June 13, 2019 / 10:01 PM / 6 days ago

First Merchants settles red-lining complaint with Justice Department

The U.S. Department of Justice has reached a settlement with Indiana’s First Merchants Bank over allegations that it engaged in illegal red-lining, the practice of excluding predominantly African-American neighborhoods from its services.

Announced by the Justice Department on Thursday, the settlement calls for the bank to spend about $1.6 million on loan subsidies and community outreach and open a branch and a loan office in a majority-black neighborhood in the Indianapolis area. The deal requires court approval.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2ZoLTau

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