Hudson City Settles Discriminatory Lending Charges for About $33 Million
September 24 2015 - 12:20PM
Dow Jones News
Hudson City Bancorp Inc. will pay almost $33 million to resolve
claims that it engaged in discriminatory mortgage lending
practices.
The East Coast lender will spend about $27 million for loan
subsidy and outreach programs and pay a $5.5 million penalty under
a settlement with the Consumer Financial Protection Bureau and the
Department of Justice.
The agencies claims Hudson City Savings Bank, which operates
about 135 branches, provided unequal access to credit to
neighborhoods in New York, New Jersey, Connecticut and Pennsylvania
by avoiding placing branches, loan officers and marketing products
in communities that are mostly Black and Hispanic.
Representatives for Hudson City didn't immediately respond to
requests for comment.
The Department of Justice said the agreement represents the
largest residential mortgage redlining settlement in its
history.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 24, 2015 13:05 ET (17:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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