Press Releases

California Advocates Criticize Trump Administration for Dismantling Protection for Payday Loan Borrowers

FEDERAL PROPOSAL COULD COST CALIFORNIANS HUNDREDS OF MILLIONS IN FEES FOR UNAFFORDABLE LOANS San Francisco, CA – The California Reinvestment Coalition (CRC) submitted a letter to the Consumer Financial Protection Bureau (CFPB) yesterday, sharply criticizing the Bureau’s Trump-appointed director Kathy Kraninger, for delaying and/or eliminating an “ability to repay” requirement included…

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California Coalition Sues the Trump Administration for Pulling Back on Data Collection to Protect Women-Owned, Minority-Owned and Small Businesses Against Discriminatory Lending Practices

Washington D.C. — Today, on behalf of the California Reinvestment Coalition (CRC), Democracy Forward sued the Trump administration for defying the Dodd-Frank Act by unlawfully failing to collect and disclose data on lending to women-owned, minority-owned and small businesses. Dodd-Frank requires the Consumer Financial Protection Bureau to collect this…

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CRC Statement: Gov. Newsom, Immigrant Families Deserve Tax Credits Too

SAN FRANCISCO, May 9, 2019 – California Reinvestment Coalition executive director Paulina Gonzalez-Brito released this statement in response to a proposal to double the CalEITC tax credit, included in Governor Newsom’s revised budget released earlier today. “We applaud the Governor for proposing to double the CalEITC tax credit for…

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Now is not the time to ease sanctions on Wells Fargo.

We believe that elected leaders should hold Wall Street accountable when big banks harm our communities. There is ample evidence that Wells Fargo’s corporate culture remains steeped in abusive practices that harm low-income families. That’s why we were disappointed to learn that State Treasurer Fiona Ma had recently removed…

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Joint Commitment Between Community Organizations and Rabobank to Assure Access to Banking Services to California Communities

Coachella Valley, CA, March 6, 2019 – California nonprofits Lift To Rise and the California Reinvestment Coalition (CRC), together with Rabobank, N.A. (Rabobank), are pleased to announce a joint effort to assure banking opportunities in California communities. The Organizations and Rabobank are working together to identify and implement industry-leading…

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CRC to FDIC: It’s Not Hip to be Square

SAN FRANCISCO, Feb. 25, 2019 – A letter sent to the Federal Deposit Insurance Corporation (FDIC) by 37 community-based organizations charges that granting fintech credit card processing company Square a bank charter as an Industrial Loan Company would undermine the Community Reinvestment Act, allow Square to preempt local regulations,…

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Trump Policies Push Immigrants Into Poverty; U.S. Banks and Corporate Policies Create Barriers to Economic Security

SAN FRANCISCO, Feb. 13, 2019 – Despite a strong belief in the American Dream, immigrants regularly face discrimination by banks and confront other barriers to accessing financial resources, according to a study released today by the California Reinvestment Coalition (CRC). In “Here to Stay: Promoting Financial Security and Economic…

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CRC Statement on CFPB Rollback of Payday Loan Rules

SAN FRANCISCO, Feb. 6, 2019 – In a disappointing and troubling announcement today, the Trump-appointed director of the CFPB announced a rollback of a commonsense rule that required payday and car-title lenders to consider a borrower’s ability-to-repay before making high-interest loans. The ability-to-repay provision was a key safeguard to…

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California Advocates Celebrate Victory that Results in Bank of America, JPMorgan Chase, and Wells Fargo Providing Free ATM Access to Public Benefit Recipients

SAN FRANCISCO, Feb. 6, 2019 – A coalition of California community groups and social service providers today announced that Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Wells Fargo (NYSE:WFC) will now provide free ATM access nationwide to low-income families who receive safety net benefits via state-issued…

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CRC Statement on Joseph Otting Appointment as Acting Director of FHFA

SAN FRANCISCO, Dec. 21, 2018 – Trump today named Office of the Comptroller of the Currency Comptroller Joseph Otting as acting director of the Federal Housing Finance Agency (FHFA). Like finding a lump of coal in your stocking, this latest “gift” from the Trump administration punishes working families who…

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