Fed to hold hearings on Countrywide takeover
The Federal Reserve Board on Thursday said it will hold public hearings in Chicago and Los Angeles next month on Bank of America Corp.'s acquisition of troubled mortgage lender Countrywide Financial Corp.
Community groups in California and elsewhere had urged the regulator to hold meetings on the $4 billion deal. The groups have expressed opposition to the takeover unless the Charlotte bank outlines its plan for staving off foreclosures.
The Fed is the primary regulator reviewing the deal announced in January. The Chicago hearing will be April 22, followed by the Los Angeles hearing April 29. The Fed also extended the public comment period on the acquisition to April 29 from March 31.
The regulator isn't required to hold hearings but has on some large transactions, including Bank of America's $48 billion acquisition of FleetBoston Financial Corp. in 2004.
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