BancorpSouth Settles Action Brought by CFPB and DOJ

We represented BancorpSouth Bank in the settlement of a fair lending matter by the Consumer Financial Protection Bureau and U.S. Department of Justice relating to mortgage loan "redlining" and mortgage pricing and underwriting. The settlement, which requires approval by the U.S. District Court for the Northern District of Mississippi, recognized several enhancements implemented by BancorpSouth and requires the bank to pay approximately $10 million in community relief and penalties.