OneWest and CIT Group Merger News

That would be great

Here’s the latest news on the troubled CIT Group/OneWest merger, Steve Mnuchin’s nomination to the US Treasury Secretary, and more recently, CRC’s redlining complaint against OneWest Bank.

Redlining Complaint

Government will investigate Treasury Secretary’s bank for alleged redlining This article focuses on the Department of Housing and Urban Development (HUD) accepting a redlining complaint against OneWest Bank made by CRC. HUD announced that it was accepting the complaint. ThinkProgress. February 15, 2017. Bryce Covert

One of Donald Trump’s Rumored Cabinet Picks Accused of Financial Discrimination, Blighting East Oakland  CRC’s redlining complaint against OneWest Bank is cited. The reporter also includes research on the cost of blight from OneWest, bank-owned properties in East Oakland. East Bay Express. November 22, 2016.

Mnuchin es investigado por discriminar a hispanos en préstamos CRC’s redlining complaint against OneWest Bank is cited. La Opinion. November 17, 2016.

Bank tied to Trump adviser accused of discrimination CRC’s redlining complaint against OneWest Bank is cited. USA Today. November 17, 2016. Kevin McCoy.

Reverse Mortgage Foreclosures

103-Year-Old North Texas Woman Fights To Keep Her House (Nov 2014)

Trump’s Treasury Pick Has a $230 Million Blemish on His Record CRC’s research on Financial Freedom foreclosures is cited. Bloomberg. December 13, 2016. Zachary Mider and Salesha Moshin.

Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes CRC’s FOIA request to HUD about Financial Freedom, a reverse mortgage servicer owned by OneWest Bank, is cited. Propublica. December 27, 2016.

Trump Treasury Pick’s Ex-Firm Subject of New Reverse Mortgage Investigation A new FOIA request by CRC which aims to better understand foreclosures against seniors and their families is cited. Reverse Mortgage Daily. January 18, 2017. Jason Oliva.

Trump Treasury pick Steven Mnuchin has a ‘widow foreclosure’ problem CRC’s research into Financial Freedom’s reverse mortgage foreclosure track record is cited. CNN. December 15, 2016. Chris Isidore.

This is why reverse mortgage servicers need a foreclosure moratoria In this HousingWire Op-Ed, Kevin Stein cites three stories of seniors and widows who OneWest Bank attempted to foreclose on to explain why the bank should implement a moratorium on foreclosures until the Department of Housing and Urban Development creates a policy for surviving spouses and reverse mortgages. December 11, 2014.

Robo-signing

The Columbus Dispatch: Trump treasury pick Mnuchin misled Senate on foreclosures, Ohio cases show

The Intercept: Mnuchin Lied About His Bank’s History of Robo-Signing Foreclosure Documents

Bloomberg View: Remember Robo-Signing at Banks? Neither Does Mnuchin

Portland Press Herald: Maine robo-signing scandal resurfaces with Treasury nomination

Seattle Times: Records here dispute Treasury nominee’s denial of mortgage-crisis ‘robo-signing’

Editors Note: Below is a chronological listing of media coverage of the OneWest/CIT Group merger, Steve Mnuchin’s nomination as Treasury Secretary, and coverage on the redlining complaint against OneWest Bank.

February 2017

Making America great-ly miss Obama This OpEd cites research by CRC about the more than 36,000 foreclosures that OneWest Bank conducted in California. City College Times. February 27, 2017. Melissa Maria Martinez.

Steve Mnuchin, foreclosure king, now runs your US Treasury This OpEd cites research by Urban Strategies Council and CRC finding that 2/3 of OneWest foreclosures happened in majority minority communities in California. The Hill. February 17, 2017. Mark Plotkin.

From watchdog to turtle: Democrats pounding Heller on Mnuchin Research by Urban Strategies Council and CRC into the number of OneWest foreclosures in Nevada is cited. Las Vegas Sun. February 16, 2017. Ric Anderson.

Government will investigate Treasury Secretary’s bank for alleged redlining This article focuses on the Department of Housing and Urban Development (HUD) accepting a redlining complaint against OneWest Bank made by CRC. HUD announced that it was accepting the complaint. ThinkProgress. February 15, 2017. Bryce Covert

Treasury Secretary’s Old Bank Under Investigation for Alleged Housing Discrimination This article focuses on the Department of Housing and Urban Development (HUD) accepting a redlining complaint against OneWest Bank, made by CRC.  HUD announced that it was accepting the complaint. NextCity. February 15, 2017. Rachel Dovey.

