OceanFirst Financial Settles Redlining Allegations for $15M

OceanFirst Financial Corp. will pay $14 million in subsidies and invest an additional $1.1 million in marketing, outreach, and community partnerships to resolve allegations of redlining in New Jersey. The settlement addresses claims that the bank discriminated against Black, Hispanic, and Asian neighborhoods in Middlesex, Monmouth, and Ocean counties from 2018 to 2022. The U.S. Department of Justice's Combatting Redlining Initiative found that OceanFirst avoided providing home loans and discouraged applications from these communities. U.S. Attorney Philip R. Sellinger emphasized that such discriminatory practices prevent many persons of color from achieving home ownership. OceanFirst has cooperated with the investigation and agreed to the settlement voluntarily. The company's recent expansion and acquisition efforts were also noted as part of its broader operational context.