Providence, R.I., sued a U.S. unit of Spain’s Banco Santander, S.A. under federal anti-bias laws, saying the bank has cut back on mortgage lending in minority neighborhoods (City of Providence v. Santander N.A.filed).
The suit in the U.S. District Court for the District of Rhode Island marks a shift in fair lending litigation by cities against financial institutions.
Although previous suits generally focused on bad loans that were made, and claims that those loans damaged local economies, the May 29 suit centers on good loans that weren’t made.
The 68-page complaint said Santander Bank NA. violated the Fair ...
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