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Violation Tracker Individual Record

Company: OceanFirst Bank
Penalty: $15,100,000
Year: 2024
Date: September 18, 2024
Offense Group: consumer-protection-related offenses
Primary Offense: discriminatory practices (non-employment)
Secondary Offense: racial discrimination
Violation Description: OceanFirst agreed to pay more than $15 million to resolve allegations it failed to provide mortgage lending services to predominantly Black, Hispanic, and Asian neighborhoods in New Jersey. Under the terms of the settlement agreement, OceanFirst will invest at least $14 million in a loan subsidy fund with the goal of increasing access to credit for home mortgage loans, home improvement loans, and home refinance loans in majority-Black, Hispanic and Asian neighborhoods in the New Brunswick area; spend at least $400,000 on professional services for residents in these neighborhoods to increase access to residential mortgage credit and serve the credit needs of those communities through partnerships with one or more community-based or governmental organizations that provide services related to credit, financial education, homeownership, and/or foreclosure prevention; and spend at least $140,000 each year of the Agreement ($700,000 total) on advertising, outreach, consumer financial education, and credit counseling in these neighborhoods.
Level of Government: federal
Action Type: agency action
Agency: Housing and Urban Development Department
Civil or Criminal Case: civil
Facility State: New Jersey
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.