Republicans Confirm Fox To Guard Chicken Coop: Wall Street Titan Steve Mnuchin Gets Top Treasury Post In this OpEd by Professor Peter Dreier, he cites CRC’s research on the over $1 billion in “shared loss” payments the FDIC made to OneWest Bank to cover their costs of foreclosures. HuffingtonPost. February 13, 2017.

Senate confirms Steven Mnuchin as treasury secretary Research by Urban Strategies Council and CRC into the number of OneWest foreclosures in Nevada is cited. Las Vegas Review Journal. February 13, 2017. Gary Martin.

Records here dispute Treasury nominee’s denial of mortgage-crisis ‘robo-signing’ This article cites advocacy by CRC on OneWest’s foreclosure track record. Seattle Times. February 11, 2017. Jim Bruner.

Treasury Pick’s Oversight of “Robo-Signing” Heats Up Nomination Proceedings CRC’s advocacy against OneWest foreclosures is cited. RegBlog. February 7, 2017. Alex Walsh.

Time for Sen. Heller, Mnuchin to come clean on foreclosure data In this OpEd, Paulina Gonzalez calls on Senator Dean Heller (R-NV) and Steve Mnuchin to share with the public how many Nevada families lost their homes because of OneWest foreclosures. The Hill. February 2, 2017.

January

Foreclosure fanatic: Mnuchin’s past actions make him a risky selection In this OpEd co-authored by Sarah Edelman, Jim Lardner, and Paulina Gonzalez, Mnuchin’s claims about his track record at OneWest Bank are debunked. The Hill. January 29, 2017.

What Exactly Did OneWest Do? In this extensive interview, Paulina Gonzalez discusses the impact of OneWest’s foreclosure practices on working families. KNPR (Nevada Public Radio). January 26, 2017. Carrie Kaufman.

Senate Committee Grills Trump Treasury Pick on Reverse Mortgage Foreclosures CRC’s FOIA request which revealed that Financial Freedom (a OneWest subsidiary) foreclosed on more than twice what one would expect, given the size of the market it is servicing, is cited. Reverse Mortgage Daily. January 22, 2017.

Sparks woman loses home at hands of Trump Treasury Secretary nominee The story of Heather McCreary, who traveled to Washington DC to share her story of foreclosure by OneWest Bank, as well as CRC’s advocacy, is cited. NBC 4, Reno. January 21, 2017. Olivia DeGennaro.

Steven Mnuchin bombed Research by CRC and Urban Strategies Council is cited. The Week. January 20, 2017. Jeff Spross.

Treasury Pick Steve Mnuchin Denies It, But Victims Describe His Bank as a Foreclosure Machine Homeowners who spoke at a forum organized by Senator Warren (which Paulina Gonzalez also spoke at) share their experiences of botched modification processes by OneWest Bank. The Intercept. January 19, 2017. David Dayen.

Unlearning the lessons of the housing crisis Paulina Gonzalez speaks about the redlining complaint filed against OneWest Bank and CIT Group. Curbed. January 19, 2017. Rachel M. Cohen.

Foreclosure is ‘your American nightmare’ Several homeowners who spoke at a forum hosted by Senator Elizabeth Warren share their experiences of foreclosure by OneWest Bank and its subsidiary, Financial Freedom. Paulina Gonzalez, executive director at CRC, also spoke at the forum. Stephanie Rule/MSNBC. January 19, 2017.

Steve Mnuchin’s Controversial History With the Foreclosure Crisis Research by Urban Strategies Council and the California Reinvestment Coalition about OneWest’s foreclosure track record is cited. ABC News. January 19, 2017. Meghan Keneally.

Homeowners Facing Foreclosure by Mnuchin’s Bank Urge Lawmakers to Reject His Nomination A forum that Paulina Gonzalez spoke at, as well as CRC’s redlining complaint against OneWest Bank, are cited. Democracy Now! January 19, 2017.

Treasury Nominee Mnuchin Supports Strong Dollar, Calling China Manipulator, Raising Debt Ceiling CRC’s research documenting the over 36,000 foreclosures by OneWest Bank under Steve Mnuchin’s leadership is cited. Forbes. January 19, 2017. Antoine Gara.

