American Banker, November 15, 2021, Community Groups Demand Hearings On U.S. Bank-Union Bank Deal
Community groups have begun negotiating with U.S. Bancorp over mortgage assistance and payouts to financial nonprofits under an investment deal that would grease the rails for the company’s pending acquisition of MUFG Union Bank.
The California Reinvestment Coalition, the National Community Reinvestment Coalition and the Greenlining Institute were among 50 groups that sent a letter to the Fed on Nov. 8 opposing the merger unless “major investments” are made, and public hearings are held in Los Angeles, San Francisco and Fresno, California.
