Five Star Bank Settles with NY AG in "Landmark" Settlement
Posted on Mar 12, 2015
Five Star reaches a settlement after findings by AG that it discriminated against low-income homeowners interested in mortgages of less than $75,000. This was a violation of equal opportunity credit principles. The settlement costs $150,000, requires opening two branches in low-income neighborhoods, and requires that Five Star offer $500,000 of mortgage subsidies to eligible borrowers in these areas.