City National Corp., the largest bank headquartered in Los Angeles, on Sept. 12 announced the launch of a subsidized home mortgage program as mandated by its settlement with the Justice Department in January.
The Ohio bank's $9 million pledge to promote ownership in Black and Hispanic neighborhoods is the sixth since the DOJ launched an initiative to combat redlining in October 2021, with lawsuits generating $84 million in relief to date.
The biggest redlining settlement in DOJ history is the fifth enforcement action since the launch of the initiative to combat redlining in 2021, with $75 million in relief to date.