OceanFirst Agrees to $15 Million Settlement with Justice Department and Housing and Urban Development to Resolve Redlining Claims in New Jersey

The U.S. Department of Housing and Urban Development (HUD) announced today the approval of a Conciliation Agreement with OceanFirst Bank, a bank headquartered in Toms River, New Jersey. This Agreement resolves a Secretary-initiated complaint against OceanFirst alleging that the bank engaged in redlining by restricting access to credit and mortgage lending services in majority-Black, Hispanic, and Asian neighborhoods in the New Brunswick, New Jersey area. Redlining is an illegal practice in which lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of the residents in those communities. HUD’s investigation was conducted alongside the U.S. Department of Justice (DOJ) after a referral from the Office of the Comptroller of the Currency, the bank’s regulator.

Read more at HUD.