California Reinvestment Coalition

Consumer Groups to Oppose Capital One/ING Merger at Fed Hearing in San Francisco

Published September 30, 2011 10:00

SAN FRANCISCO –The California Reinvestment Coalition, Greenlining Institute and nearly 120 community groups will call on the Federal Reserve Board to block the proposed merger of Capital One Bank and ING at the Fed’s upcoming hearing in San Francisco. Capital One, one of the nation’s leading subprime and often predatory credit card companies, would become the nation’s fifth largest bank should the merger be approved.

The groups will host a telephone press briefing on Tuesday, Oct. 4 at 10 a.m. Advocates as well as consumers who have been mistreated by Capital One will describe the firm’s unethical and predatory treatment of low-income and immigrant communities and the dangers posed by the creation of another “too big to fail” bank. Merger opponents will also speak at the Federal Reserve Board hearing Wednesday, Oct. 5, and hold a press conference at the Fed building at 10:30 a.m. Spanish language speakers will be available both days.

Despite making significant profits in California, Capital One has no branches in the state and has made no commitments to fill the lending and service needs of California’s low income communities and communities of color.

WHAT: Media briefing
WHEN: Tuesday, Oct. 4, 10 a.m. Pacific time
WHO: Representatives of The Greenlining Institute and California Reinvestment Coalition; Martha Montoya, business owner and board member, U.S. Hispanic Chamber of Commerce. Other consumers and advocates.
CALL INFORMATION: 1-800-311-9402, access code 70862

WHAT: Press conference and testimony at the Federal Reserve
WHEN: Wednesday, October 5. Hearing begins at 8:30 a.m., press conference at 10.30 a.m.
WHO: Representatives of The Greenlining Institute and California Reinvestment Coalition; Martha Montoya, business owner and board member, U.S. Hispanic Chamber of Commerce. Other consumers and advocates.
WHERE: Federal Reserve, 101 Market Street, San Francisco
VISUALS: “Wanted” poster featuring Capital One CEO Richard D. Fairbank.

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Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell); Kristina Bedrossian, California Reinvestment Coalition, 415-864-3980; (818) 307-9730 (cell).

CALIFORNIA REINVESTMENT COALITION
Advocating for fair and equal access to banking for low income communities and communities of color in California
www.calreinvest.org

THE GREENLINING INSTITUTE
A Multi-Ethnic Public Policy, Research and Advocacy Institute
www.greenlining.org

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CRC has a membership of over 300 nonprofit organizations and public agencies across the State.