Kevin Stein (415) 864-3980
Caroline Peattie: (415) 457-5025 (Ext. 106)
CIT Group Accused of Redlining and Violating Fair Housing Act
CALIFORNIA REINVESTMENT COALITION AND FAIR HOUSING ADVOCATES OF NORTHERN CALIFORNIA FILE FAIR HOUSING COMPLAINT, URGING IMMEDIATE HUD INVESTIGATION INTO CIT GROUP’S ONEWEST BANK
San Francisco, CA, Nov. 17,, 2016---Yesterday, two nonprofit organizations formally filed a complaint requesting that the federal Department of Housing and Urban Development (HUD) investigate whether CIT Group violated and continues to violate the Fair Housing Act through its subsidiary, OneWest Bank. In 2014, CIT Group applied to acquire OneWest Bank, and after receiving regulatory approvals, the merger was completed in August, 2015.
The complaint alleges that OneWest Bank has violated the Fair Housing Act (FHA) through redlining practices such as failing to locate branches in communities of color and extending very few or no mortgage loans to borrowers of color. It also alleges OneWest maintained and marketed REO homes in predominantly white neighborhoods better than in neighborhoods of color.
Read the full press release here.
Read the HUD complaint here.
Read the supplemental narrative here.
View the map of One West REO's in the Bay Area here.
Pictures are available at these links
Map of OneWest branches in 2015, in MSA with minority percent greater than MSA average.
Map of OneWest lending in 2014 in Majority Asian American, African American, and Latino communities.
Map of OneWest REOs in the Bay Area.
Map of OneWest foreclosures in Los Angeles area as compared to majority minority zip codes. Note: 68% of OneWest’s foreclosures from April 2009 to April 2015 occurred in zip codes where non-white residents represented a majority of the population in the 2010 Census. Additional foreclosures maps are available here.
USA Today: Bank tied to Trump Adviser Accused of Discrimination
Bloomberg: Mnuchin's Bank Accussed of Redlining Black and Latino Homebuyers
Los Angeles Times: OneWest Bank shut out nonwhite borrowers while owned by Steve Mnuchin-led group, advocates say
Next City: Possible Trump Treasury Secretary's Former Bank Accused of Redlining
KPCC: Groups Accuse OneWest, CIT Bank of violating Fair Housing Act
Mother Jones: Bank Run by Trump Finance Chief Accused of Racial Discrimination
Huffington Post: Bank Led by Donald Trump's Top Treasury Contender Accused of Racist Lending
The Nation: Bank Led by Trump Treasury Pick Accused of Racial Discrimination
American Banker: Redlining Accusations Levelled at CIT's OneWest Bank
Fortune: Steven Mnuchin's Bank Has Been Accused of Discrimination
HousingWire: Steven Mnuchin's OneWest Bank accused of redlining
For Immediate Release
November 15, 2016
Contact: Caroline Peattie, (415)457-5025, ext. 106
A New Chapter for Fair Housing
After more than 30 years, Fair Housing of Marin is changing its name. The new name: Fair Housing Advocates of Northern California. “We need stronger advocacy of civil rights now more than ever before, and our name change is a reflection of this need,” says Executive Director, Caroline Peattie. “We believe that this name is a better representation of our advocacy, service area, and mission, which is to ensure equal housing opportunity and to educate the community on the value of diversity in our neighborhoods. We believe that this name is a better reflection of our advocacy, service area, and mission, which is to ensure equal housing opportunity and to educate the community on the value of diversity in our neighborhoods.”
“Our goal is to eliminate housing discrimination, one community at a time. The need for fair housing services has increased, and we have expanded our fair housing services to Sonoma and Solano Counties while continuing to serve Marin County, where we have been based since 1984. We will continue our focus on local issues, and want the advocacy work we engage in every day to be echoed in our new name.”
Director Peattie contends that the name change reflects the organization’s objective to meet a greater challenge and need, while continuing to develop and expand services in Marin County, where they have built a strong base over the last several decades.
You can visit their new website at www.fairhousingnorcal.org for more information on what's happening at Fair Housing Advocates of Northern California. Staff email addresses have also changed and can be found under the Staff tab of the website. The phone number remains the same. For fair housing-related calls, community members can call (415) 457-5025 or email email@example.com.
“We look forward to continuing to provide our communities with stellar fair housing services,” said Ms. Peattie, “and we welcome the opportunity to further our work with all of our partners.”
Fair Housing Advocates of Northern California (formerly Fair Housing of Marin) is a non-profit organization serving several Bay Area counties that provides free counseling, enforcement, mediation, and legal or administrative referrals to persons experiencing housing discrimination. Fair Housing Advocates of Northern California also offers foreclosure prevention counseling, seminars to help housing providers fully understand fair housing law, and education programs for tenants and the community at large. Fair Housing Advocates of Northern California is a HUD-Certified Housing Counseling Agency. Please call Fair HousingAdvocates of Northern California at (415) 457-5025 or TDD: (800) 735-2922 for more information or visit www.fairhousingnorcal.org.