New Jersey's OceanFirst Bank settles U.S. redlining charges

OceanFirst Financial

18/09/2024 17:00

Sept 18 (Reuters) - New Jersey's OceanFirst Bank will
invest at least $14 million in a loan subsidy fund to resolve a
U.S. government lawsuit accusing it of illegal redlining.
    A proposed settlement with the Toms River-based unit of
OceanFirst Financial  OCFC.O  was filed on Wednesday in Trenton,
New Jersey federal court.
    The U.S. Department of Justice said that between 2018 and
2022, OceanFirst discouraged borrowers from obtaining home loans
and other services in majority-Black, Hispanic and Asian
neighborhoods of Middlesex, Monmouth and Ocean counties, while
serving the needs of borrowers in majority-white areas.
    

 (Reporting by Jonathan Stempel in New York)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))