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Adirondack, Chemung banks settle probe of discriminatory lending rates


Adirondack, Chemung banks settle probe of discriminatory lending rates | The Daily Gazette
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ALBANY Two banks have settled a state probe of higher interest rates charged to minority auto buyers by auto dealerships that had partnered with the banks.
Saratoga Springs-based Adirondack Trust Company will pay a $275,000 penalty to the state and donate $50,000 to community development organizations focusing on underserved groups. 
Elmira-based Chemung Canal Trust Company will pay the state $375,000.
Both banks will have to undertake an effort to find the non-white auto buyers who were charged higher interest rates on average than white buyers and must make restitution for the higher amount of interest charged. Adirondack estimated this would cost it about $55,000. ....

New York , United States , Chemung Canal Trust Company , Adirondack Bank , Department Of Financial Services , Saratoga Adirondack Trust Company , Springs Based Adirondack Trust Company , Financial Services , Fair Lending Law , Equal Credit Opportunity , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , செமுங் கால்வாய் நம்பிக்கை நிறுவனம் , துறை ஆஃப் நிதி சேவைகள் , நிதி சேவைகள் , சமம் கடன் வாய்ப்பு ,