Regulators Announce Public Hearing on Proposed TBTF Bank Merger

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Tuesday February 10, 2015 · 10:46 AM PST

2015/02/10 · 10:46

Last Monday, a delegation of community advocates traveled to the Federal Reserve to deliver 15,000 Daily Kos petitions along with a letter from 51 state and national organizations addressed to the Federal Reserve and the Office of the Comptroller of the Currency. The letter and petitions built on months of opposition to a proposed, controversial bank merger that would combine two banks with troubled histories to create a “Systemically Important Financial Institution, aka a Too Big To Fail Bank.

Four days later, the Federal Reserve and Office of the Comptroller of the Currency announced that they would hold a public hearing on this merger in Los Angeles on February 26, 2015.

Pgonzalez

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Friday December 12, 2014 · 1:26 PM PST

2014/12/12 · 13:26

A community protest at OneWest bank HQ in December 2014

Community members protest at OneWest Bank HQ's after a FOIA request revealed the bank has received $1 billion from the FDIC, with another $1.4 billion expected to be paid before 2019.

Dear Mr. Soros: It’s the holiday season, and people traditionally celebrate this time of the year by relaxing with their families. However, for some seniors, this holiday season will be spent worrying about whether or not their bank (a bank that you are a major investor in) will try to foreclose on them, and we think you can help stop that. You and a group of other wealthy investors purchased the failed IndyMac Bank in 2009, renaming it OneWest Bank. I’m sure none of you intended to play a role in foreclosing on seniors during the Christmas season. And yet, that’s exactly what OneWest Bank has been trying to do.

We want to bring this to your attention because these practices are in stark contrast to the many progressive causes you’ve funded in the past, (including a grant five years ago to our organization for foreclosure prevention research and policy work). We think this type of behavior is especially repugnant considering that OneWest’s leadership is also asking bank regulators to allow it to merge with CIT Group, creating a much larger bank.

It's possible you and your fellow investors are not aware of these practices, so we outline how they have affected three seniors below.

Poll

40 votes Show Results

Should George Soros tell OneWest stop foreclosing on widowed homeowners?

40 votes Vote Now!

Should George Soros tell OneWest stop foreclosing on widowed homeowners?

Yes

34 votes

6 votes

RSS

Regulators Announce Public Hearing on Proposed TBTF Bank Merger

An Open Letter to George Soros: Why is Your Bank Foreclosing on Seniors and Widows?