OceanFirst Financial Corp. agreed to pay $15M and implement initiatives to settle DOJ/HUD redlining allegations in NJ.

OceanFirst Financial Corp. has reached a settlement with the DOJ and HUD, agreeing to pay over $15 million to resolve redlining allegations in New Jersey. The bank is accused of limiting credit access in predominantly Black, Hispanic, and Asian neighborhoods. As part of the settlement, OceanFirst will invest at least $14 million in a loan subsidy fund, establish a loan production office, and allocate funds for community partnerships and financial education outreach.

September 18, 2024
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