Community Advocates Ask: How Much Welfare Can One Bank Receive?

October 17, 2014

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<em>BANK MERGER BREAKS NEW GROUND IN CORPORATE WELFARE</em></p> <p>San Francisco – October 17, 2014 – (RealEstateRama) — As part of a five-day <a title="http://calreinvest.org/news/5-days-of-unanswered-questions-about-too-big-to-fail-bank-merger-with-onewest-and-cit-group" href="http://calreinvest.org/news/5-days-of-unanswered-questions-about-too-big-to-fail-bank-merger-with-onewest-and-cit-group" target="_blank">public awareness campaign</a>, activists in California are asking bank regulators questions about possible impacts of a Too Big To Fail Bank merger that would combine CIT Group and OneWest Bank.<span id="more-3015"></span> Today’s questions focus on the subsidies both banks have already received from taxpayers in the form of TARP money and tax breaks the newly merged bank plans to use, post-merger. These subsidies are in addition to the ongoing support OneWest investors are likely still receiving under the FDIC’s shared loss agreements, leaving community groups to question how much government welfare one bank can receive. Despite these government supports, the bank currently plans big payouts to investors, executives, and shareholders, while only offering a meager community benefit and reinvestment plan as part of the merger, and zero plans to repay the $2.3 billion it received from taxpayers under TARP.</p> <p>“Once again, we see there are two sets of rules for Wall Street and Main Street,” commented California Reinvestment Coalition Executive Director Paulina Gonzalez. “Bank CEOs and investors will potentially ‘earn’ millions from this merger, despite no clear community benefits from the merger, and despite the fact this merger dramatically increases risks for the US financial system. Americans who are working two or three jobs to keep their head above water will have a hard time understanding how bank regulators would approve a merger that includes a plan for exorbitant executive salaries and planned corporate tax breaks and no guarantees of a clear public benefit.”</p> <p>After the leadership of CIT Group and OneWest declined to tell CRC members how much money they have received from the FDIC (via the Shared Loss agreement), CRC <a title="Crc Foia Request To Fdic" href="http://www.calreinvest.org/system/resources/W1siZiIsIjIwMTQvMTAvMDMvMThfNTdfNDlfOTIyX0NSQ19GT0lBX1JFUVVFU1RfVE9fRkRJQy5wZGYiXV0/CRC%20FOIA%20REQUEST%20TO%20FDIC.pdf" target="_blank">submitted a FOIA request to the FDIC</a>, asking the same question. Thus far, the FDIC has <a title="Fdic Response To Foia" href="http://www.calreinvest.org/system/resources/W1siZiIsIjIwMTQvMTAvMDcvMTdfMDJfMjVfNDEzX0ZESUNfcmVzcG9uc2VfdG9fRk9JQS5wZGYiXV0/FDIC%20response%20to%20FOIA.pdf" target="_blank">denied</a> CRC’s FOIA fee waiver request, informing CRC that “The subject matter of your request is not now of interest to the general public.” This shocking response from the FDIC flies in the face of intense public interest in the recent This American Life/Propublica story about bank regulators coddling Goldman Sachs and the considerable interest generated by the recent AIG trial about the government bailout of AIG.</p> <p>Kevin Stein, associate director at the California Reinvestment Coalition, comments: “CIT wants regulatory approval to buy OneWest, which will bring expected corporate profits, billions for investors, and millions for bank executives. It also wants: to not to have to pay back $2.3 billion in TARP money it received from the US Government; to take advantage of merger’s expected profits and use tax gimmicks to lower its IRS bill; to have the FDIC agree to cover certain future losses; and to not offer a meaningful plan to serve and reinvest in the community. Has a merger ever had so much public subsidy, so much private gain, and so little public and community benefit?”</p> <p>Under the merger application, the CEO of the bank will receive a $4.5 million annual salary plus over $12 million in stock options, for a potential total of $26 million over the course of three years. Meanwhile, the chair of the merged institution may earn $4.5 million annually working for the bank, though his offer letter allows him to retain his other job of running a private equity fund at the same time.