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How expensive is a fair lending violation?

Can fair lending violations be expensive?

Yes. In 2016, the CFPB and the Justice Department issued a $3.03 million civil money penalty (CMP) against Bancorp South for discouraging prospective borrowers in minority communities from applying for credit. Undercover testers were sent to branches and minority applicants were treated less favorably than white testers.
Learn more about Susan Costonis’s webinar Fair Lending for the Frontline

First published on 10/20/2019

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