Foreclosure Victims Say They Were Mistreated by Trump’s Treasury Pick Two homeowners who shared their stories at a forum chaired by Senator Warren, where Paulina Gonzalez also spoke, are cited. Mother Jones. January 18, 2017. Russ Choma.

Democrats take aim at Mnuchin as confirmation hearing looms The forum where Paulina Gonzalez joined OneWest homeowners is cited. Reuters. January 18, 2017. Sarah Lynch.

Homeowners slam Mnuchin bank’s foreclosure record Analysis by Urban Strategies Council and CRC on foreclosures by OneWest Bank, which were concentrated in majority minority neighborhoods, is cited. USA Today. January 18, 2017. Kevin McCoy.

The shakiest Cabinet pick on Trump’s economic team CRC’s research into OneWest’s foreclosure track record is cited. YahooNews. January 18, 2017. Rick Newman.

Secretary of Treasury: Who Is Steven Mnuchin? CRC’s redlining complaint is cited. AllGov.com. January 18, 2017. Matt Bewig.

Elizabeth Warren: Trump’s treasury secretary pick ‘grinds families into the dirt’ Analysis by Urban Strategies Council and CRC on foreclosures by OneWest Bank, which were concentrated in majority minority neighborhoods, is cited. The Guardian. January 18, 2017. Dominic Rushe

Trump Treasury Pick’s Ex-Firm Subject of New Reverse Mortgage Investigation A new FOIA request by CRC which aims to better understand foreclosures against seniors and their families is cited. Reverse Mortgage Daily. January 18, 2017. Jason Oliva.

Resistance is Not Futile: Trump’s Troubles Are Just Beginning CRC’s advocacy on OneWest foreclosures is cited. San Diego Free Press. January 17, 2017. Doug Porter.

Treasury nominee Steven Mnuchin discloses holdings and pledges divestments if confirmed CRC’s advocacy on OneWest foreclosures is cited. Los Angeles Times. January 11, 2017. James Rufus Koren.

Top House Dem calls on feds to release Mnuchin investigation documents Research on OneWest foreclosures by Urban Strategies Council and CRC is cited. The Hill. January 9, 2017. Sylvan Lane.

Democrats tar Trump’s Treasury Secretary nominee CRC research on OneWest’s foreclosures practices is cited. NJ Today. January 6, 2017.

California Consumer Group Calls for Mnuchin Investigation After Leaked Memo CRC’s call for an investigation into the leaked AG memo is cited. American Banker. January 5, 2017. Kate Berry.

Questions Swirl Around Mnuchin’s Handling Of California Foreclosures CRC’s concerns about the practices mentioned in the leaked AG memo are cited. CBS SF Bay Area. January 4, 2017. Hannah Albarazi.

California investigators wanted to sue Mnuchin bank over foreclosures CRC’s call for an investigation into the leaked AG memo is cited. CNN. January 4, 2017. David Fitzpatrick.

California declined to sue Trump nominee’s bank over foreclosures CRC’s executive director comments on the leaded AG memo. SF Gate. January 4, 2017. Bob Egelko.

Problematic Practices At Steven Mnuchin’s OneWest? CRC comments on the impact of OneWest practices on families facing shortened timeframes to save their homes. CBS News. January 4, 2017.

Leaked Memo Coincides With “Foreclosure King” Campaign Against Mnuchin CRC’s executive director comments on the leaked AG memo. National Mortgage Professional. January 4, 2017. Phil Hall.

Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo CRC’s executive director discusses a 2013 memo from attorneys in the California Attorney General’s office that cited evidence of “widespread misconduct” at OneWest Bank. The Intercept. January 3, 2017. David Dayen.

Leaked Memo Alleges ‘Widespread Misconduct’ at OneWest Under Mnuchin Paulina Gonzalez comments on a 2013 memo from attorneys in the California Attorney General’s office. American Banker. Kristin Broughton. January 3, 2017.

December

Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes CRC’s FOIA request to HUD about Financial Freedom, a reverse mortgage servicer owned by OneWest Bank, is cited. Propublica. December 27, 2016.

Preparing for Trump: A Ten-Point Plan CRC’s advocacy on OneWest is cited in this OpEd by Professor Peter Dreier. BillMoyers.com. December 23, 2016.

