The U.S. Department of Housing and Urban Development (HUD) announced today that it has approved a Conciliation Agreement between the California Reinvestment Coalition and CIT Group, Inc., and CIT Bank, N.A., dba OneWest Bank, resolving allegations that the bank engaged in lending discrimination by “redlining” in the Los Angeles region. Read the agreement.
Company Makes Commitment to Promote Economic Development in South L.A. CIT Bank, N.A., and its Southern California retail bank division, OneWest Bank will provide a $1.25 million grant over five years to the University of Southern California (USC) Cecil Murray Center for Community Engagement. The grant, which was announced at a launch breakfast on Feb. 17, supports a new financial fitness program that will offer financial literacy training to community leaders with the goal of promoting economic development in low-to-moderate-income Los Angeles neighborhoods. Over the course of five years, the Murray Center will partner with churches to train 6,000 individuals