Earlier today, CRC authored a guest post at American Banker, asking if CIT Group is posed to submit a weaker Community Reinvestment Act plan to the Office of the Comptroller of the Currency.
An excerpt is included below, and you can read the full post on American Banker’s website.
Today marks one year since the Office of the Comptroller of the Currency and the Federal Reserve hosted a public hearing on CIT Group’s proposed acquisition of OneWest Bank. The merger was approved in July, but of special note was the OCC’s “conditional approval” requiring CIT to submit a comprehensive business plan as well as an updated Community Reinvestment Act plan. It now appears the bank is about to test just how conditional the OCC’s approval really is.