Balanced News: City National Bank to pay $31M in redlining settlement with DOJ

The U.S. Department of Justice announced a $31 million settlement with City National Bank over allegations that the Los Angeles-based bank engaged in “redlining” – a pattern of lending discrimination – in Los Angeles County. The settlement, which according to the DOJ is the largest redlining settlement in the department’s history, will benefit individuals and communities impacted by the discriminatory practice, the DOJ announced on Thursday. A City National Bank office is seen in Downtown Los Angeles, Jan. 22, 2015.