As usual in this series, The Money Story Behind the Story — follow the money, and you’ll get the full story. That’s precisely what Kevin Stein from The California Reinvestment Coalition has done in the report “Anti-Displacement Code of Conduct: How Banks, Private Equity and Wall Street Can Stop Contributing to…Read More
Armed with data on OneWest’s foreclosure and banking practices, advocacy groups like the California Reinvestment Coalition (CRC) turned a typically dry, procedural hearing into an indictment of the bank’s record. Sandra Jolley and other reverse mortgage victims were among those who testified against the merger, citing OneWest’s ownership of…Read More
“A primary goal of CRA was to stop neighborhood level lending discrimination that was not targeted at individual borrowers, but that denied credit to whole communities,” they said in the letter. “The purpose of the CRA was to increase access to credit for communities historically marginalized by the financial…Read More
THE AMERICAN PROSPECT
Instead of fulfilling the promise of the CRA, Otting managed OneWest in the opposite direction, according to the California Reinvestment Coalition. Instead of “reinvesting,” Otting oversaw tens of thousands of foreclosures, including 35,000 in California alone.Read More
“We believe the state, in designating these zones, has a responsibility to protect the communities that are already there and make sure they benefit from these zones,” Paulina Gonzalez, executive director of the California Reinvestment Coalition, told Next City earlier this year.Read More
Comments submitted to a top banking regulator supporting a 2015 merger between OneWest Bank and CIT Bank were attributed to people who never sent them, according to documents obtained under the Freedom of Information Act and reviewed by The Intercept.Read More
THE WALL STREET JOURNAL
Afterward, Paulina Gonzalez, the head of the community group leading the charge, approached Mr. Mnuchin seeking a truce that included the bank setting aside billions of dollars more for lower-income communities, under a law called the Community Reinvestment Act, or CRA. “I hope we can figure…
Según los testimonios de algunos de los afectados, al no responder a la petición, el banco bloqueó sus cuentas. La entidad asegura que nada ha cambiado y que solo cumplen con la ley.
“If there is a company that is hiding behind another it raises the question as to why,” said Kevin Stein of the California Reinvestment Coalition. “There is a good chance that the answer is because he, or companies like that, don’t want the public to know.”
Kevin Stein, a director at the California Reinvestment Coalition, said these changes take away from the law’s focus on local investment. “By opening up the door in every respect it just further and further weakens the accountability banks have in meeting local needs,” said Stein.