Green Bay, Wis.-based Associated Bank has agreed to generate nearly $200 million in mortgage loans in predominantly minority neighborhoods as part of a settlement over a federal racial discrimination complaint.
The loans would be made over the next three years in neighborhoods in Wisconsin, Illinois and Minnesota.
The U.S. Department of Housing and Urban Development had accused Associated Bank of underserving such neighborhoods and disproportionately turning away black and Hispanic loan applicants from 2008 to 2010.
Associated Bank denies any wrongdoing. In a news release, chief executive Philip B. Flynn says the company agrees it can improve performance in some neighborhoods and that it will comply with the agreement.
The Milwaukee Journal Sentinel reports the settlement includes financing $144 million in mortgages in the Chicago market and $36 million in the Milwaukee metro area.
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