Green Bay, WI – May 22, 2015 – Associated Bank, N.A. (Associated Banc-Corp [NYSE: ASB]) today entered into a conciliation agreement with the U.S. Department of Housing and Urban Development (HUD). This agreement resolves HUD’s investigation into the company’s lending practices between 2008 and 2011.
The agreement requires a number of actions by Associated that are a continuation of its existing community lending and education efforts.
“Associated is pleased to have concluded these discussions and will fully comply with the agreement. Doing so aligns with our ongoing commitment to our customers and communities where we do business,” said Philip B. Flynn, president and CEO.
“We agree with HUD that we can improve our performance in some of the communities and neighborhoods we serve. We remain committed to the promotion of home ownership and lending in those areas,” Flynn said.
The company has already implemented a number of enhancements to its lending practices and will implement others as designated and scheduled in the agreement.
Over the next three years, Associated will complement its existing lending programs and market strategies with additional initiatives. They include enhanced training, a new branch location and loan production offices, expanded special financing programs and affordable home repair grants. The company will drive increased awareness of these community-based programs through additional affirmative marketing outreach programs and financial education efforts.
When combined with the company’s current lending efforts, these commitments will generate almost $200 million in new loans in targeted areas over the next 3 years.