Attorney General Janet Reno, accompanied by her underlings, strides to the podium at the Department of Justice and announces another settlement with a bank for alleged lending discrimination. Reno has reached a number of similar accords with high-profile institutions such as the Chevy Chase Federal Savings Bank in Washington, Shawmut Bank in Boston and the First National Bank of Vicksburg, Miss. "We will tackle lending discrimination wherever it appears," declares Reno. "No loan is exempt; no bank is immune."

[One recent] agreement came in June 1995, when the Justice Department signed a $700,000 settlement with Northern Trust Corp., one of…