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NC bank pays $1M to settle unfair lending claims

Fuquay-Varina, NC
Fine Amount: 
$1 million
Penalty Type: 
Issued by: 

HUD has announced a $1 million agreement between the Fair Housing Project of North Carolina Legal Aid and North Carolina-based The Fidelity Bank to resolve allegations the mortgage lender engaged in unfair lending practices against minority applicants. Under the agreement, Fidelity will make investments and community development loans in predominantly minority census tracts where at least 40 percent of these loans will specifically promote affordable housing. Fidelity also committed to earmarking at least $500,000 each year for two years, for a total of $1 million and prominently display its non-discrimination policies at that branch in English and Spanish, and provide fair lending training to staff, including loan originators and employees engaged in loan processing and underwriting.

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