Associated Bank enters into agreement with HUD after investigation

Freeman Staff

May 26, 2015

GREEN BAY —Associated Bank has entered into a conciliation agreement with the U.S. Department of Housing and Urban Development following an investigation by HUD into the Green Bay-based bank’s company’s lending practices between 2008 and 2011.

According to the announcement, the agreement requires a number of actions by Associated.

“Associated is pleased to have concluded these discussions and will fully comply with the agreement. Doing so aligns with our ongoing commitment to our customers and communities where we do business,” said Philip B. Flynn, president and CEO, in a statement. “We agree with HUD that we can improve our performance in some of the communities and neighborhoods we serve. We remain committed to the promotion of home ownership and lending in those areas.”

During the next three years, according to the announcement, Associated will complement its existing lending programs and market strategies with additional initiatives, including enhanced training, a new branch location and loan production offices, expanded special financing programs and affordable home repair grants. The company will drive increased awareness of these community-based programs through additional affirmative marketing outreach programs and financial education efforts.

When combined with the company's current lending efforts, these commitments will generate almost $200 million in new loans in targeted areas during the next three years, according to the announcement.