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September 25th, 2015 
Awake Goy 
Susanne Posel ,Chief Editor Occupy Corporatism | Co-Founder, Legacy Bio-Naturals
September 24, 2015
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a complaint against Hudson City Saving Bank (HCSB) for purposefully avoiding lending credit to minority residents based on their race.
According to the complaint , “Hudson City redlined by locating its branches and selecting mortgage brokers nearly all outside of majority-Black-and-Hispanic neighborhoods, among other actions” in an attempt to “discouraged potential borrowers from equal access to credit in majority-Black-and-Hispanic neighborhoods in New Jersey, New York, Connecticut, and Pennsylvania.”
Redlining is defined as “a discriminatory practice by which banks, insurance companies, etc., refuse or limit loans, mortgages, insurance, etc., within specific geographic areas, especially inner-city neighborhoods.”
Richard Corday, director of the CFPB, explained that “without access to affordable credit, neighborhoods deteriorate in the long shadow cast by unfair lending. [This] action seeks to remove the redline by bringing more than $27 million in mortgage subsidies and outreach programs, along with new bank branches to the communities who should have had access from the beginning.”
HCSB countered in a statement : “Hudson City historically relied heavily on purchases of loans from other originators to minority borrowers in the very census tracts that form the basis of the allegations, and kept such loans on its balance sheet in order to fulfill its Community Reinvestment Act and fair lending responsibilities.”
Should this complaint receive judicial approval, HCSB will be required to pay $25 million to create a subsidy loan program that would increase the ability of minorities to have access to banking services.
HCSB will also have to invest $2.25 million to initiate community outreach programs; as well as $5.5 million in penalties.
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