Ticker: R.I bank to pay $9M settlement; UAW eyes strike expansion

A neighborhood financial institution in Rhode Island agreed to pay $9 million to resolve allegations that it engaged in lending discrimination by redlining majority-Black and Hispanic neighborhoods, a U.S. lawyer introduced Wednesday.

A grievance accused Washington Trust Company of failing to supply mortgage lending providers to majority-Black and Hispanic neighborhoods in Rhode Island from 2016 to 2021. The financial institution was based in 1800, and in accordance with the Justice Department is the oldest neighborhood financial institution within the nation.

Washington Trust CEO Edward O. “Ned” Handy III stated the financial institution vehemently denies the allegations. The financial institution entered into the settlement to keep away from the expense and distraction of potential litigation, and to permit the financial institution to focus absolutely on serving the wants of its clients and communities.

“We believe we have been fully compliant with the letter and spirit of fair lending laws, and the agreement will further strengthen our focus on an area that has always been important to us,” Handy stated in assertion.

UAW eyes strike growth

The United Auto Workers union says it would announce on Friday the way it plans to broaden its strike in opposition to Detroit’s three automakers.

The union says President Shawn Fain will make the announcement at 10 a.m. Eastern time in a video look addressing union members. Additional walkouts will happen at midday Friday with out critical progress in contract talks, the union stated.

The union went on strike Sept. 14 when it couldn’t attain agreements on new contracts with Ford, General Motors and Jeep maker Stellantis.

The union wouldn’t say what motion it could tackle Friday, reiterating that each one choices are on the desk.

Source: www.bostonherald.com”