Trump’s Treasury Pick Moves in Secretive Hedge Fund Circles CRC’s Freedom of Information Act (FOIA) request to HUD, which determined that Financial Freedom (OneWest subsidiary) had foreclosed on more than 16,000 seniors and their families with reverse mortgages, is cited. New York Times. December 19, 2016. Matthew Goldstein and Alexandra Stevenson.

Democrats eye confirmation fight over Trump’s Treasury pick CRC’s research on the foreclosure track record of OneWest Bank is cited. Associated Press. December 16, 2016. By Julie Pace and Julie Bykowicz.

Trump’s Treasury Pick Has a $230 Million Blemish on His Record CRC’s research on Financial Freedom foreclosures is cited. Bloomberg. December 13, 2016. Zachary Mider and Salesha Moshin.

No LGBT Ally Would Appoint This Cabinet CRC’s redlining complaint against OneWest Bank is cited. Advocate. December 12, 2016.

How Trump’s Grift Gave Government to the 0.01 Percent In this OpEd, Richard Eskow cites CRC research on foreclosures by Financial Freedom against seniors and their families. YubaNet. December 6, 2016.

Will All of Donald Trump’s Cabinet Nominees Be Approved? CRC’s redlining complaint against OneWest BAnk is cited. Heavy.com. December 5, 2016. Brendan Morrow.

Donald Trump voter lost California home to bank run by Treasury nominee CRC’s advocacy against the OneWest and CIT Group merger is cited. Associated Press. December 5, 2016. Josh Boak and Jeff Horwtiz.

Inside Trump Treasury nominee’s past life as ‘foreclosure king’ of California CRC’s research on reverse mortgage foreclosures by Financial Freedom is cited. The Guardian. December 2, 2016. Sam Levin.

Trump’s Treasury Pick Steven Mnuchin Ran a Bank Critics Call a “Foreclosure Machine” CRC’s research on the amount of “shared loss payments” (over $1 billion) the FDIC has paid to OneWest Bank to cover costs of foreclosures is cited. In addition, the record-setting opposition to the OneWest/CIT Group merger is cited. Newsweek. December 2, 2016.

Meet the victims of Steve Mnuchin’s ‘foreclosure machine’ OneWest foreclosure data from Urban Strategies Council, as well as research by CRC on “shared loss payments” is cited. ThinkProgress. December 1, 2016. Bryce Covert.

Trump Treasury pick made millions after his bank foreclosed on homeowners CRC’s redlining complaint and advocacy against OneWest foreclosure practices is cited. Politico. December 1, 2016. Lorraine Woellert.

November

Steve Mnuchin: Evictor, Forecloser, and Our New Treasury Secretary CRC’s multiple surveys of housing counselors- who ranked OneWest poorly- is cited in this OpEd by Professor Peter Dreier. The Prospect. November 30, 2016.

Dems to unload on Mnuchin Paulina Gonzalez comments that homeowners who lost their homes to OneWest should be allowed to speak at Steve Mnuchin’s hearing. Politico. November 30, 2016. Ben White and Andrew Hanna.

Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’ Kevin Stein comments on the “foreclosure machine” that Steve Mnuchin oversaw at OneWest Bank. NPR’s All Things Considered. November 29, 2016. John Ydstie.

One of Donald Trump’s Rumored Cabinet Picks Accused of Financial Discrimination, Blighting East Oakland  CRC’s redlining complaint against OneWest Bank is cited. The reporter also includes research on the cost of blight from OneWest, bank-owned properties in East Oakland. East Bay Express. November 22, 2016.

Nominating Mnuchin for Treasury Will Dredge Up Mortgage Meltdown Controversies CRC’s research on OneWest Bank’s foreclosure track record is cited. Bloomberg. November 21, 2016.

OneWest Bank, founded by Steven Mnuchin, accused of redlining in SoCal CRC’s redlining complaint against OneWest Bank is cited. The Real Deal. November 18, 2016. Chava Gourarie.

L.A. Minorities Got Too Few Home Loans Due to Segregated Banking, Complaint Alleges CRC’s redlining complaint against OneWest Bank is cited. LA Weekly. November 18, 2016. Dennis Romero.

Hensarling Seen to Vie With Mnuchin for Trump Treasury Pick CRC’s redlining complaint against OneWest Bank is cited. Roll Call. November 18, 2016. Alan Ota.

