Fleet Financial Group has agreed to pay $4 million to settle federal charges that its mortgage unit discriminated against 600 minority borrowers.

The penalty, announced Tuesday, is the second-largest in a bank fair- lending case. Chevy Chase (Md.) Federal Savings Bank made an $11 million settlement in 1994.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.