Will Consumers Still Get Credit if CIT and OneWest Bank Merge?

NEW YORK (MainStreet) -- CIT Group  (DEL) and OneWest Bank are following in the foot steps of Banc of California with their proposed merger, but they have yet to sit down and create a community credit plan with local organizers.

“The new financial institution would have nearly $70 billion in assets, and we’re concerned that communities meant to be served will be lost in the merger,” said Kevin Stein, associate director at the California Reinvestment Coalition (CRC).

Read More: Banks Shed Student Debt to Fund Car Loans -- New Crisis Looming?

CRC is urging regulators to extend the comment period that’s set to end this month to give CIT Group and OneWest more time to respond.

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