For Immediate Release
October 20, 2014
Location: Town and Country Resort & Conference Center
500 Hotel Circle North
San Diego, CA 92108
Date: Friday, October 24th, 2014
Time: Doors open at 11:30am
Head of Antitrust, President of the California Public Utilities Commission and CEO of OneWest Bank Will Be Keynote Speakers at the National Asian American Coalition’s Economic Development and Empowerment Conference
The National Asian American Coalition, on October 24th, will have as its two keynote speakers William Baer, the Chief of the Antitrust Division of the US Department of Justice, and Michael Peevey, the President of the California Public Utilities Commission. In addition, Joseph Otting, the CEO of OneWest Bank, will deliver brief comments. This will occur during dinner at the Town and Country Resort & Conference Center beginning at 7pm. Also in attendance will be 800 minority leaders and fifty corporations, including thirty-one corporate sponsors of the conference.
Two public panels will precede the dinner. One will focus on creating 1.6 million additional low/moderate income homeowners per year. The other will be discussing how financial institutions can help create jobs through small business lending to California’s two million minority-owned businesses. Both panels will include federal regulators from the FDIC, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, as well as financial institutions and key community representatives.
The conference also includes a private luncheon with more than a dozen Korean American and Chinese American banks (also attended by the regulators) to discuss how Chinese American and Korean American-owned banks can work with all minorities, not just their own ethnic group.
William Baer’s office played a key role in blocking the AT&T/T-Mobile merger, has been involved in a number of key recent antitrust issues in the airline industry, and is currently considering the implications of the present Comcast/Time Warner merger. He will also be conducting the first ever minority youth financial education seminar by a head of Antitrust. It begins at 4:30pm and will be attended by two hundred minority youth from kindergarten to twelfth grade.
Michael Peevey, the head of the CPUC, will be honored as the leading state regulator in promoting diversity opportunities, including minorities on boards of directors and ensuring that billions of dollars annually in business contracts are awarded to minorities. He will be addressing minority issues in the context of 60% of California’s population being minorities and 75% of California’s youth being minorities.
Joseph Otting, the CEO of OneWest Bank, will in part be discussing the potential of a “systemically important” middle-sized bank, as a result of its proposed acquisition by CIT, having a positive and dynamic impact on minority communities.
Faith Bautista, CEO and President of the National Asian American Coalition, said, “Any bank merger that creates a ‘systemically important’ bank should be subject to careful regulatory scrutiny. Some community groups have therefore opposed the OneWest/CIT merger. In contrast, the NAAC and many of its Black and Latino church, minority business chamber and nonprofit partners are urging that the merger be designed to benefit California’s 25 million minorities in the context of OneWest’s commitment to securing an “Outstanding” CRA rating. We are being advised in this matter by the former general counsel of the Greenlining Institute and the general counsel for many of the organizations urging the Federal Reserve to approve the merger if it is truly in the public interest.”
Michael Peevey is being honored because he has done more for minority employment and minority small businesses than any other regulator, state or federal, in the nation.
Joseph Otting, the CEO of OneWest Bank, has been invited because his bank’s proposed acquisition by CIT will be the first test of what the Federal Reserve will require whenever a ‘systemically important’ bank is created.