ESSA Bancorp Announces Settlement With DoJ; Co Agrees To Provide $2.9M In Mortgage Loan Subsidies Over A 5-Year Period For Majority Black And Hispanic Census Tracts, $250K In Additional Focused Marketing And Outreach, $125K In Community Development
Portfolio Pulse from Happy Mohamed
ESSA Bank & Trust has settled with the U.S. Department of Justice (DOJ) over allegations of fair lending law violations in the Philadelphia Metropolitan Statistical Area. ESSA will provide $2.9 million in mortgage loan subsidies for majority Black and Hispanic census tracts, $250,000 in additional marketing and outreach, and $125,000 in community development partnerships.
May 31, 2023 | 7:01 pm
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ESSA Bank & Trust settles with DOJ, providing $2.9M in mortgage loan subsidies, $250K in marketing, and $125K in community development partnerships.
ESSA Bank & Trust has settled with the DOJ over allegations of fair lending law violations. The settlement includes providing $2.9 million in mortgage loan subsidies, $250,000 in additional marketing and outreach, and $125,000 in community development partnerships. This news may have a neutral impact on ESSA's stock price as the settlement does not include any civil penalties and the company has a history of community service and corporate responsibility.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100