bancorpsouthBank to pay $10.6M over loan discrimination charges


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BancorpSouth(BXS)has agreed to pay a $10.6 million settlement of allegations the Mississippi-based regional bank used discriminatory mortgage lending practices that harmed African Americans and other minorities, federal officials said Wednesday.

A federal court complaint filed by the Department of Justice and Consumer Financial Protection Bureau alleged bank officials told loan officers to “turn [] down” minority mortgage applicants more quickly than whites, and avoid giving “borderline” applicants credit assistance that other mortgage seekers might receive.

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