- Associated Press - Tuesday, February 2, 2016

MEMPHIS, Tenn. (AP) - First Tennessee Bank has reached a $1.9 million settlement with the U.S. Department of Housing and Urban Development, resolving allegations that the bank discriminated against African-Americans and Hispanics.

Media outlets report that under the agreement, announced Monday, the bank will establish a $1.5 million fund to provide interest-rate productions on home mortgages, and down payment or closing-cost assistance to qualified borrowers in some cities.

The bank will also support community organizations that provide services like home repair or financial assistance to homeowners in minority communities.

In the agreement, First Tennessee denied allegations that it engaged in prohibited discriminatory lending. The bank says it entered the settlement to avoid expenses and a government investigation.

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