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CRC Opposition to CIT Bank and One West Bank (OWB) Merger

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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

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