Fed Should Hold Hearing on Goldman-GE Banking Deal, Group Says

The Federal Reserve should hold hearings on Goldman Sachs Group Inc.'s planned purchase of an online banking unit from General Electric Co. because of concern a deal won’t create a public benefit, the National Community Reinvestment Coalition (NCRC) told the central bank.

Goldman Sachs should release more information on its program to comply with the Community Reinvestment Act, the organization wrote in a letter to the Fed. The coalition also cited as concerns the Wall Street firm’s legal fines and potential conflicts of interest from the bank’s ties to the Fed.

NCRC has opposed other bank mergers including Capital One ...