DOJ Sues Evolve Bank and Trust for Lending Discrimination Claims

By

November 7, 2022

Categories

Law & Justice

Tags

, , ,

Share

(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

December 21, 2023

Philadelphia Man Acquitted on Charges of Raping Former Girlfriend, Then 17

The emotional closing arguments of The Commonwealth of Pennsylvania vs Kahri Morris left the jury weighing if evidence had been proven beyond a reasonable doubt.

sister libby Fernandez shares coffee with a member of the unhoused community in Sacramento.

December 20, 2023

Hope on Wheels: Mercy Pedalers Extend Compassion to Sacramento’s Homeless Amid City-County Dispute

As the numbers of unhoused individuals rise year-to-year in the city and state, politicians continue to argue about how to address homelessness. The COVID-19 pandemic, unaffordable housing, and lack of shelters, recovery opportunities, and medication are all factors that contribute to this growing problem.