OceanFirst Bank Settles Redlining Allegations with $15M Payment, $14M Loan Subsidy Fund

Sep 19, 2024, 05:45 PM

New Jersey's OceanFirst Bank has agreed to pay $15 million to resolve allegations of illegal redlining. The settlement includes a commitment to invest at least $14 million in a loan subsidy fund as part of a proposed consent order to settle DOJ claims. This resolution is part of a broader federal initiative to combat redlining, which has resulted in settlements with 13 mortgage lenders totaling more than $137 million since 2021.