OP-ED: AMERICAN BANKER
CRA was put into place to address the refusal of banks to lend to and meet the financial needs of low- and middle-income communities. Crucially, CRA brings together communities that have been historically marginalized and denied access to banking services, and the organizations that represent them, to…
According to the California Reinvestment Coalition and Jacksonville Area Legal Aid, of the nearly 600 non-borrowing spouses who requested aid from HUD to avoid foreclosure on their homes, 317 received assistance and 132 were denied.
The California Reinvestment Coalition, which has traditionally focused on ensuring that banks reinvest in low-income neighborhoods, is also supporting the public bank effort. Executive director Paulina Gonzalez says that, “There’s a real interest in cities and states to think about what they can do to ensure that there’s…
“It may be one of the most impactful laws people have never heard of,” says Kevin Stein, deputy director of the California Reinvestment Coalition.
The front lawn of LaTrae Lewis’ modest home on Sepulveda Avenue might seem an unlikely spot for a press conference involving a bank, especially one that recently increased its California footprint through a High Desert acquisition.
SAN FRANCISCO EXAMINER
San Francisco has assembled a 16-member task force to study launching a public bank to fund affordable housing development, low-interest loans for low-income residents and cutting ties with the Wall Street banks that do not live up to The City’s social responsibility principles.
“We would strongly oppose any efforts to undermine the historic ability of state legislatures to oversee the foreclosure process,” said Kevin Stein, deputy director of the California Reinvestment Coalition. “It’s outrageous, especially at a time when the CFPB is rolling back consumer protections.”
Not long ago, personal loans of this size with sky-high interest rates were nearly unheard of in California. But over the last decade, they’ve exploded in popularity as struggling households — typically with poor credit scores — have found a new source of quick cash from an emerging…
“It appears there is a general feeling among families that they are in greater danger due to increased hate rhetoric and rumors of changes in policies and the heightened risk of deportation of detention,” says California Reinvestment Coalition executive director Paulina Gonzalez.
CAPITAL & MAIN
Paulina Gonzalez, executive director of the California Reinvestment Coalition, said that, at a minimum, a city should choose a bank that does no harm to the community. “The city should also consider how much a bank is reinvesting in a community, through business loans and other products….
NEW YORK TIMES
An analysis in 2015 presented by the California Reinvestment Coalition, which lobbied against the merger, found that 68 percent of the 36,000 foreclosures in California by OneWest, including those on reverse mortgages, occurred in communities that were primarily nonwhite.
The California Reinvestment Coalition’s analysis of loans made that year alleged that only 8.4 percent of mortgages went to Hispanics, though they accounted for 43 percent of the region’s population. It also alleges that the bank did not properly maintain foreclosed homes in minority areas.