CIT Group Inc. cleared a significant hurdle for its pending deal
to buy the parent company of OneWest Bank NA.
The Office of the Comptroller of the Currency on Tuesday said it
approved the deal and lifted a foreclosure-related consent order on
OneWest. The Federal Reserve still must approve the agreement.
The deal was announced last July.
The takeover of IMB Holdco LLC, which is OneWest's parent
company, will bump CIT's assets up above $50 billion, making the
bank large enough to be considered systemically important by
regulators. CIT lends to small and medium-size businesses.
The Comptroller's office it received more than 2,300 comment
letters about the transaction, as well as two petitions opposed to
it with more than 21,500 signatures.
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