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OneWest Bank takeover deal to be debated at hearing
OneWest Bank takeover deal to be debated at hearing

CIT Group's $3.4-billion takeover of Pasadena's OneWest Bank will come under scrutiny today at a public-benefit hearing called by U.S. bank regulators. The Federal Reserve and the Office of the Comptroller of the Currency scheduled the hearing at the Fed's office on Grand Avenue at Olympic Boulevard in downtown Los Angeles. Joseph Otting, chief executive of OneWest Bank, and John Thain, the CEO of CIT, a large commercial lender based in New York are scheduled to be the first to testify at 8:40 a.m. Both firms have been controversial. OneWest was created from the remains of IndyMac Bank, a specialist in high-risk mortgages whose failure in 2008 cost the federal...

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