DOJ seeks to end Lakeland Bank's redlining consent order early

From Yahoo Finance: 2025-06-03 08:21:00

The Justice Department seeks early termination of Lakeland Bank’s redlining consent order more than two years ahead of schedule, following the bank’s acquisition by Provident Financial Services. Lakeland agreed to settle redlining allegations by paying over $13 million, investing $12 million in a loan fund for Black and Hispanic residents, and more.

DOJ ordered Lakeland Bank to invest $12 million in a loan fund for Black and Hispanic residents, spend $750,000 on advertising and outreach, and dole out $400,000 for community partnerships to increase minority access to residential mortgage credit. Provident assumed responsibility for the consent order requirements when acquiring Lakeland.

DOJ moves to terminate redlining consent order against Trustmark Bank, following CFPB’s shift away from fair lending cases based solely on statistical evidence. Economic justice nonprofit criticizes DOJ’s decision to terminate Lakeland Bank’s consent order, citing violation of law and denial of equitable access to homeownership for black and brown families.

New Jersey Citizen Action Education Fund files an affidavit for an amicus brief in federal court to halt the termination of Lakeland Bank’s consent order.



Read more at Yahoo Finance: DOJ seeks early end of Lakeland’s redlining consent order