Associated Bank reaches agreement with HUD

Freeman Staff

May 23, 2015

WAUKESHA - Associated Bank announced Friday it had entered into a conciliation agreement with the U.S. Department of Housing and Urban Development. The agreement is meant to resolve a HUD investigation into the bank’s lending practices between 2008 and 2011.

CEO Philip B. Flynn said the company is pleased to have concluded the discussions and will fully comply with the agreement, which requires enhancements to its lending practices.

“We agree with HUD that we can improve our performance in some of the communities and neighborhoods we serve,” Flynn said. “We remain committed to the promotion of home ownership and lending in those areas.”

The company’s commitments in the agreement and its current lending practices will generate almost $200 million in new loans in targets areas over the next three years.