Entrepreneur: Cadence (CADE) to Settle Redlining Probes by the DOJ & OCC

Entrepreneur, September 1, 2021, Cadence (CADE) to Settle Redlining Probes by the DOJ & OCC

In order to address and settle previously-slapped allegations of lending discrimination by redlining the Black and Hispanic neighborhoods in Houston, TX, Cadence Bancorporation CADE entered into separate arrangements with the U.S. Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) to pay more than $8.5 million.

To continue ensuring that the minority communities are well served, the bank also entered into a five-year $2.5-billion Community Benefits Plan in 2019. Inaugurated with inputs from the National Community Reinvestment Coalition, the plan comprised provisions for mortgage lending, small business lending, and community development lending and investments across its six-state footprint.

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