California Reinvestment Coalition Calls on Senate Finance Committee to Postpone Hearings on Steve Mnuchin

SAN FRANCISCO, Jan. 5, 2017 – The California Reinvestment Coalition is calling for an investigation by the Senate Finance Committee into Steve Mnuchin and OneWest Bank after a leaked memo cited “widespread evidence” of fraudulent practices by the bank under his leadership. The memo also highlighted efforts by the bank to obstruct an investigation by the California Attorney General’s office.

“The US Senate can’t possibly be expected to vote on his nomination for Treasury Secretary until after Mr. Mnuchin and OneWest Bank release the evidence they previously obstructed, and that’s something the Senate Finance Committee should ask him for, prior to scheduling their hearing with him, explains Paulina Gonzalez, executive director at the California Reinvestment Coalition.

“The bank conducted tens of thousands of foreclosures across the nation, and senators need a clear understanding of whether their constituent homeowners may have been harmed by fraudulent practices, what Mr. Mnuchin’s role in directing bank staff to engage in these practices was, and whether Mr. Mnuchin played any role in directing his employees to obstruct this investigation or previous investigations into his bank.

Voting on Mr. Mnuchin before a full airing of the facts would send a troubling message to taxpayers who bailed out the banks, to families who may have been harmed by these practices, and is a dangerous signal to other bank executives that flagrant violations of state laws are not only to be expected, but could earn you a cabinet level position.”

More information about Mr. Mnuchin and his track record at OneWest Bank is available at http://www.badbankmerger.com

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CRC builds an inclusive and fair economy that meets the needs of communities of color and low-income communities by ensuring that banks and other corporations invest and conduct business in our communities in a just and equitable manner.