Bank Could Face Class Action Litigation Over Redlining
The National City bank could be facing a class action lawsuit in federal court in relation to its lending practices, after it was alleged that the lender exercised racial discrimination when making loans. The bank and its parent company National City Corp now have a number of black businesses and churches that are joining a lawsuit against them.In the lawsuit the bank is accused of racial redlining, which is in effect an allegation that the bank is refusing loans and credit to people or groups based upon their race. If this is the case then the bank would be in violation of the Fair Housing Amendments Act and the Equal Credit Opportunity Act.
One spokesperson stated: “These laws exists to ensure banks make loans based on legitimate business reasons not on an applicants skin color or whether an applicant chooses to live or operate a business in a predominantly African American community.”
One former bank employee also involved in the suit added: “This issue should awaken community groups, activists, residents and leaders of Detroit to the lack of financial support Detroit businesses and residents are receiving from National City Bank. The bank promotes a community image of financing loans to small businesses- giving the impression that it supports small business in the City of Detroit.”
Topic Added October 12th, 2006
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