{"id":15839,"date":"2015-09-24T11:28:17","date_gmt":"2015-09-24T18:28:17","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=15839"},"modified":"2015-09-24T11:31:45","modified_gmt":"2015-09-24T18:31:45","slug":"hudson-city-savings-bank-agrees-to-quit-redlining-minority-neighborhoods","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=15839","title":{"rendered":"Hudson City Savings Bank Agrees to Quit “Redlining” Minority Neighborhoods and Pay $27 Million"},"content":{"rendered":"

\"Department<\/a><\/span><\/p>\n

NEW JERSEY<\/strong><\/p>\n

\n

Hudson City Savings Bank<\/strong> agreed to stop the practice of “redlining” in predominantly Black and Hispanic neighborhoods in its mortgage lending practices, federal officials announced today.<\/span><\/p>\n

The settlement<\/a> provides more than $27 million to make sure there are equal lending services to Black and Hispanic neighborhoods, officials.<\/span>\u00a0<\/span><\/p>\n

\u201cRedlining\u201d is the discriminatory practice by banks or other financial institutions to deny or avoid providing credit services to a consumer because of the racial demographics of the neighborhood in which the consumer lives.
\n<\/span><\/p>\n

This resolution represents the Justice Department\u2019s largest residential mortgage redlining settlement in its history.\u00a0\u00a0<\/span><\/p>\n

\u201cHudson City Savings Bank structured its business operations to systemically avoid providing credit services in predominantly minority neighborhoods,\u201d said U.S. Attorney Paul J. Fishman<\/strong> of<\/span>\u00a0<\/span>New Jersey.\u00a0 \u201cThere is no room for such behavior in our banking system.\u00a0 In addition to paying $25 million for a loan subsidy program, today\u2019s settlement agreement will require the bank to take a number of concrete steps to ensure that they improve access to responsible and affordable credit to qualified borrowers in Black and Hispanic neighborhoods.\u201d<\/span><\/p><\/blockquote>\n

The complaint<\/a> alleges that Hudson City violated the Fair Housing Act and Equal Credit Opportunity Act<\/strong>, which prohibit financial institutions from discriminating on the basis of race, color or national origin in their mortgage lending practices.\u00a0<\/span><\/p>\n

Specifically, the complaint alleges that from at least 2009 to 2013, Hudson City failed to serve the credit needs of majority-Black-and-Hispanic neighborhoods throughout its major market areas, including in New Jersey, New York City<\/strong> and its surrounding counties, and the Philadelphia<\/strong> and Bridgeport<\/strong>, Connecticut, metropolitan areas.\u00a0 <\/span><\/p>\n

Hudson City has agreed to settle this matter without contested litigation.\u00a0<\/span><\/p>\n

\u201cThis case should send a message to lenders throughout the country that the Justice Department will not tolerate racial discrimination in the extension of credit,\u201d said Principal Deputy Assistant Attorney General Vanita Gupta, head of the Civil Rights Division.<\/strong>\u00a0 \u201cA lending institution must treat all potential borrowers equally, regardless of their race or the racial composition of their neighborhood, when deciding to offer its loan services.\u00a0 We encourage all lenders to proactively identify responsible lending opportunities that exist in predominantly minority neighborhoods within their lending areas.\u201d<\/span><\/p>\n

\u201cWe allege that Hudson City’s redlining practices illegally cut off opportunities for consumers in predominantly Black and Hispanic neighborhoods to get a mortgage and achieve the dream of homeownership,\u201d said Consumer Financial Protection Bureau Director<\/strong><\/span>\u00a0Richard Cordray<\/strong>.\u00a0 \u201cWithout access to affordable credit, neighborhoods deteriorate in the long shadow cast by unfair lending. \u00a0Today’s action seeks to remove the redline by bringing $27 million in mortgage subsidies and outreach programs, along with new bank branches to the communities who should have had access from the beginning.\u201d<\/span><\/p>\n

\"consumer-financial-protection-bureau-logo\"<\/a>The lawsuit originated from a joint investigation with the CFPB that commenced in March 2015.\u00a0<\/span><\/p>\n

Under the terms of the proposed settlement, Hudson City will invest $25 million in a loan subsidy fund to increase the amount of credit the bank extends to majority-Black-and-Hispanic neighborhoods across its market areas.\u00a0 <\/span><\/p>\n

In order to make residential mortgage loans available to residents of minority neighborhoods that were not adequately served by Hudson City, the bank will further invest $2.25 million in advertising, outreach, financial education, and community partnership efforts and open two full-service branches in these neighborhoods.\u00a0 <\/span><\/p>\n

The settlement will require Hudson City to further develop robust internal controls to ensure compliance with fair lending obligations, provide fair lending training to its employees, senior management, and the Board of Directors, and create a comprehensive long-term plan to increase lending in previously redlined areas, according to the agreement. \u00a0<\/span><\/p>\n

Hudson City will further pay a civil monetary penalty of $5.5 million.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW JERSEY Hudson City Savings Bank agreed to stop the practice of “redlining” in predominantly Black and Hispanic neighborhoods in its mortgage lending practices, federal officials announced today. The settlement provides more…<\/p>\n","protected":false},"author":1,"featured_media":15840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3],"tags":[1655,1657,108,1656],"class_list":["post-15839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-main-slider","category-u-s-department-of-justice","tag-hudson-city-savings-bank","tag-minorities","tag-new-jersey","tag-redlining"],"yoast_head":"\nNew Jersey Bank to Quit "Redlining" Minority Neighborhoods<\/title>\n<meta name=\"description\" content=\"Hudson City Savings Bank agreed to stop the practice of "redlining" in predominantly Black and Hispanic neighborhoods in its mortgage lending practices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cjnotebook.com\/?p=15839\" \/>\n<meta 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