Citadel Credit Union Announces Settlement with Department of Justice and Bolsters Commitment to a Brighter Future for All

Commitments Include the Upcoming Launch of Citadel's 'Home Help Program' to Support Homebuyers

EXTON, Pa., Oct. 10, 2024 /PRNewswire/ -- Citadel Credit Union today announced that it has entered into a settlement with the U.S. Department of Justice (DOJ). This agreement marks a pivotal moment in Citadel's journey, embracing the opportunity to reinforce its dedication to community and demonstrate its strong aspiration to ensure access to credit and financial services for every member of the communities it serves.

Citadel Credit Union President & CEO, Bill Brown commented: "As we look back at our history, this is a situation arising from what we weren't doing, rather than one of intentional acts. Banking has not been immune to the digital disruption that has swept across various industries for decades and Citadel's robust focus on our digital journey shifted our strategy away from new brick-and-mortar branches in recent years, which inadvertently impacted our ability to serve our region as broadly as we had planned. Philadelphia has always been, and remains, part of our growth plan, but the evolution of our business model led to us falling short of opening branches in Philadelphia as we had agreed to do when we expanded our charter. 

While Citadel respectfully disagrees with the allegations regarding our lending practices, we view this settlement as a vital opportunity to ...

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