May 9, 2018 / 9:59 PM / 2 months ago

Minnesota's KleinBank settles redlining lawsuit, denies wrongdoing

Minnesota’s KleinBank has agreed to expand banking services and spend $600,000 on issuing loans and providing other services in minority neighborhoods to resolve U.S. Department of Justice allegations that it redlined, or avoided serving certain neighborhoods because of race.

Announced on Tuesday, the settlement resolves a 2017 Justice Department lawsuit accusing Chaska-based KleinBank of violating the U.S. Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA) by focusing its home lending on white suburbs and by-passing urban areas with large minority populations.

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

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