Editor’s note: On September 4, 2014, Banc of California announced a new, public Community Benefit Plan. Read more details about the plan here: CRC Announces Support for Community Benefit Plan by Banc of California as Part of Banco Popular Branch Acquisition
Banc of California is proposing to buy 20 Banco Popular branches in Los Angeles and Orange counties.
However, Banc of California leadership has decided that their community reinvestment plan can’t be shared with the community.
In HuffPost Politics today, Professor Peter Dreier questions where the former Mayor of Los Angeles, Antonio Villaragoisa has been during the controversy surrounding Banc of California’s proposed purchase of the branches. The former mayor was hired last summer by Banc of California.
The OCC should deny Banc of California’s application to buy the Popular Community Bank’s branches — or to buy any other banks — until it sits down with the members of coalition to hammer out a transparent, community reinvestment agreement that spells out specific commitments.
Read the rest of the post here: