MAYOR BARAKA STATEMENT ON DOJ MOTION TO TERMINATE LAKELAND/PROVIDENT BANK CONSENT ORDER

“Two years ago, after a settlement was reached in the suit against Lakeland Bank for redlining – a historical weapon for racist discrimination, outlawed, yet still practiced today – I joined NJCA to demand that the Provident/Lakeland merger be contingent upon a Community Reinvestment Act (CRA) agreement. Requirements included not only monetary reparation, but also specific community outreach that included opening bank branches in Newark neighborhoods where age or income pose transportation barriers.

“It was satisfying to see the Consent Decree restitution in progress until the Department of Justice recently moved to terminate it. I condemn this act as a betrayal of the people who were harmed, and of decency itself. I call on the Department of Justice to halt this termination.

“Consent decree or no consent decree, noble acts of justice and equity stand on their own weight. As such, Provident must stay the course to fully repair the damage to our community caused by its redlining practices and, in the process, verify its integrity.”

-NEWARK-

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