Press Releases

CRC Comments on Goldman Sachs and US Dept. of Justice Settlement

$30 MILLION IN RELIEF PROMISED TO CALIFORNIA COMMUNITIES BUT STRUCTURE OF SETTLEMENT COULD BE IMPROVED In response to a newly announced settlement between the US Dept. of Justice and Goldman Sachs, Kevin Stein, associate director at CRC, issued the following statement: “This settlement includes provisions that can be positive…

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California Reinvestment Coalition Negotiates $8 Billion Community Benefit and Reinvestment Plan with BBCN and Wilshire Banks

LOS ANGELES COMMUNITIES WILL BENEFIT FROM BANK’S NEW COMMITMENT APRIL 6, 2016-Los Angeles— The California Reinvestment Coalition announced today they have negotiated a Community Reinvestment Plan with BBCN and Wilshire banks as part of their merger, providing $8.1 billion of loans, investments and financial services in historically marginalized communities…

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California Community Leaders Respond to CIT Group’s New Commercial Business Focus

Communities evaluating strategic plan and weighing options to weigh in with regulators on implementation of plan as bank seeks approvals Los Angeles- March 23, 2016— After a year-long merger process marked by staunch opposition from over 100 community groups, CIT Group announced a new strategic plan today focusing more…

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Five Smart Improvements to the Community Reinvestment Act

Five Smart Improvements to the Community Reinvestment Act 42 Organizations Suggest Improvements to the Community Reinvestment Act Improvements Would Help Strengthen Investment in Communities San Francisco—Today, 42 community-based organizations submitted recommendations to bank regulators,including the FDIC, Office of the Comptroller of the Currency, and Federal Reserve, to dramatically strengthen…

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New Bill, SB 1150, Helps Widowed Spouses and Children Keep Their Family Homes

Bill Helps Widowed Spouses and Children Keep Their Family Homes SACRAMENTO – New legislation introduced by Senators Mark Leno and Cathleen Galgiani provides critical protections for widowed spouses and other survivors who assume home ownership responsibilities when the primary mortgage holder passes away. The Homeowner Survivor Bill of Rights,…

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90 Community Organizations Urge Regulators to Reject OneWest Bank’s Community Reinvestment Plan and Stop Conditional Approval

90 Community Organizations Urge Regulators to Reject OneWest Bank’s Community Reinvestment Plan and Stop Conditional Approval BANK’S MISERLY PLAN FAILS LOS ANGELES COMMUNITIES Los Angeles, CA, 10/20/15—Today, the California Reinvestment Coalition joins with 89 community-based organizations, urging the Office of the Comptroller of the Currency (OCC) to reject a…

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Nonprofit Coalition Applauds Greater Transparency in New Home Mortgage Disclosure Rules

Nonprofit Coalition Applauds Greater Transparency in New Home Mortgage Disclosure Rules October 16, 2015- San Francisco- In response to the Consumer Financial Protection Bureau’s new Home Mortgage Disclosure Act (HMDA) rules announced earlier yesterday, Kevin Stein, associate director at the California Reinvestment Coalition released this statement: “Our coalition members…

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California Reinvestment Coalition Sues HUD Over Stalled FOIA Request

California Reinvestment Coalition Sues HUD Over Stalled FOIA Request LAWSUIT ALLEGES HUD IMPROPERLY REFUSED FEE WAIVER FOR DATA REQUEST ON WIDOW FORECLOSURES San Francisco, CA- Oct 6, 2015—Last week, the California Reinvestment Coalition (CRC) filed a lawsuit in federal court against the US Department of Housing and Urban Development…

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Rep. Sanchez Discusses Impact of Payday Loans with California Community Members

CONSUMERS WILL SHARE STORIES OF USING PAYDAY LOANS WHILE COMMUNITY LEADERS DISCUSS CFPB’S NEW OPPORTUNITY TO RESTRICT PREDATORY LENDING Los Angeles, CA- September 22, 2015: Later today, Rep. Linda T. Sánchez (CA-38), local community leaders, and payday loan customers will discuss predatory payday loans at a round table discussion….

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California Reinvestment Coalition Comments on JP Morgan Chase CRA Exam

California Reinvestment Coalition Comments on JP Morgan Chase CRA Exam San Francisco, CA- Sept. 11, 2015: Last month, CRC sent an in-depth letter to regulators, commenting on JPMorgan’s 2015 Community Reinvestment Act exam. While acknowledging some positive reinvestment activities by the bank, CRC also cites a number of concerns…

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