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ARTICLE · 07 NOVEMBER 2024

Compliance Update — Insights And Highlights October 2024

Jones Walker LLP
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The Department of Justice (DOJ) recently commemorated the third anniversary of its Combatting Redlining initiative by issuing three new consent orders in the past two months.

United StatesFinance and Banking
Memrie Fortenberry
Memrie Fortenberry

The Department of Justice (DOJ) recently commemorated the third anniversary of its Combatting Redlining initiative by issuing three new consent orders in the past two months. It had been somewhat quiet since February 2024, but now settlements are back in full force. One of these recent consent orders is the first of its kind against a federal credit union and another is the first in the Birmingham, Alabama area. There have now been 15 settlements totaling more than $150 million. The recent orders were against Citadel Federal Credit Union for its lending practices in the Philadelphia area, Fairway Independent Mortgage Corporation for its lending practices in Birmingham, and OceanFirst Bank for its practices in areas of New Jersey.

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