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CRC Opposition to CIT Bank and One West Bank (OWB) Merger
CRC’s Position:
There is No Evidence This Transaction will provide a Public Benefit:
This merger should not be approved without substantial conditions that would ensure that the Bank adequately reinvests in communities where its customers reside, helps revitalize neighborhoods still suffering from the effects of the foreclosure crisis that Indymac and OWB helped create, and otherwise provides a public benefit that outweighs the continuing public costs imposed by Applicants. The California Reinvestment Coalition opposes this merger in its current form
Discussion Points:
1. California Reinvestment Coalition Mission and Objectives 2. Mistakes by Policymakers and Regulators allowing profit at the expense of taxpayers 3. The Legal Standards for Merger Approval Have Not Been Met 4. There is No Evidence This Transaction will provide a Public Benefit 5. Creating a Too Big to Fail (SIFI): Systemically Important Financial Institution 6. Extending the Comment Period for the Public to Review CRA Performance
Speaker:
Kevin Stein, Associate Director California Reinvestment Coalition 474 Valencia Street, Suite 230 San Francisco, CA 94103 Ph: 415-864-3980 Email: kstein@calreinvest.org Website: www.calreinvest.org Follow us on Twitter: @CalReinvest FaceBook Page: https://www.facebook.com/calreinvest
HOST:
Eric Lawrence Frazier, MBA President and CEO O 800-401-8994 x 703 | D 714-361-2105 | C 714-475-8629 Skype: 714-845-7263 | Skype ID: frazier.eric eric.frazier@thepowerisnow.com | www.thepowerisnow.com