New Jersey
N.J. bank accused of redlining, discrimination to pay $15M to settle allegations
OceanFirst Bank has agreed to pay over $15 million to settle federal allegations of redlining in predominately minority neighborhoods in three New Jersey counties, federal officials announced Wednesday.
Federal prosecutors accused the bank of a “pattern and practice” of lending discrimination Wednesday that adversely impacted Black, Hispanic and Asian neighborhoods in Middlesex, Monmouth and Ocean counties. The illegal practice of redlining avoids providing credit services to people living in communities of color based on race, color or national origin.
“Redlining creates an unequal playing field that unfairly prevents many persons of color from achieving the American dream of home ownership, and this type of systemic and intentional discrimination cannot and will not be tolerated,” U.S. Attorney Philip R. Sellinger said Wednesday.