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Trustmark National Bank Announces Settlement of Claims Made by Federal Regulators
JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark National Bank (“Trustmark” or the “Company”), a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS:TRMK),
About this update from Trustmark Corporation
[{"type":"text","content":" JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark National Bank (“Trustmark” or the “Company”), a wholly-owned subsidiary of Trustmark Corporation (NASDAQGS:TRMK), today announced it has entered into settlements with the U.S. Department of Justice (“DOJ”), the Office of the Comptroller of the Currency (“OCC”) and the Consumer Financial Protection Bureau (“CFPB”) to resolve allegations that it previously violated the Fair Housing Act, the Equal Credit Opportunity Act and the Consumer Financial Protection Act within the Memphis metropolitan statistical area (“Memphis MSA”).\n\n\"We believe Trustmark’s commitment to fair lending and continuing efforts to provide equal access to affordable mortgage products in the Memphis area and communities across our footprint are reflected in our diverse-market lending strategies,” said Duane A. Dewey, Trustmark President and CEO. “We fully cooperated with the agencies and have entered into these settlements to avoid the distraction of protracted litigation and because we share the common goals of breaking down barriers to home financing and exploring innovative ways to help residents of underserved areas achieve the dream of homeownership. We look forward to making continued progress on the lending initiatives and operational enhancements we began implementing six years ago.”\n\nMr. Dewey continued, “Trustmark has always viewed customer relationships and community engagement as keys to long-term success. As a service-oriented and values-guided organization, we’re committed to serving the entirety of our communities and have continually worked to expand access to credit and banking services through the full range of consumer and small business credit products that we offer.”\n\nThe alleged conduct occurred during the period 2014 to 2016, according to the OCC, and a somewhat longer period for the other two agencies. For many years, Trustmark has been evaluating its performance in majority-minority census tracts (“MMCTs”), including in the Memphis MSA, and proactively developing and implementing enterprise-wide initiatives designed to serve these communities:\n\n\nTrustmark’s Advantage program addresses gaps in investor and government mortgage programs that focus on the credit needs of MMCT residents. The Company launched its proprietary first-lien mortgage product, HOMEAdvantage, in 2016 to assist ap...