Texas Champion Bank Pays $700,000 in Fair-Lending Case
American Banker
February 20, 2013
The Justice Department has won a $700,000 settlement with Texas Champion Bank over charges that the bank charged Latino borrowers more for unsecured consumer loans. Under the deal, it will compensate an estimated 2,000 borrowers, with an average payout of $350. Texas Champion also agrees to change its policies to ensure non-discriminatory prices, provide training to its employees, and monitor its loans for other possible disparities. Assistant Attorney General Thomas Perez said the case signals that Justice officials are committed to fair lending enforcement not only when mortgages are involved but other credit products as well.
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