The Office of the Comptroller of the Currency (OCC) today announced a $4 million civil money penalty against Trustmark National Bank, Jackson, Miss., for violations of the Fair Housing Act.
The OCC found that Trustmark National Bank denied residents of majority minority and high minority neighborhoods in Memphis equal access to mortgage loans. This disparate treatment was evidenced through the bank’s pattern of mortgage application and origination activity, branching history, mortgage loan officer structure and operations, and marketing and advertising. Based on these findings, the OCC determined that the bank violated the Fair Housing Act, 42 U.S.C. §§ 3604(a), (b), and 3605(a); and its implementing regulation, 24 C.F.R. §§ 100.120 and 100.50.
The OCC’s action is based on an examination that focused on the bank’s lending activities from 2014 to 2016. The OCC’s civil money penalty is separate from, but coordinated with, the settlement between the bank and the Department of Justice and the Consumer Financial Protection Bureau, which is also being announced today.
The $4 million civil money penalty will be paid to the U.S. Treasury.
Acting Comptroller Michael J. Hsu announced the civil money penalty in conjunction with a new Department of Justice-led, multiagency initiative to combat redlining.
This news item was originally published by the Office of the Comptroller of the Currency (OCC US). For more information, see the Source Link.