JPMorgan Chase

In 2017 a federal court entered a $53 million consent order resolving Justice Department allegations that African-American and Hispanic wholesale borrowers paid higher mortgage rates and fees than similarly situated white borrowers. The bank denied wrongdoing.

• $53M consent order
  DOJ alleged higher wholesale-mortgage prices for Black and Hispanic borrowersThe Justice Department’s January 18, 2017, complaint in United States v. JPMorgan Chase Bank, N.A. (S.D.N.Y.) alleged that from at least 2006 through late 2009, African-American and Hispanic borrowers paid higher rates and fees on wholesale home mortgage loans than similarly situated white borrowers. On January 20, 2017, the court entered a consent order with monetary relief of $53 million, including a $55,000 civil penalty.Source: U.S. Department of Justice, Civil Rights Division ↗
• No admission
  Chase denied wrongdoing while settling the 2017 caseHousingWire reported that the $53 million figure was the court-entered amount after earlier news accounts of $55 million. It quoted Chase: “We’ve agreed to settle these legacy allegations that relate to pricing set by independent brokers.” And: “We deny any wrongdoing and remain committed to providing equal access to credit.” U.S. Attorney Preet Bharara described the case as compensating borrowers who paid more than similarly situated white borrowers. The company’s denial and the government’s characterization are both part of the record; neither is a jury verdict.Source: HousingWire ↗