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15,000 Petitions Delivered to Fed Opposing CIT/OneWest Merger

February 04, 2015, 07:18 AM
Filed Under: Mergers & Acquisitions

According to a press release from the California Reinvestment Coalition, California community advocates, along with the Daily Kos, delivered over 15,000 petitions to the Federal Reserve, setting a new record for the number of individuals opposing a bank merger. The petition signers are urging the Fed to not approve of a proposed merger of CIT Group and OneWest Bank, which would create the newest Too Big To Fail bank.

Advocates also gave the Federal Reserve a letter signed by 51 national and state organizations, urging the Fed to hold public hearings on the proposed merger, citing concerns about regulatory capture, unpaid bank bailouts, the FDIC paying OneWest for foreclosure costs, and systemic risks created by the merger. Organizations calling for public hearings include: The National Housing Resource Center, National People's Action (NPA), PolicyLink, Public Citizen, Courage Campaign, The Other 98%, US PIRG, National Consumer Law Center, and The California Alliance for Retired Americans.

To read the full Market Wired press release, click here.

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