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Fair Lending - Banking Exchange
Bank was in violation of Section 5 of the Federal Trade Commission Act
Converted branch will include affordable housing, commercial and outdoor spaces, nonprofit services, and arts and cultural destinations
Graduation rates among HBCU students currently among the lowest for all students
Subsidies will create or rehabilitate more than 2,100 housing units
Recommendations include Bank On-certified accounts, greater flexibility around identification and financial education
Grant will help non-profit offset expenses which includes pre-development costs for a single-family housing construction
Three-year commitment also supports minority communities with affordable housing and investment in Black-owned businesses
Changed circumstance remains a substantial, inherent compliance risk for lenders
One in ten U.S. adults are credit invisible, or have no credit at all
The bank violated the Fair Housing Act during the period 2014 to 2016
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