July 31 2025

OneWest Settles Redlining Case

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OneWest Bank in California has settled a case alleging that the bank discriminated against African-American and Latino borrowers as evidenced by the low number of mortgages it made in majority-minority areas. The bank has committed to invest $5 million in loan subsidies in such areas, devote $1.3 million toward advertising and outreach in such areas, provide $1 million in grants for homebuyer and related programs, and to originate $100 million in mortgage-related loans in majority-minority areas. The bank will also open a full-service branch serving such areas. (Side note: Treasury Secretary Mnuchin was once a chairman of this bank.) [7/30/19]

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