Company Overview of Hudson City Savings Bank, FSB
As of November 1, 2015, Hudson City Savings Bank, FSB was acquired by Manufacturers and Traders Trust Company. Hudson City Savings Bank, FSB provides banking products and services to customers in New Jersey, New York, and Connecticut. The company offers deposits that include checking and savings accounts, retirement accounts, and certificates of deposit; mortgages that comprise adjustable and fixed rate mortgages, and low/moderate income mortgages. It also provides consumer loans that consist of home equity loans, home equity line of credit, and home improvement loans; and online banking services. Hudson City Savings Bank, FSB was formerly known as Hudson City Savings Bank and changed its na...
West 80 Century Road
Paramus, NJ 07652
Founded in 1868
Key Executives for Hudson City Savings Bank, FSB
Hudson City Savings Bank, FSB does not have any Key Executives recorded.
Hudson City Savings Bank, FSB Key Developments
Hudson City Savings Bank Enters into Settlement Agreement with the U.S. Department of Justice and the Consumer Financial Protection Bureau
Sep 24 15
Hudson City Bancorp Inc., the holding company for Hudson City Savings Bank (the Bank), announced that the Bank has entered into a settlement agreement with the U.S. Department of Justice and the Consumer Financial Protection Bureau related to certain alleged violations of the Fair Housing Act and Equal Credit Opportunity Act. The settlement was the result of investigations by the DOJ and CFPB into Hudson City's lending practices in majority-Black and Hispanic areas in its footprint mostly outside of New Jersey during the years 2009 through 2013. The DOJ and CFPB asserted that the Bank failed to originate enough loans in these areas when compared to a group of other market participants using statistical analysis of market data. Although Hudson City disagrees with the statistical analysis of loans relied upon by the DOJ and CFPB as the principal basis for its claims as well as the agencies' conclusions from their investigations, the bank has agreed to offer $25 million in subsidies to support home lending in minority areas and to implement a number of outreach and educational programs to residents of these communities. In the bank's view, the agreement will help supplement the bank's strong record of serving the needs of all communities within its geographic reach in a fair and honest manner for over 150 years. Indeed, due to its unique structure as a portfolio lender thrift institution and its origination product limitations, Hudson City historically relied heavily on purchases of loans from other originators to minority borrowers in the very census tracts that form the basis of the allegations, and kept such loans on its balance sheet in order to fulfill its Community Reinvestment Act and fair lending responsibilities. In the bank's view, providing additional liquidity to originators active in these areas through loan purchases is critical to meeting the credit needs of these communities. The bank decided to settle this matter, which includes payment of a $5.5 million civil penalty, to avoid litigation with these agencies so that it can focus on continuing to provide fair credit services to its customers and working to complete its pending merger with M&T Bank Corporation. If the merger is approved by the Board of Governors of the Federal Reserve and the New York State Department of Financial Services, the combined company will provide a wider array of banking products and services across a broad geographic footprint with greater minority populations. As required under its merger agreement with M&T, the company provided the agreement to M&T for review and received M&T's consent prior to entering into the agreement.
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