Associated Banc-Corp in Green Bay, Wis., agreed to expand mortgage lending in minority neighborhoods to settle a federal probe into its fair-housing loan practices.
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Associated "will fully comply with the agreement," Philip Flynn, chief executive,
HUD had alleged that Associated disproportionately denied loan applications made by black and Hispanic borrowers. The conciliation agreement included a denial by Associated that it engaged in discriminatory lending practices.
Associated said the terms of the agreement will not have a material impact on its financial results.
Associated's new initiatives will include enhanced training, new branch locations, new loan production offices, and expanded financing and home-repair grants. Associated will also invest in increased outreach, financial education and marketing to promote the changes.