</p> <p><strong>CRC’s questions for regulators include:</strong></p> <p>1) Is there a contradiction between a bank arguing that its strong enough to become the first SIFI created, while at the same time holding out its hand for subsidies from the FDIC via the Shared Loss Agreement?</p> <p>2) Are regulators concerned about the outsized compensation for bank executives under this merger, especially in light of the miserly goals the bank’s leadership has created in regards to community reinvestment activities?</p> <p>Today is the fourth of five days of questions for regulators about this merger, to review previous questions for regulators, visit these links:</p> <p>Day 1: <a title="http://calreinvest.org/news/5-days-of-unanswered-questions-about-too-big-to-fail-bank-merger-with-onewest-and-cit-group" href="http://calreinvest.org/news/5-days-of-unanswered-questions-about-too-big-to-fail-bank-merger-with-onewest-and-cit-group" target="_blank">Bank Merger Would Benefit Investors, But What About Communities</a>?</p> <p>Day 2: <a title="http://calreinvest.org/news/advocates-question-if-fdic-loss-share-agreements-should-continue-as-part-of-cit-group-and-onewest-bank-merger" href="http://calreinvest.org/news/advocates-question-if-fdic-loss-share-agreements-should-continue-as-part-of-cit-group-and-onewest-bank-merger" target="_blank">Advocates Question If FDIC Loss-Share Agreements Should Continue As Part of Bank Merger</a></p> <p>Day 3: <a title="http://calreinvest.org/news/community-groups-question-onewest%E2%80%99s-foreclosure-record-as-part-of-too-big-to-fail-bank-merger" href="http://calreinvest.org/news/community-groups-question-onewest%E2%80%99s-foreclosure-record-as-part-of-too-big-to-fail-bank-merger" target="_blank">Community Groups Question OneWest’s Foreclosure Record</a></p> <p><em>Tomorrow’s release will focus on Community Benefit and Reinvestment Plans and how CIT Group and OneWest can improve their current plan.</em></p> <p><a title="Comment Letter To Frb Ny" href="http://www.calreinvest.org/system/resources/W1siZiIsIjIwMTQvMTAvMTMvMTVfNDFfNDNfOTUyX0NvbW1lbnRfbGV0dGVyX3RvX0ZSQl9OWS5wZGYiXV0/Comment%20letter%20to%20FRB%20NY.pdf" target="_blank">CRC’s detailed letter to the Federal Reserve Bank of New York</a> includes an analysis of the merger and a long list of concerns and unanswered questions about the proposed merger.<br />+</p>  <script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script><div class="td-g-rec td-g-rec-id-content_bottom"> <script type="text/javascript"> var td_screen_width = 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td_uid_6_678b819fa6e14_rand td_with_ajax_pagination td-pb-border-top"><h4 class="block-title"><span>Recent Government & Nonprofit Press Releases</span></h4><div id=td_uid_6_678b819fa6e14 class="td_block_inner"> <div class="td-block-span12"> <div class="td_module_4 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="td-module-image"> </div> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/napolitanos-statement-on-trump-administrations-attack-on-clean-water-ID09898.html" rel="bookmark" title="Napolitano’s Statement on Trump Administration’s Attack on Clean Water">Napolitano’s Statement on Trump Administration’s Attack on Clean Water</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/california">California RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-05T00:04:12+00:00" >July 5, 2019</time></div> </div> <div class="td-excerpt"> Rep. Grace F. Napolitano (D-El Monte), issued the following statement after the Trump administration announced a new proposal—claiming it to be pro-industry—which would weaken federal clean water rules, putting at risk the health and safety of millions of Americans </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/flood-protection-and-water-storage-ID09937.html" rel="bookmark" title="Flood Protection and Water Storage">Flood Protection and Water Storage</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-04T03:31:39+00:00" >July 4, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/senators-include-legal-protections-for-military-families-in-privatized-housing-in-defense-bill-ID09930.html" rel="bookmark" title="Senators: Include Legal Protections for Military Families in Privatized Housing in Defense Bill">Senators: Include Legal Protections for Military Families in Privatized Housing in...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:24:14+00:00" >April 1, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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