Frequently Asked Questions

Citadel Credit Union has announced a settlement with the Department of Justice. To learn more, please visit CitadelBanking.com/Commitment. Additional FAQs are below.

What was announced?

• On October 10, 2024, we announced a settlement with the Department of Justice
• Like many lending institutions before us, we were the subject of an investigation into “redlining”
• While Citadel Credit Union respectfully disagrees with the allegations regarding our lending practices, we view this settlement as a vital opportunity to enhance our commitment to fairness, equality, and proactive community engagement.

Under the terms of the settlement, Citadel has committed to:

• Provide $6 million in mortgage loan subsidies over a 5-year period for majority Black and Hispanic census tracts in Philadelphia County;
• $270,000 in additional focused marketing, advertising, consumer financial education and outreach;
• $250,000 in community development partnerships;
• Open 3 full-service branches in Philadelphia County within three years

We have also noted the following:

• Our increased commitment to our philanthropic legacy through the appointment of a Vice President in a new role dedicated to Philanthropy and Community Engagement to execute a purpose-built Citadel Cares program, among other things. The program, which was announced in July 2023, has been thoughtfully re-vamped to ensure continued alignment with Citadel values with refined new pillars:

• Financial Literacy – focused on supporting financial education programs throughout our charter area.
• Education – focused on partnering with programs who prepare students to thrive in the classroom.
• Community & Economic Development – focused on strengthening the economic vitality in the regions through programs that support homeownership & housing, veteran, women and minority owned businesses.
• Health & Wellness – focused on partnering with organizations that provide access to quality food and medical care for those in need.

• Highlighted the appointment of a Community Lending Officer this past August to identify, develop and build relationships to serve as a source for mortgage lending opportunities in majority-Black and Hispanic census tracts with a focus on Philadelphia.
• Citadel is working to form new partnerships with organizations aligned with its values to further demonstrate its dedication to members and communities across Southeastern Pennsylvania, as it begins to replicate its philanthropic efforts that stemmed from its local roots to those it has demonstrated through its significant support in the fight against childhood cancer as well as various financial education events.
• Citadel is also proudly nearing the launch of a Citadel Home Help Program designed to provide affordable products for prospective homebuyers in LMI census tracts.

Does the settlement mean Citadel was guilty of redlining?

• It does not.
• Our decision to resolve this matter reflects our dedication to focusing on the future and continuing to make a positive impact in all communities we serve.
• We are committed to aligning our actions with our values—ensuring that our business evolution and future endeavors expand access, eliminate disparities, and foster a stronger community.

Why did the DOJ investigate Citadel?

• The DOJ bases such investigations on statistics, analyzing receipt of inbound mortgage applications across the region.
• It is worth noting that the investigation was not brought about by any complaints.
• It is also worth noting that the analysis of the data did not reveal significant denials of mortgages, simply that not enough applications were solicited from majority Black and Hispanic census tracts in Philadelphia. This is primarily a result of our lack of presence in certain areas of our region, which resulted from our pivot to digital growth.

What areas of the business were examined?

• The investigation was focused solely on mortgage lending.

What are you doing to ensure fair practices moving forward?

• We are undertaking comprehensive internal reviews, enhancing our training programs, and investing in technology to ensure our lending practices are fair, transparent, and equitable.

How does the settlement affect my access to Citadel's products and services?

• The settlement does not affect any existing members’ access to Citadel’s products and services.
• Today, we introduced new initiatives to ensure broader reach so that more members of our community benefit from our offerings.

Will this settlement affect the rates or fees on my account?

• The settlement does not affect rates or fees on your account.
• We remain committed to providing competitive and fair pricing for all our services.

Can customers expect new or improved services as a result of this settlement?

• Yes, we are excited to announce new programs and services designed to better meet the needs of all our members, including expanded community support initiatives and financial wellness resources.