Monitor Daily, November 5, 2019 : CIT, CRC, NCRC Launch $7.75B Community Benefits Plan
CIT Group has launched a community benefits plan developed in collaboration with the California Reinvestment Coalition (CRC) and the National Community Reinvestment Coalition (NCRC) that builds on the combined work of its banking subsidiary CIT Bank and Mutual of Omaha Bank. The plan supports CIT Bank’s announced acquisition of Mutual of Omaha Bank and provides commitments for investments in low and moderate-income neighborhoods of color in the areas of small business, affordable housing and community development, as well as expanded banking services in low-income communities and neighborhoods of color.
“The bank’s leadership has shown their business savviness and commitment to low- and moderate-income borrowers and people of color by working with us and CRC to produce this agreement that will be a benefit for both the bank and the community,” said Jesse Van Tol, CEO of NCRC. “We look forward to furthering our work with the bank as it implements the plan.”