Bank Led By Donald Trump’s Top Treasury Contender Accused Of Racist Lending CRC’s redlining complaint against OneWest Bank is cited. November 17, 2016. Alexander C. Kaufman and Ben Walsh.

With Treasury candidate come possible conflicts CRC’s redlining complaint against OneWest Bank is cited. Washington Post. November 17, 2016. Ylan Mui and Renae Merle.

Steven Mnuchin’s Bank Has Been Accused of Discrimination CRC’s redlining complaint against OneWest Bank is cited. Fortune. November 17, 2016. Lucinda Shen.

Mnuchin-founded company accused of housing discrimination CRC’s redlining complaint against OneWest Bank is cited. Politico. November 17, 2016. Lorraine Woellert.

Mnuchin es investigado por discriminar a hispanos en préstamos CRC’s redlining complaint against OneWest Bank is cited. La Opinion. November 17, 2016.

Trump Top Treasury Secretary Candidate Ran a Bank Now Facing Accusations of Racial Discrimination CRC’s redlining complaint against OneWest Bank is cited. The New Civil Rights Movement. November 17, 2016. Stephanie Donald.

Possible Trump Treasury Secretary’s Former Bank Accused of Redlining CRC’s redlining complaint against OneWest Bank is cited. NextCity. November 17, 2016. Oscar Perry Abello.

Bank Led by Trump Treasury Pick Accused of Racial Discrimination CRC’s redlining complaint against OneWest Bank is cited. The Nation. November 17, 2016. David Dayen.

Bank tied to Trump adviser accused of discrimination CRC’s redlining complaint against OneWest Bank is cited. USA Today. November 17, 2016. Kevin McCoy.

Groups accuse OneWest, CIT Bank of violating Fair Housing Act CRC’s relining complaint against OneWest Bank is cited. KPCC. November 17, 2016. Mike Roe.

Steven Mnuchin’s OneWest Bank accused of redlining CRC’s redlining complaint against OneWest Bank is cited. HousingWire. November 17, 2016. Ben Lane.

Redlining Accusations Leveled at CIT’s OneWest Bank CRC’s redlining complaint against OneWest Bank is cited. National Mortgage News. November 17, 2016. Kristin Broughton.

Trump Treasury candidate’s bank accused of discrimination CRC’s redlining complaint against OneWest Bank is cited. Reuters. November 17, 2016. David Lawder.

Bank Run by Trump Finance Chief Accused of Racial Discrimination CRC’s redlining complaint against OneWest Bank is cited. Mother Jones. November 17, 2016. Stephanie Mencimer.

Mnuchin said to be top Treasury pick among Trump’s advisers Kevin Stein explains how OneWest Bank was a foreclosure machine in Southern California- with communities of color and working families bearing the brunt of the harm caused by the bank. Bloomberg. November 15, 2016. Saleha Mohsin, Kevin Cirilli and Jennifer Jacobs

Treasury candidate is a Wall Street executive who has backed movies such as last summer’s ‘Suicide Squad’ CRC’s research into OneWest’s foreclosure track record is cited. Los Angeles Times. November 12, 2016. Daniel Miller and James Rufus Koren.

Additional previous coverage

CIT Group’s 4Q Profit Falls on Severance, Other Expenses (Feb 2, 2016)

John Thain’s tin ear survives to the bitter end (Dec 10, 2015)

CIT Fires Otting, 13 More Executives in Post-OneWest Shuffling (Dec 9, 2015)

American Prospect: Op-Ed by Prof. Peter Dreier: “A Big Test for Janet Yellen”   (June 19, 2015)

Housing Wire: Advocates Join Industry Applauding Reverse Mortgage Change  (June 15, 2015)

San Gabriel Valley Tribune:Coalition seeks investigation of OneWest foreclosures  (June 9, 2015)

InMan: Group calls for federal probe into OneWest Bank California foreclosures (June 12, 2015)

CT Financial News: Fed Asked to Probe New Foreclosure Data by CIT/OneWest Merger Critics  (June 8, 2015)

Widowed Homeowners Fight For Standing in California This article focuses on AB244, a law designed to help widowed homeowners, but which the California Chamber of Commerce placed on its notorious “jobs killer” list. Forbes. Anna Bahney. April 30, 2015.

