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Trustmark National Bank

On October 22, 2021, the Bureau, together with the United States Department of Justice (DOJ), filed a complaint and proposed consent order in the federal district court for the Western District of Tennessee in settlement of claims against Trustmark National Bank (Trustmark), which is headquartered in Jackson, Mississippi. The joint complaint alleges that Trustmark engaged in unlawful discrimination against applicants and prospective applicants, including by redlining majority Black and Hispanic communities in the Memphis, Tennessee-Mississippi-Arkansas Metropolitan Statistical Area (MSA) and engaging in acts and practices directed at prospective applicants that would discourage prospective applicants from applying for credit in violation of the Equal Credit Opportunity Act (ECOA), Regulation B, and the Consumer Financial Protection Act of 2010 (CFPA). In the joint complaint, DOJ also alleges that Trustmark’s conduct violated the Fair Housing Act (FHA). The proposed order, if entered by the court, would require Trustmark to invest $3.85 million in a loan subsidy program that would offer qualified applicants for credit secured by properties in majority Black and Hispanic neighborhoods in Memphis loans on a more affordable basis than otherwise available from Trustmark; open a new loan production office in a majority Black and Hispanic neighborhood in the Memphis MSA; fund targeted advertising to generate applications for credit from qualified consumers in majority Black and Hispanic neighborhoods in Memphis; and take other remedial steps to improve its fair lending compliance and serve the credit needs of majority Black and Hispanic neighborhoods in the Memphis MSA. The order would also require Trustmark to pay a civil money penalty of $5 million, $4 million of which would be remitted as a penalty paid to the Office of the Comptroller of the Currency for FHA violations arising from the same conduct alleged in the complaint.

Related documents

Complaint

Proposed Consent Order

Press release

CFPB, DOJ and OCC Take Action Against Trustmark National Bank for Deliberate Discrimination Against Black and Hispanic Families