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DOJ announces settlement of redlining lawsuit

CFPB Monitor

The Justice Department announced that it has entered into an agreement with Lakeland Bank to settle the DOJ’s claims that Lakeland engaged in unlawful redlining in the Newark, New Jersey metropolitan area. Those services were not available in majority-Black and Hispanic neighborhoods in the Newark Lending Area.

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Citi To Bolster Business Lending In Europe With New Staff, Offices

PYMNTS

The financial institution intends to grow its corporate lending division focusing on firms with yearly turnover from $25 million to $2.5 billion, Reuters reported, with new offices and staffers in multiple Western European nations by the conclusion of this year.

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5 ways to shake up your lending strategy

Independent Banker

A new approach to loan protocols is just one way for community banks to grow in new and different directions. Assessing best practices, rates, marketing efforts and more can position loan producers for future success in unpredictable market conditions. Learning about lending. Double down in core markets.

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Widening Borrower Protection’s Scope To SMBs

PYMNTS

As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees. “We have seen small businesses destroyed by online lending.” “We have seen small businesses destroyed by online lending.”

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Popular Bank Named Among First Investors of NWK FAM Fund

PopularBank

The new investment vehicle aims to economically empower Black and Latinx business owners throughout the City of Newark. NWK FAM Fund Seeks to Narrow the Wealth Gap in New Jersey. According to a recent study , the state experiences one of the worst racial wealth gaps in the nation. Michellene Davis. John Harmon.

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CFPB Cracks Down On Deceptive Lender Who Targeted 9/11 First Responders

PYMNTS

The consumers included former National Football League players suffering from neurological disorders, victims of the Deepwater Horizon oil rig disaster and 9/11 first responders. The CFPB wants to prevent Top Notch, owner Rory Donadio and his business associate John “Gene” Cavalli from offering or providing such products in the future.

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Can A Poverty-Fighting Tool In Bhopal Work For Customers In Brooklyn?

PYMNTS

Microlending programs and products have mostly been associated with consumers in developing nations – particularly in sub-Saharan Africa – over the last decade. But what has gotten less attention – largely because the practice is less common – is how microlending operations play out in developed nations like the U.S.

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