November 8, 2011 — During tumultuous times for the American housing market, Capital One continues practices that are degrading the chances of recovery and sustainability for low- to moderate-income communities. Their latest effort, an attempt to acquire HSBC, spurred a response from national consumer, community, housing, and civil rights organizations that requests an extension of the comment period by at least 60 days to allow the OCC to hold a formal hearing and public meetings in at least five major cities.
In a letter sent to Steven Maggio, Director for District Licensing for the OCC, these organizations highlight a series of grave concerns that support their call to action:
- We have concerns about whether this proposal threatens our economic stability by encouraging “Too-Big-to-Fail” banking.
- We have concerns about whether this proposal addresses Capital One’s unresolved legal challenges.
- We have concerns about whether this current review process allows for meaningful public input and requires Capital One to demonstrate a genuine commitment to underserved communities.
- We have concerns about whether this proposal resolves allegations of Capital One’s abusive financial practices.
If the requests are granted community leaders, businesses, and other regulatory agencies will have the time needed to contribute their opinions on this proposed acquisition.