Federal Reserve Ignores California Concerns, Approves Capital One-ING Direct ...
/PRNewswire-USNewswire/ -- Despite hundreds of testimonies and letters from California community groups and a widely-attended public hearing in San Francisco last October, the Federal Reserve has decided to ignore California's community needs by approving the merger of Capital One and ING Direct. With the merger approved, Capital One becomes the fifth largest bank in the country with no immediate obligations to reinvest into the communities from which it profits. This is a critical issue for Californians, who generate more business for Capital One than any other state. Capital One has no branches in California, and, according to the Fed's narrow interpretation of the Community Reinvestment Act (CRA), they will not be required to reinvest their profits back into our communities.The approval of this merger is a critical policy issue that must be addressed immediately. CRA is an important regulation that provides critical lending needs to low income communities and communities of color by increasing access to small business loans, affordable housing development, and basic bank services. The Federal Reserve has interpreted the Community Reinvestment Act so that banks only need to reinvest profits in communities where the bank has branches. This flies directly in the face of the original intent of CRA—to promote reinvestment where banking occurs. The Federal Reserve and Capital One are hiding behind the fact that the CRA branch requirement is a vestige from when the law was written in 1977- when banks did all of their business through branches. The banking industry has changed dramatically since 1977, as more customers conduct their banking online and more banks are deciding to shut down branches (especially in low income communities). By refusing to interpret CRA more broadly, the Fed is providing banks with an excuse to ignore the critical needs of California's communities.
"The Federal Reserve missed an important opportunity to impose meaningful requirements on this merger that would benefit California and other communities across the country," said Alan Fisher, Executive Director of the California Reinvestment Coalition. "The Federal Reserve should immediately take steps to modernize CRA so that this type of weak regulation does not happen again in the future." Hearings were held on the topic of CRA modernization in August 2010, and the Federal Reserve has yet to make any progress on instituting changes to the regulation.
Capital One Personal Loan Phone - News
With the merger approved, Capital One becomes the fifth largest bank in the country with no immediate obligations to reinvest into the communities from which it profits. This is a critical issue for Californians, who generate more business for Capital
Contact information for Hayes couldn't be found. Cecere said the holdings that Citigroup recorded losses on were one of many businesses that reported to him in his role overseeing sales and trading units in Asia. Mika Nemoto, a Tokyo-based spokeswoman
One in four (28%) micro-businesses expect to fold by 2014 and one in six by the end of the year, report Capital One. A new report by Professor Francis Greene, Associate Professor of Enterprise at Warwick Business School outlines strategies for UK
By Sinead Carew and Svea Herbst-Bayliss () - Hedge fund manager Philip Falcone is ruling out a bankruptcy filing for his telecom startup LightSquared Inc, one day after US regulators said they planned to revoke approval for the company to build
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