Attorney General Josh Stein and the U.S. Department of Justice said they’ve reached a $13.5 million settlement with First National Bank of Pennsylvania for lending discrimination. A lawsuit alleges the bank violated the Fair Housing and Equal Credit Opportunity Act, redlining Black and Hispanic neighborhoods in Charlotte and Winston Salem by not offering loans there. During a press conference, Stein said the bank's action perpetuated inequality.
"When lenders discriminate, it means hard working people can't buy a house, start a business or invest in their futures," Stein said. "People who are part of the fabric of the community are then unable to put down their roots. The playing field isn't level and that is not what we want for the people of North Carolina."
Stein also said First National Bank will provide nearly $12 million in financial assistance of mortgage loans to Black and Hispanic residents in both Charlotte and Winston Salem.
