(Memphis, T.N.)—The U.S. Justice Department (DOJ) has filed a lawsuit against Evolve Bank and Trust, a Memphis-based institution, for lending discrimination.
The lawsuit claims that from 2014 through 2019, Evolve Bank implemented policies that caused Black, Hispanic, and female borrowers to pay more in “discretionary pricing” than white or male borrowers for reasons, not due to their financial worth.
“Discretionary pricing” refers to a lender, like Evolve’s loan officers and managers, agreeing to give fees, charges, and rate discounts to individual borrowers.
According to the complaint, Evolve Bank violated the Fair Housing Act and the Equal Credit Opportunity Act, which prohibit financial organizations, such as banks, from discriminating in mortgage lending services based on race, gender, or national origin.
The Click contacted Evolve via email and did not receive a response as of Oct. 28.
Related Posts
November 5, 2024
Former Congress Members Open Up in NYU’s “In Dialogue” Series
Congress won’t thrive until members learn how to work with each other despite these divisive times. This was the conclusion reached by a panel of former members of Congress who gathered at New York University (NYU) on Oct. 11 for "Congress in Conversation: Meeting in the Middle," part of the university’s "In Dialogue" series.
October 14, 2024
‘It’s Not Just a Feeling, It’s a Calling’: How the Head of NYU College Democrats is Encouraging Students to Fight for Change
"It's up to organizers, especially young organizers, to meet young people where they are," says Saha Guerrero, president of NYU College Democrats.