Top Class Action, August 8, 2023, Feds investigate HSBC over lending discrimination claims
The US bank holding company for HSBC Bank disclosed earlier this week that its main retail banking unit has been under investigation by federal housing authorities over claims revolving around potential lending discrimination.
HSBC said it has been accused by the National Community Reinvestment Coalition (NCRC), a major fair-lending advocacy group, of engaging in potential lending discrimination in multiple cities across the US, reports Law360.
The investigation into HSBC Bank USA is reportedly being conducted by the U.S. Department of Housing and Urban Development (HUD), which is attempting to find if the financial institution broke the law.
