race and color in their mortgage lending practices. The lawsuit alleges that Midwest BankCentre has served the credit needs of the residents of predominantly white neighborhoods in the Missouri portion of the St. Louis metropolitan area to a significantly greater extent than they have served the credit needs of majority African-American neighborhoods.

Those neighborhoods are in and to the north and west of the city of St. Louis. They are easily recognized because t he Missouri portion of the St. Louis metropolitan area has long had highly-segregated residential housing patterns, especially for African-Americans.

“Lending discrimination deprives communities of access to credit and leaves the residents of minority neighborhoods vulnerable to predatory lenders. This type of discrimination is part of the web of intolerable practices that stripped vast amounts of wealth from communities of color in the last decade,” said Thomas E. Perez, Assistant Attorney General for the Justice Department’s Civil Rights Division. “We are pleased that Midwest BankCentre has begun working with community groups and agreed to invest and take creative steps to build credit in an area that has been long been neglected by the banking community.”

“Racial or other illegal discrimination has no place in our credit markets,” said Federal Reserve Board Governor Elizabeth A. Duke. “We are pleased that this settlement is designed to expand fair access to credit.”

Under the settlement, Midwest BankCentre will invest $900,000 in a special financing program to increase the amount of credit the bank extends to majority African-American areas in the Missouri portion of the St. Louis metropolitan area, spend $300,000 for consumer education and credit repair programs, and spend $250,000 for outreach to potential customers and promotion of their products and services. Midwest BankCentre will also open a full-service branch in a majority African-American area within the Missouri portion of the St. Louis metropolitan area and conduct fair lending training for its employees. The agreement also prohibits Midwest BankCentre from discriminating on the basis of race or color in any aspect of a residential real estate-related or credit transaction.

The lawsuit originated from information gathered by the Metropolitan St. Louis Equal Housing Opportunities Council and provided to the Department of Justice in 2009, as well as a 2010 referral by the Board of Governors of the Federal Reserve System to the Justice Department’s Civil Rights Division.



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News