Press Releases

Ahead of Primaries, CA Assembly Sides with Predatory Lenders

Last night, several members of the California Assembly succumbed to industry pressure and voted down AB 2500, the Safe Consumer Lending Act, a bill introduced by Assemblymember Ash Kalra (D-San Jose) to protect California families from abusive high-cost installment loans,

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As Contracts Set to Expire with California’s Private Debt Collectors, Community Advocates Demand an End to Use of Private Debt Collectors for Fines and Fees

Report calls for State of California to engage in public process in negotiating contracts with debt collectors; fines and fees can spiral people into poverty. As several master contracts with the State of California and third party private debt collectors are negotiated behind closed doors,

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CRC Calls on San Francisco Fed to Appoint an Individual Who Represents Working Class Americans

The California Reinvestment Coalition joined with several other organizations to call on the San Francisco Fed to undertake a transparent and inclusive process for selecting its next President. The letter below was sent to Chairman of the Board of Directors of the Federal Reserve of San Francisco.

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In Trump’s Administration, Bankers with Worst CRA Records Are Rewriting the Rules of CRA

In a concerning move, Secretary of the US Treasury, Steven Mnuchin, has announced efforts to “modernize” the Community Reinvestment Act (CRA), potentially weakening the ability of community members and regulators to hold banks accountable.

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A Statement on Lack of Transparency in Selecting the Next President of the Federal Reserve of New York

The Federal Reserve of New York is close to selecting its next President, a position which holds great responsibility and influence over economic policy, especially with this role’s permanent seat on the committee that votes on interest rates.

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On the Eve of Expected Treasury Department Proposal to Change Community Reinvestment Act, Report Highlights Need to Strengthen Law

The California Reinvestment Coalition (CRC) published a new report, titled Harnessing the Power of Banks: The Community Reinvestment Act and Building an Inclusive Economy. The report highlights the impact of the Community Reinvestment Act (CRA) and its role in encouraging fair

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CRC Members Raise Concerns That Opportunity Zones Will Facilitate Displacement of Low-Income Communities and Communities of Color

CRC recently submitted a letter to Governor Brown to raise concerns that the Opportunity Zone program that was included as part of the 2017 federal tax reform bill will facilitate the displacement of low-income communities and communities of color. More than 30 CRC members signed on. The text of…

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Federal Reverse Mortgage Program Results in Widows Losing Their Homes After Death of Spouse

New information from the U.S. Department of Housing and Urban Development demonstrates that widows and widowers are being kicked to the curb after the death of a spouse, due to insufficient guidelines, servicer discretion, and uneven implementation of a program that was supposed to keep widowed Non-Borrowing Spouses in…

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Flagstar Commits $600 Million Over 5 Years to Community Investment; Acquires 8 Desert Community Bank Branches in San Bernardino County

Michigan-based Flagstar Bank is acquiring Desert Community Bank in California, establishing its footprint in San Bernardino County. As part of this acquisition, Flagstar worked closely with the California Reinvestment Coalition, the Greenlining Institute, and local members to negotiate Community Agreements that meet the gold standard for bank investments, lending,…

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L.A County Board of Supervisors Unanimously Approve Motion to Address High-Cost Payday, Car Title and Installment Loans

Today the Los Angeles County Board of Supervisors passed a motion directing staff to develop a comprehensive approach toward protecting consumers from the harmful effects of high-cost loans. Last year, the Supervisors took a unanimous vote to support a proposal by the federal Consumer Financial Protection Bureau (CFPB) to regulate short-term,…

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