Following the OneWest Bank and CIT Group merger? Should read this!
LA Community leaders, harmed homeowners, and advocates all called on the Federal Reserve and OCC to deny the merger unless substantial improvements are made.
Feb 27, 2015- Los Angeles- Yesterday, community reinvestment advocates spoke against the proposed merger of CIT Group and OneWest Bank during a day-long hearing hosted by the Federal Reserve and Office of the Comptroller of the Currency. Some believe the hearing was held in response to the over 21,000 individuals who signed petitions opposing the merger, in addition to 100 California and national organizations who are opposing the merger. CRC live-tweeted the hearing.
Critics raised concerns at the hearing that can be claified into three main categories.
First, the history of OneWest Bank and CIT Group raises serious questions about how communities would fare if the merger is approved.
Second, promises to help individual nonprofits may be helpful for those nonprofits (especially in the short-term) but they…
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