Washington Trust Announces Settlement With U.S. Department Of Justice; Will Provide $7M In Mortgage Loan Subsidies Over A 5-Year Period In Specific Census Tracts In Ri. Washington; Also Commit $2M For Focused Community Outreach And Marketing Efforts
Portfolio Pulse from Benzinga Newsdesk
Washington Trust Bancorp, Inc. (NASDAQ:WASH) has reached a settlement with the U.S. Department of Justice over alleged violations of fair lending laws in Rhode Island from 2016 to 2021. The settlement does not include any civil monetary penalties. As part of the agreement, Washington Trust will provide $7 million in mortgage loan subsidies over a five-year period in specific census tracts in Rhode Island and commit $2 million for focused community outreach and marketing efforts.
September 27, 2023 | 2:59 pm
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NEUTRAL IMPACT
Washington Trust Bancorp's settlement with the DOJ over alleged fair lending violations could potentially impact the company's financials due to the commitment of $7 million in mortgage loan subsidies and $2 million for community outreach and marketing. However, the absence of civil monetary penalties may mitigate some of this impact.
The settlement could potentially impact Washington Trust Bancorp's financials due to the commitment of $7 million in mortgage loan subsidies and $2 million for community outreach and marketing. However, the absence of civil monetary penalties may mitigate some of this impact. The company's stock price may remain stable as the market absorbs this news.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100