United States v. American Bank of Oklahoma (N.D. Okla.)

On October 3, 2023, the court entered a consent order in United States v. American Bank of Oklahoma (N.D. Okla.).  The complaint, which was filed on August 28, 2023, alleged that American Bank of Oklahoma violated the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA) by engaging in unlawful redlining in the Tulsa, Oklahoma Metropolitan Statistical Area.  Specifically, the complaint alleged that the defendant refrained from providing mortgage services to majority-Black and Hispanic neighborhoods and discouraged prospective applicants from those neighborhoods from applying for credit. The consent order requires American Bank of Oklahoma to invest at least $950,000 in a loan subsidy fund to increase access to credit in majority-Black and Hispanic neighborhoods; spend $100,000 on community partnerships to provide services that increase access to residential mortgage credit; and spend $100,000 on advertising, outreach, and consumer financial education in majority-Black and Hispanic communities. The consent order also requires American Bank of Oklahoma to open a loan production office in a Black and Hispanic census tract which will provide access to mortgage services and a community room available to the public; ensure at least two mortgage loan officers are dedicated to serving majority-Black and Hispanic neighborhoods in Tulsa; and conduct a research-based market study to help identify the needs for financial services in majority-Black and Hispanic neighborhoods in Tulsa.

Press Release - 8/28/2023