In a June 24, 2015 letter to the Federal Reserve Board, the coalition said, "it is our request that Royal Bank of Canada’s request to acquire City National be expedited and no Public Hearings be held."
"We’re very pleased that members of the National Diversity Coalition have elected to support City National’s proposed merger with RBC," said Chairman and CEO Russell Goldsmith.
"The coalition consists of organizations that are deeply committed to increasing economic opportunity in traditionally underserved communities. City National shares that commitment, and we look forward to working with the coalition and all of our community partners to make real progress in the years ahead. Our company is – and is committed to remaining – an outstanding advocate and supporter of our communities."
City National has announced a five-year, $11 billion commitment for small business lending, community development, affordable housing and more. This landmark pledge superseded the bank’s previous commitment of $17 billion over 10 years.
The bank made its recent commitment shortly after announcing plans to merge with RBC in a deal that is expected to close later this year. RBC fully supports and stands behind City National’s commitment.
Among other things, City National will take affirmative steps to work with and support African-American, Latino, Asian and other minority groups. This will include a focus on faith-based organizations. The bank’s intention, with assistance from these groups and organizations, is to identify, support and participate in their affordable housing and economic development-sponsored initiatives.
The bank also will consider opportunities to lead and participate in innovative "new models" introduced by community and faith-based groups, including multi-bank consortia to fund capacity-building grants.
Working in conjunction with three of California’s leading utilities, City National recently announced an initiative to provide up to $350 million in new small business loans to hundreds of minority-and-women-owned small business suppliers of Southern California Edison, the Southern California Gas Company and the San Diego Gas & Electric Company.
"This program represents an innovative approach to community reinvestment," Goldsmith said, "and it underscores our continuing commitment to find ways of responsibly helping minority and women entrepreneurs with financial advice and support."
