California Reinvestment Coalition

Op-ed in American Banker: Stop the CapOne-ING Deal and Update CRA

Published September 20, 2011 09:00

(Published on September 19, 2011 in the American Banker.) 

By Alan Fisher

The Federal Reserve is holding public hearings in three cities across the country to review Capital One's proposed purchase of ING Direct. The hearings to be held in San Francisco are half a continent away from the nearest branches of what may become America's fifth largest bank. Without branches, the bank's responsibility to California cities and counties is not clear under regulators' current interpretation of the federal Community Reinvestment Act.

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Alan Fisher is the executive director of the California Reinvestment Coalition.

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