Mortgage help needed for relatives of deceased AB244, a bill co-sponsored by CRC and HERA, is focused on in this article about surviving spouses and other family members facing foreclosure after the death of a loved one. Oakland Tribune. Tammerlin Drummond. April 26, 2015.

Critics Charge CIT-OneWest with “Misleading” Data on Mortgage Servicing Kevin Stein explains how CIT and OneWest failed to answer the many questions raised by the Federal Reserve. CT Financial News. Robert W. Welkos. April 24, 2015.

New Reverse Mortgage Policy Leaves Widows and Widowers Homeless The impact of HUD’s policy on surviving spouses is cited in this story that profiles Karen Hunziker, who is facing foreclosure from Financial Freedom. MainStreet.com. April 23, 2015.

John Thain Is Still in the Game CRC member and ally opposition to the merger of CIT Group with OneWest Bank is noted. AmericanBanker.John Engen. March 29, 2015.

Public CRA Benchmarks Would Boost Transparency in Bank Mergers In this Op-Ed for the American Banker blog, Roberto Barragan, CRC board member and Earl ‘Skip’ Cooper, member of the Greenlining Institute, share why public Community Reinvestment Act benchmarks as part of the OneWest and CIT Group merger would boost transparency considerably. American Banker Bank Think Blog. March 20, 2015.

Will grandma get run over by HUD’s reverse mortgage policy? A letter sent to HUD about its new policy for surviving spouses of reverse mortgage borrowers who passed away is cited. CRC members and allies want HUD to improve the policy to assist more surviving homeowners. HousingWire. Trey Garrison. March 12, 2015.

CIT/OneWest Seen Closing by Mid Year The 21,000 individuals opposing this merger is cited, as is a lack of questions at the public hearing.  Kevin Stein discusses seniors, widows, and other surviving family members encountering difficulty in keeping their homes due to OneWest and Freedom Financial mortgage servicing practices. CT Financial News. Robert W. Welkos. March 6, 2015.

CIT-OneWest Merger Gets Public Hearing The groundswell of opposition to the proposed merger of CIT Group and OneWest Bank is cited. CFO.com. Katie Kuehner-Hebert. March 2, 2015.

CIT Group, OneWest Bank say merger would be good for poor neighborhoods CRC board member Roberto Barragan comments on OneWest Bank’s lack of interest in meeting with non-profits until after the proposed merger with CIT Group was announced. Los Angeles Times. E. Scott Reckard. February 26, 2015.

In Unusual Step, Regulators Invite Public to Open Meeting on Bank Merger CRC board member Isela Gracian’s testimony about subsidies provided to CIT Group and OneWest Bank is cited. New York Times Dealbook. Michael Corkery. February 26, 2015.

CIT Chief Thain Prepares to Face Critics Kevin Stein comments on the merger of CIT Group and OneWest Bank, citing the need for accountability in the merger. The over 15,000 signed petitions against the merger, delivered by CRC and partners to the Federal Reserve, is cited.Wall Street Journal. Julie Steinberg. February 25, 2015.

Regulators Announce Public Hearing on Proposed TBTF Bank Merger In this Daily Kos diary, Paulina Gonzalez, executive director of CRC, explains how 15,559 petitions and a letter signed by 51 national and state organizations, built on month of opposition to the proposed merger of CIT Group and OneWest Bank and set a new record for the number of individuals opposing a bank merger. CRC Op-Ed. February 10, 2015.

Fed, OCC Announce Public Meeting for Proposed M&A Transaction CRC’s fact sheet on OneWest receiving an expected $2.4 billion under a controversial “shared loss” agreement is cited and Kevin Stein is quoted about the recently announced public hearing on the proposed merger of CIT Group and OneWest Bank.  Stein comments: “While it’s a very quick turn-around between now and the hearings, this is a good first step and shows that the regulators are taking seriously the concerns raised by community groups and tens of thousands of people across the country.” DSNews. Brian Honea. February 9, 2015.

Fed, OCC To Review CIT Group’s $3.4B OneWest Bank Buy  CRC’s opposition to the proposed merger of CIT Group and OneWest Bank is cited in this article. Kevin Stein comments: “We are hopeful that this hearing won’t be a dog and pony show by the bank followed by a rubber stamp approval of the merger by the regulators.” Law360. Zachary Zagger. February 9, 2015.

