OceanFirst reaches $14m settlement over discriminatory lending claims

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The bank’s parent company, OceanFirst Financial Corp., did not comment on the accusations, but chairman and CEO Christopher Maher released a statement, saying: “We look forward to continuing the bank’s efforts in the New Brunswick-Lakewood market to help meet the lending and banking needs of families, businesses, schools and organizations.”

This agreement is part of a broader initiative by the DOJ, which has reached similar settlements with about a dozen mortgage lenders since 2021, totaling over $120 million in investments for mortgage lending subsidies, financial education, and outreach.

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OceanFirst Bank claimed in its media release that it has provided over $625 million in loans and investments benefiting thousands of people in its service areas since 2020. The company said it will continue its pre-existing lending and community development initiatives aimed at increasing access to residential lending and other financial services across its footprint in New Jersey and northern Pennsylvania.

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