To: Federal Reserve Chair Janet Yellen
Sign the petition: Stop the merger of banks that will be “Too Big to Fail”
The Federal Reserve should not reward banks that unfairly foreclose on homeowners and squander public funds with a merger that would make them “too big to fail.”
Please reject the proposed merger of OneWest Bank and CIT Group.
Why is this important?
Two banks with troubled histories of foreclosures and squandered public bailouts are now asking the Federal Reserve to merge, making them “too big to fail.”
OneWest Bank moved to foreclose on Myrtle Lewis, a 103-year-old Texas widow, because she forgot to pay her house insurance. Public pressure stopped this foreclosure, but OneWest has one of the worst records in the industry when it comes to mortgage modifications.
CIT Group bank received $2.3 billion in taxpayer funds in 2008 during the bank bailout, so they could help small businesses with loans. Instead, CIT Group filed for bankruptcy in 2009 while serving very few small businesses.
Now, these two banks are seeking permission from the Federal Reserve to merge into a $70 billion “too big to fail” mega-bank. And they are even pressuring the Fed to not hold a hearing.
Sign the petition to Federal Reserve Chair Janet Yellen: “Say No to the merger of OneWest and CIT Group.”