NEW YORK, July 26 – Amid the scandal of the Federal Reserve and Office of the Comptroller of the Currency covering upSterling Bank's unreliable Community Reinvestment Act data (see below) by withholding most of 400 pages released to Inner City Press under the Freedom of Information this month, in advance of the July US Senate hearing on the nominations of Joseph Otting, formerly of Bank of America, Union Bank, US Bancorp and OneWest to be Comptroller and of Randal Quarles formerly of the Carlyle Group to head the Fed's Supervision unit, Inner City Press / Fair Finance Watch and the California Reinvestment Coalition submitted this FOIA request.
While still awaiting any of the responsive documents, on July 26 the Federal Reserve asked Sterling to "Please provide an update on Sterling Bank's CRA activities since its last CRA Performance Evaluation in January 2017 in every banking market in which the bank operates, including any significant CRA initiatives undertaken, particularly with respect to credit and deposit products and retail banking services targeted toward LMI and minority geographies and individuals." What about the unreliable data already submitted?
As to Otting, beyond his gaming of the CRA system, another problem has arisen: Otting misrepresented his resume on education. He listed a degree on his resume from the "School of Credit and Financial Management at Dartmouth College." It's a fraud. "Joseph Otting is not a Dartmouth graduate," Dartmouth spokeswoman Diana Lawrence said. "Dartmouth does not have a school of credit and financial management." In turns out the school is a four-week program spread over two years, which rented space from Dartmouth. It's not only Sterling's CRA data is an unreliable. While at OneWest, as reported by Inner City Press in 2015, Otting was best know for trying to get his own employees, fundees and investors to submit comments to the OCC to support OneWest's purchase by CIT. Click here. Otting wrote: From: Otting, Joseph M [at] owb.com
Sent: Wednesday, January 07, 2015 5:00 PM
Cc: Haas, Alesia Jeanne; Tran, Cindy; Kim, Glenn
Subject: Support For OneWest Bank
We were excited to announce on July 21, 2014, that IMB HoldCo LLC, the parent company of OneWest Bank entered into a merger agreement with CIT Group Inc. As part of the applications for regulatory approval of the transaction, our regulators are interested in the perspectives of the public. We are writing you to seek your support of the Bank and pending merger. This merger, if approved, would create the largest bank headquartered in Southern California with a full suite of banking products and services, which will allow us to better serve our customers. We would retain and grow jobs and are committed to continuing and expanding our efforts to serve the economic and development needs of our community. I would like to ask you to take a moment to click on the link below and submit a letter of support adding any of your own words or thoughts.
Please submit your letter by clicking here, or by visiting our website at OneWestBank.com/merger-support (if the link isn't clickable or part of the link is cut off, please copy and paste the entire URL into your browser's address bar and press Enter)
Thank you for your support. Best wishes for a successful 2015 and please call on me if I can ever be of assistance.
Joseph M. Otting
President and CEO
OneWest Bank N.A.
888 East Walnut Street
Pasadena, CA 91101
We and the California Reinvestment Coalition will have more on this.