M&T reaches settlement in NYC mortgage probe

September 02, 2015
M&T Bank Corp. has reached a settlement in U.S. District Court, agreeing to pay $485,000 to end a probe of the company's mortgage lending policies. In addition, Buffalo-based M&T (NYSE: MTB) said it will stop using neighborhood racial demographics as part of its residential mortgage lending programs.
     The settlement was announced Aug. 31. According to a release, the bank will adopt a company-wide policy that prohibits influencing customers' real estate decisions, post a revised fair lending policy to its website and hire a consultant to revise fair lending training for loan offices and other bank employees. The bank will also enhance the loan information it provides in the greater New York City area.