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CIT Group, OneWest Bank say merger would be good for poor neighborhoods
CIT Group, OneWest Bank say merger would be good for poor neighborhoods

The chief executives of New York commercial lender CIT Group and Pasadena's OneWest Bank promised Thursday that the planned OneWest buyout would be good for poor neighborhoods, while critics said the $3.4-billion combination would create a "too big to fail" institution with inadequate commitment to local communities. John Thain of CIT said the combined bank would provide "a significant increase" in lending, philanthropy and other support for lower-income and minority communities — aid required by a 1977 federal law, the Community Reinvestment Act, or CRA. The intent, he said, is to earn an "outstanding" CRA rating instead of the...

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