Last Thursday, the Federal Reserve and Office of the Comptroller of the Currency held a public hearing about the proposed merger of OneWest Bank with CIT Group. During a lunch-time rally, LA City leaders, including Council Member Gil Cedillo, spoke about the need for the banks to create a much stronger Community Reinvestment plan, that reflects the bank’s nearly $70 billion in assets.
The current plan offered by OneWest Bank and CIT Group is a fraction of what both its peer banks and even smaller banks have committed to. If you were unable to attend the hearing, CRC live-blogged it here and you may also find our CIT Group/OneWest Merger resource page helpful as well. Pictures are available here.
Below is the video of Council Member Cedillo speaking about the merger.