(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.
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