15,559 Sign Petition Opposing Merger to Create New “Too-Big-to-Fail” Bank The 15,559 people opposing the proposed merger of CIT Group and OneWest Bank is cited in this article.  Kevin Stein, associate director at CRC, comments that the proposed merger is the “poster child for inequality and bank bailouts gone bad.” AllGov California. February 9, 2015.

Threat of Delay to CIT-OneWest Deal Underscores Risk of Big M&A In this article about the public hearing to be held on this merger, Cornelius Hurley, director of the Boston University Center for Finance, Law & Policy, comments that the deal is “lawful but awful” and comments that transactions like this are the reason “people are cynical and outraged with our financial system.” American Banker. Robert Barba. February 6, 2015.

Regulators to Hold Hearing on CIT-OneWest Deal CRC’s opposition to a proposed merger of CIT Group and OneWest Bank, which would result in a Systemically Important Financial Institution, is cited. Los Angeles Business Journal. Matt Pressberg. February 6, 2015.

CIT’s $3.4 Billion OneWest Deal to Face U.S. Regulatory Hearing CRC’s opposition to the proposed CIT Group and OneWest merger is cited. Bloomberg. Elizabeth Dexheimer. February 6, 2015.

Public hearing planned on proposed sale of OneWest Bank to CIT Group The 15,559 individuals who oppose the proposed merger of CIT Group and OneWest Bank is cited in this article. Los Angeles Times. E. Scott Reckard. February 6, 2015.

Fed, OCC to Hold Meeting on CIT Group Acquisition The delivery of a national sign-on letter and 15,559 petitions to the Federal Reserve by CRC, Daily Kos, ACCE, and MEDA is cited in this article. Wall Street Journal. Juliette Steinberg. February 6, 2015.

Merger of CIT and OneWest Faces Additional Scrutiny  The months-long campaign by CRC members and allies against the proposed merger of CIT Group and OneWest Bank is cited.DealBook (NYT). Michael Corkery. February 6, 2015.

Regulators to Hold Hearing on CIT-OneWest CRC member and ally opposition to the proposed merger of CIT Group and OneWest Bank is cited in this article. American Banker.Robert Barba. February 6, 2015.

OneWest Bank takeover spurs email fight The Daily Kos petition, which more than 15,000 people signed, is cited in this article about the proposed merger of CIT Group and OneWest bank. Los Angeles Times. E. Scott Reckard. January 28, 2015.

OneWest Seeks Wall Street’s Help Lobbying Yellen on CIT CRC’s opposition to the proposed merger of CIT Group and OneWest Bank is cited in this article. Bloomberg. Matthew Monks and Elizabeth Dexheimer. January 8, 2015.

Taxpayers Subsidize Top Philanthropists through OneWest Bank Deal Rick Cohen from NonProfit Quarterly raises questions about the extent to which taxpayers are subsidizing the philanthropy of the billionaire investors in OneWest Bank, citing both the $2.3 billion in TARP funds that CIT Group never repaid, and the expected total payout of $2.4 billion to OneWest from the FDIC under a shared loss agreement. NonProfit Quarterly. December 18, 2014.

Protestors Oppose Too Big To Fail Bank Merger of OneWest and CIT Group in California This article cites problems that surviving spouses have had with OneWest subsidiary, Financial Freedom, a reverse mortgage loan servicer. Juliette Fairley. MainStreet.December 17, 2014.

OneWest Expected to Receive Over $2.4 Billion From FDIC The FOIA request that CRC submitted to identify the amount of money the FDIC has paid to OneWest Bank under controversial shared loss agreements is cited in this article. Hannah Miet. Los Angeles Business Journal. December 16, 2014.

Protesters gather to oppose OneWest merger with CIT Group CRC members and allies released information about the FDIC paying out over $1 billion to OneWest Bank (with another $1.4 billion to come) at a press conference in front of the bank’s headquarters. Kevin Smith. Pasadena Star-News. December 16, 2014.

Advocacy group protests CIT Group deal for OneWest Bank CRC filed a Freedom of Information Act (FOIA) request to the FDIC, requesting information about the amount of money OneWest has received from the FDIC under controversial shared loss agreements. This article cites CRC’s FOIA, which uncovered that the FDIC has already paid out $1 billion to OneWest, and expects to pay another $1.4 billion by 2019. E. Scott Reckard. Los Angeles Times. December 15, 2014.

