8/16/2023 0 Comments First tennessee bank log in“Every family should have an equal shot at becoming a homeowner, regardless of what they look like or where they come from. HUD also said that First Tennessee Bank will pay $25,000 in damages to the National Community Reinvestment Coalition as part of the settlement. "First Tennessee’s CRA record is satisfactory, and we are proud of our long tradition of supporting our communities," the bank said in a statement.Īdditionally, First Tennessee agreed to partner with one or more “community-based” organizations to provide home repair or other grants to help existing homeowners repair properties in predominantly minority communities, or partner with one or more community-based organizations to provide credit, financial, homeownership or foreclosure prevention services to residents in the affected areas.įirst Tennessee Bank will contribute $270,000 over three years to support these partnership efforts, as well as an additional $105,000 to fund similar services to be provided directly by the National Community Reinvestment Coalition. In a statement provided by a spokesperson, First Tennessee said that is "pleased" to put this matter behind it. The settlement stems from a complaint filed against First Tennessee by the National Community Reinvestment Coalition, which alleged that the bank “disproportionately” denied loan applications from African-American and Hispanic borrowers and failed to place bank branches in minority-concentrated areas in Chattanooga, Knoxville, Memphis and Nashville.Īccording to an announcement from HUD, First Tennessee will establish a $1.5 million subsidy fund to provide interest rate reductions on home mortgages, and down payment or closing cost assistance to qualified borrowers in “identified portions” of Chattanooga, Knoxville, Memphis and Nashville. That settlement resolved allegations that First Tennessee failed to comply with FHA origination, underwriting and quality control requirements.Īs part of the settlement, First Tennessee admitted that from January 2006 through October 2008, it “repeatedly certified” for FHA insurance mortgage loans that did not meet the Department of Housing and Urban Development’s underwriting requirements.īut now, First Tennessee has run afoul of HUD lending rules again, as HUD announced Monday that it reached a settlement with First Tennessee over allegations that the bank violated the Fair Housing Act by discriminating against African-American and Hispanic mortgage loan applicants by denying them mortgage loans, and by allegedly failing to place bank branches in minority-concentrated areas. In June 2015, First Tennessee Bank agreed to pay $212.5 million to resolve allegations that it violated the False Claims Act by “knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration that did not meet applicable requirements.” Watch the history spanning more than 115 years.( Update: This article is updated with a statement from First Tennessee.)įor the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. The FirstBank story is an American success story. You will know instantly you’re not just a customer. You can walk into any branch and find a welcoming smile and willingness to help. FirstBank has made small town life our business culture empowering local market presidents and managers to make real decisions locally. In 2001, we expanded our brand of authentic local banking into the state’s most iconic cities, from Nashville to Memphis. Over three decades FirstBank’s assets grew to be in the billions but FirstBank never compromised their vision. Serious growth by taking values seriously. FirstBank has grown through organic growth and mergers for doing the banking that matters. Staying local, our reputation got around. That’s why we remained local, making what we had learned as a community bank our business model. Times change, but the things that make being part of a community great, like strong ties and trusted relationships, never change. They were creating the towns and communities like Scotts Hill where our flagship branch still remains today. We started in 1906 as Farmers State Bank, when local banks in West Tennessee weren’t just creating profits.
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