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John Paulson
Fed to hold public hearing on pending OneWest-CIT merger
Fed to hold public hearing on pending OneWest-CIT merger

Bank regulators will hold a public hearing later this month in Los Angeles on the planned $3.4-billion takeover of OneWest Bank in Pasadena, rejecting efforts by its chief executive to win approval without such an inquiry. The decision, announced Friday, came one month after the bank’s top officer, Joseph Otting, had set up a website that generated form letters urging the regulators to approve the merger without a hearing. Supporters of the purchase by CIT Group, a major New York commercial lender, flooded the Federal Reserve and the Office of the Comptroller of the Currency with more than 2,000 form letters. Opponents delivered petitions to regulators this week with more than...

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