Press Releases

California Legislature Moves One Step Closer to Passing Protections for Widowed Homeowners

PROPOSED LAW WOULD BE FIRST IN THE NATION TO PROTECT SURVIVOR HOMEOWNERS San Francisco, CA June 30, 2016- Earlier this week, California’s legislature moved one step closer to enacting legislation designed to protect widows, widowers, and other heirs from unnecessary foreclosures. Senate Bill 1150, the Homeowner Survivor Bill of…

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Proposed Health Care Mega-Mergers Highlight Weak Insurer Investment Records

CALIFORNIA CONSUMERS AND COMMUNITIES ARE LIKELY LOSERS IF MERGERS ARE APPROVED June 24, 2016- San Francisco, CA— In response to several recent health care insurer mega-merger proposals, the California Reinvestment Coalition (CRC) is calling on state health regulators and the US Dept of Justice to reject these proposed mergers…

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California Reinvestment Coalition Responds to Anthem and Cigna Merger Update

Yesterday, California Health Commissioner Dave Jones urged the US Department of Justice to block a proposed merger between Anthem, Inc and Cigna Corporation. In response, Kevin Stein, associate director of the California Reinvestment Coalition, released this statement: “CRC applauds Commissioner Jones for his thoughtful response to the proposed merger…

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National Payday Rule a Critical Step towards Protecting Consumers

San Francisco, CA– June 2, 2016– Today, the Consumer Financial Protection Bureau unveiled a proposal for a new federal rule on payday and car title lending that has the potential to protect consumers from prolonged cycles of debt, and save California residents millions of dollars if changes are made…

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SB 1150 Passes Senate Hurdle After Dramatic Turnaround

BILL HELPS WIDOWED SPOUSES AND CHILDREN KEEP THEIR FAMILY HOMES June 1, 2016 Sacramento– Senate Bill 1150, a bill to protect widows, widowers and other heirs from unnecessary foreclosures, passed a key hurdle today when it was voted out of the Senate on a vote that was not without…

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Study Finds Car Title Loans Lead to Car Repossession for 1 in 5 Borrowers

California Reinvestment Coalition Director of Community Engagement Liana Molina released the following statement in response to a new report by the Consumer Financial Protection Bureau finding that car title loans don’t work as advertised for the majority of borrowers, with one in five borrowers having their cars repossessed by…

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California Reinvestment Coalition Denounces OCC’s Approval of CIT Group’s “New” CRA Plan

Community Group Says OCC’s Approval Contradicts Goals of the CRA San Francisco, CA- May 12, 2016—Today, the California Reinvestment Coalition (CRC) strongly criticized a decision by the Office of the Comptroller of the Currency (OCC) to approve a “new” Community Reinvestment Plan by CIT Group which is substantially the…

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Report Uncovers Hidden Bank Costs for Online Payday Loan Customers

In response to a new report from the Consumer Financial Protection Bureau about bank fees faced by payday loan borrowers, Liana Molina, director of community engagement at the California Reinvestment Coalition, released this statement: “This new report shows that the sky is the limit for costs faced by payday…

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New Data Reveals: CIT Group’s Financial Freedom is Responsible for Nearly 40% of HECM Reverse Mortgage Foreclosures (More Than Twice its Estimated Share of the Market) Since April 2009

California Reinvestment Coalition Calls for Moratorium on Reverse Mortgage Foreclosures by CIT Group April 27, 2016- San Francisco: Earlier today, the California Reinvestment Coalition called on the Department of Housing and Urban Development (HUD) to impose a moratorium on any additional reverse mortgage foreclosures by CIT Group and its…

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FHFA’s New Principal Reduction Policy: Way Too Little, Way Too Lat

FHFA’S NEW POLICY REPRESENTS ONGOING LOST OPPORTUNITY TO HELP AMERICAN FAMILIES KEEP THEIR HOMES. Responding to news from FHFA about the agency’s new principal reduction policy, Kevin Stein, associate director at CRC released this statement: “Today’s announcement by FHFA that principal reduction loan modifications will be available on a…

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