This is why reverse mortgage servicers need a foreclosure moratoria In this HousingWire Op-Ed, Kevin Stein cites three stories of seniors and widows who OneWest Bank attempted to foreclose on to explain why the bank should implement a moratorium on foreclosures until the Department of Housing and Urban Development creates a policy for surviving spouses and reverse mortgages. December 11, 2014.

Can We Have Bank and Regulator Hearings in California Too? In this Op-Ed, Sharon Kinlaw (CRC board member) and Kevin Stein suggest that in addition to hearings on bank regulator caputre, the Federal Reserve should also hold public hearings about the Too Big To Fail bank merger of CIT Group (recipient of $2.3 billion in TARP it never paid back) and OneWest Bank (new version of IndyMac bank). California Progress Report. November 21, 2014.

Is the FDIC Subsidizing a ‘Too Big to Fail’ Merger? In this Op-Ed in American Banker’s BankThink blog, Kevin Stein, associate director at CRC, and Daniel Rodriguez, CRC board member and director of the community wealth department at East LA Community Corporation, analyze and discuss a “shared loss agreement” extended by the FDIC to the billionaire owners of OneWest Bank. American Banker. November 20, 2014.

CRC Opposition to CIT Bank and One West Bank (OWB) Merger In this in-depth interview, Kevin Stein speaks with Eric Frazier at the Power is Now radio about CRC’s opposition to the OneWest and CIT Group merger that would create a Systemically Important Financial Institution. Oct. 31, 2014.

Groups oppose CIT’s planned acquisition of OneWest Bank Fifty organizations are opposing the CIT Group and OneWest Bank merger, and this article quotes CRC members and allies about why they are opposing the merger. Kevin Smith. Pasadena Star News. Oct 27, 2014.

Activists’ Protests On the Money  Paulina Gonzalez, executive director at CRC, is interviewed about CRC member’s successful negotiations with Banc of California that resulted in a strong Community Benefit and Reinvestment Plan. Gonzalez also discusses CIT Group and OneWest bank merger that would result in a Systemically Important Financial Institution (SIFI), otherwise known as “Too Big To Fail.” Matthew Pressberg. Los Angeles Business Journal. Oct 20-26, 2014. (Subscription required)

Groups urge U.S. to reject CIT takeover of OneWest Bank CRC and Greenlining Institute’s opposition to the creation of a Too Big To Fail bank merger of CIT Group and OneWest Bank is cited in this article. E. Scott Reckard. Los Angeles Times. October 14, 2014.

Are Regulators About to Let Another Bank Get Too Big to Fail? The many unanswered questions about the CIT Group and OneWest bank merger are highlighted in this article. David Dayen.The Fiscal Times. October 10, 2014.

Community Group to Oppose CIT-OneWest Deal CRC member’s concerns about a nearly $70 billion bank merger that would combine OneWest Bank (new version of IndyMac) with CIT Group is discussed in this article. Matt Pressberg. Los Angeles Business Journal.October 7, 2014.

Too Big to Fail Bank Merger in California Could Hurt Consumers The proposed merger between CIT Group, Inc (CIT) (NYSE: CIT) and OneWest bank is the focus of this article, as well as the troubled history of CIT Group, the recipient of $2.3 billion in TARP funds prior to filing the fifth largest bankruptcy in the U.S. (measured by assests),  and OneWest’s precedesor, IndyMac Bank, the 3rd largest bank failure in the US.  Juliette Fairley.Mainstreet.com. September 19, 2014.

Shouldn’t communities be considered ‘too big to fail’? This guest column by Paulina Gonzalez from the California Reinvestment Coalition and Orson Aguilar from the Greenlining Institute outlines community concerns about a proposed bank merger between OneWest bank (former IndyMac) and CIT Group, which received $2.3 billion in TARP funding prior to declaring bankruptcy in 2009.  Gonzalez and Aguilar suggest that communities should also be considered “Too Big to Fail.” Los Angeles Daily News. September 18, 2014.

Additional Media about OneWest Bank and CIT Group

NFM sisters chained to home to protest reverse mortgage (Jan 2015)

OneWest Bank pays 7 figures in mortgage fraud case (Sept 2013)

103-Year-Old North Texas Woman Fights To Keep Her House (Nov 2014)

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