{"id":58889,"date":"2024-09-20T03:03:11","date_gmt":"2024-09-20T01:03:11","guid":{"rendered":"https:\/\/housesmarketplace.com\/oceanfirst-bank-will-pay-15m-to-resolve-redlining-allegations\/"},"modified":"2024-09-20T03:03:11","modified_gmt":"2024-09-20T01:03:11","slug":"oceanfirst-bank-will-pay-15m-to-resolve-redlining-allegations","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/oceanfirst-bank-will-pay-15m-to-resolve-redlining-allegations\/","title":{"rendered":"OceanFirst Bank \u0432\u044b\u043f\u043b\u0430\u0442\u0438\u0442 $15M \u0434\u043b\u044f \u0443\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f \u043e\u0431\u0432\u0438\u043d\u0435\u043d\u0438\u0439 \u0432 \u00ab\u043a\u0440\u0430\u0441\u043d\u043e\u0439 \u0447\u0435\u0440\u0442\u0435\u00bb"},"content":{"rendered":"
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The U.S. Department of Housing and Urban Development<\/strong><\/a> (HUD) and the U.S. Department of Justice<\/strong><\/a> (DOJ) announced this week that they have secured a $15 million conciliation agreement<\/a> with New Jersey-based OceanFirst Bank<\/strong> to settle allegations of discriminatory redlining in certain neighborhoods with majority Black, Hispanic and Asian populations.<\/p>\n

\u201cRedlining<\/a> is an illegal practice in which lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of the residents in those communities,\u201d HUD said in its announcement. \u201cHUD\u2019s investigation was conducted alongside the [DOJ] after a referral from the Office of the Comptroller of the Currency<\/strong><\/a> (OCC), the bank\u2019s regulator.\u201d<\/p>\n

The initial complaint alleged that the bank \u201cengaged in redlining by restricting access to credit and mortgage lending services in majority-Black, Hispanic, and Asian neighborhoods in the New Brunswick, New Jersey area,\u201d adding that the alleged activity persisted from 2018 to 2022.<\/p>\n

In a statement<\/a>, OceanFirst Chairman and CEO Christopher Maher said that the agreement is in line with the bank\u2019s longstanding track record.<\/p>\n

\u201cThe commitments we are announcing today are consistent with our bank\u2019s 122-year history of providing credit and other financial services to all residents of the communities we serve,\u201d he said. \u201cWe look forward to continuing the Bank\u2019s efforts in the New Brunswick-Lakewood market to help meet the lending and banking needs of families, businesses, schools and organizations.\u201d<\/p>\n

The complaint alleges that \u201cOceanFirst failed to provide mortgage lending services to predominantly Black, Hispanic, and Asian neighborhoods in Middlesex, Monmouth, and Ocean Counties.\u201d More specifically, it alleges that the bank \u201cacquired and subsequently closed branches and loan production offices in these neighborhoods, which, coupled with its insufficient marketing<\/a> efforts and fair lending<\/a> policies, led to OceanFirst failing to serve the needs of these neighborhoods.\u201d<\/p>\n

OceanFirst voluntarily agreed to resolve the complaint and HUD issued no findings related to the allegations.<\/p>\n

The agreement dictates that OceanFirst will invest $14 million \u201cin a loan subsidy fund with the goal of increasing access to credit for home mortgage loans, home improvement loans, and home refinance loans\u201d in minority-dominant neighborhoods. The bank also must spend at least $400,000 on professional services in these areas to bolster access to mortgage credit through community-based credit services.<\/p>\n

OceanFirst agreed to spend at least $140,000 per year, or $700,000 in total, on \u201cadvertising, outreach, consumer financial education, and credit counseling in these neighborhoods.\u201d It must maintain a full-service branch initially opened in December 2023, open a loan production office in these neighborhoods, and hire \u201cat least two full-time loan officers to solicit mortgage applications primarily in majority-Black, Hispanic, and Asian neighborhoods in the New Brunswick area.\u201d<\/p>\n

The bank will also hire a full-time director of community lending; provide at least four outreach programs per year for its services to reach these neighborhoods; and provide at least six consumer education seminars in these areas every year \u201cto cover credit counseling, financial literacy, or other related consumer financial education.\u201d<\/p>\n

\u201cThis settlement, and the over $137 million in relief the Justice Department has secured for communities across the country, will help to ensure that future generations of Americans inherit a legacy of home ownership that they have been too often denied,\u201d U.S. Attorney General Merrick Garland said in a statement.<\/p>\n

\u201cRedlining is unlawful, it is harmful, and it is wrong. The Justice Department will continue to hold banks and mortgage companies accountable for redlining and to secure relief for the communities that continue to be harmed by these discriminatory practices.\u201d<\/p>\n

Last month, OceanFirst struck a deal<\/a> to acquire Garden State Home Loans Inc.<\/strong><\/a>, which will become a new division for the regional depository bank.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) announced this week that they have secured a $15 million conciliation agreement with New Jersey-based OceanFirst Bank to settle allegations of discriminatory redlining in certain neighborhoods with majority Black, Hispanic and Asian populations. \u201cRedlining is an illegal practice in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58889","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nOceanFirst Bank will pay $15M to resolve redlining allegations - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/oceanfirst-bank-will-pay-15m-to-resolve-redlining-allegations\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OceanFirst Bank will pay $15M to resolve redlining allegations - 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