NJ bank's CRA rating upgraded in wake of redlining case

OceanFirst Bank, located in New Jersey, has achieved a "outstanding" rating in the Community Reinvestment Act (CRA) for the period 2021-2023, granted by the Office of the Currency Controller (OCC).This change marks a remarkable step forward from its previous "need to improve" rating that it received during the 2018-2020 evaluation.According to the original report, this achievement is due to efforts to present loan products in the markets purchas…

NJ bank's CRA rating upgraded in wake of redlining case

Months after OceanFirst Financial settled federal redlining allegations, it received the highest possible Community Reinvestment Act rating from the Office of the Comptroller of the Currency. CEO Christopher Maher said the bank made a "significant effort" to introduce its lending products to markets it had recently entered via acquisition.