Washington Trust denied allegations leveled by the Justice Department last fall, but agreed to invest at least $9M to improve access to mortgage credit in minority neighborhoods
Government alleges competitors in the community bank's peer group made home loans in minority areas of Memphis at almost three times the rate of Patriot from 2015 to at least 2020
Washington Trust 'vehemently' denies the allegations but joins a long list of lenders who have coughed up $98M in settlements since the DoJ launched an anti-redlining initiative in 2021
Biggest redlining settlement in DOJ history is 5th enforcement action since launch of initiative to combat redlining in 2021, with $75M in relief to date. Bank denies it engaged in redlining
The new zero down, zero closing cost mortgage Community Affordable Loan Solution is part of a $15B commitment to help 60,000 individuals and families purchase homes by 2025