|
|
Article: California Reinvestment Committee: Fed Rewards Citigroup Bad Behavior, Punishes CA; Approval of CalFed Buy Threatens Community Development in State California Group to Challenge Fed's Decision.
- Article from:
- PR Newswire
- Article date:
- October 28, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
SAN FRANCISCO -- The following is being issued by The California Reinvestment Committee:
The California Reinvestment Committee (CRC) sharply criticizes the Federal Reserve Board of Governors for approving of Citigroup's application to acquire Golden State Bancorp, owner of California Federal Bank and First Nationwide Mortgage Corporation. This deal threatens Californians with predatory lending and promises that community development in the state will take a big step backwards. Citigroup's weak commitment to community reinvestment suffers in comparison to that of the now acquired CalFed. The California Reinvestment Committee plans to challenge the Fed's ...