As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.

After the Rhode Island-based company eliminated 650 positions, severance-related costs contributed to a 71% decline in quarterly net income.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.

Black, Hispanic and Asian homeowners had a 44%, 32% and 30% denial rate for HELOC products, while white homeowners had a 23% denial rate, an analysis of HMDA data by the Federal Reserve Bank of Philadelphia found.

A report from the state's attorney general found Black and Latino households end up paying that combined amount more in origination fees, interest rates and other associated costs, in addition to seeing higher rates of loan denials.

The financial institution will pay $350,000 in layoff expenses to leave a business beset by high rates and a crowded playing field relative to current demand.

How far have these programs come in reaching their goals and how much further do they need to go?

The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.

New American Funding's Patty Arvielo found hiring initiatives can help match lending with demographics but says hurdles to recruiting in general are high now.

Meaningful progress on DEI initiatives has a real effect on the workforce. We examine the dynamics that drive this conclusion and what it means for companies.

Two separate programs providing as much as $10,000 in assistance are open to eligible borrowers in the Philadelphia area.

A lawsuit accuses the group of trespassing, damaging office space and taking digital and physical property from their former employer after their departure.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

Offices impacted are located in Chicago, Cincinnati and Kansas City, a company representative said Wednesday.

BofA's fintech accelerator launch and Guaranteed Rate's new insurance offering via a brokerage spinoff are among the latest fintech stories.

Former employees claim the company made staffers attend pre-shift meetings before permitting them to clock in, according to a suit filed in a U.S. District Court in Michigan.

The company is rolling out a special-purpose credit program to help address what it describes as "the biggest barriers to achieving homeownership." Such programs are gaining popularity among banks.

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

Figure Technologies laid off 90 employees this week, or about 20% of its staff, while it's also interviewing bankers in advance of a planned initial public offering for its lending business next year, according to documents reviewed by Bloomberg.