Tag

Equal Credit Opportunity Act

All articles tagged with #equal credit opportunity act

business17 days ago•2 min saved

DOJ Reaches $30 Million Settlement With PayPal, Orders Race-Neutral Small Business Initiative

The Justice Department announced a settlement with PayPal over a discriminatory DEI investment program, requiring a race-neutral Small Business Initiative, fee waivers on up to $1 billion in eligible transactions (roughly $30 million), an appointed initiative director, needs assessments and plans, employee training on the Equal Credit Opportunity Act, and annual public reporting to ensure non-discriminatory access for American small businesses.

via Department of Justice (.gov)|

#business #dei #equal-credit-opportunity-act

discrimination2 years ago•2 min saved

Citigroup Ordered to Pay $25.9 Million for Discriminating Against Armenian-Americans

Citigroup has agreed to pay $25.9 million to settle claims that its employees discriminated against Armenian Americans living near Los Angeles by denying them fair access to the bank's credit card products. The Consumer Financial Protection Bureau found that Citigroup employees labeled the community as "bad guys" and engaged in discriminatory practices from 2015 to 2021. The bank's misconduct included fabricating documents to cover up the discrimination. Of the settlement amount, $1.4 million will go to the victims, while $24.5 million is a penalty for the bank's actions. Citigroup has apologized and implemented measures to prevent recurrence.

via The New York Times|

#armenian-americans #citigroup #consumer-financial-protection-bureau