Press Releases

CRC’s Comments in Response to Proposed Guidance on Deposit Advance Products

CRC’s Comments in Response to Proposed Guidance on Deposit Advance Products Published May 30, 2013 CRC and 62 members and allies urged bank regulators to impose strong restrictions and safeguards on loans offered by banks that currently work exactly like payday loans. So-called “deferred deposit advances” require that borrowers…

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Over 50 California Community Groups Tell Bank Regulators to Update the CRA

Over 50 California Community Groups Tell Bank Regulators to Update the CRA CRC and 50 of its members sent a comment letter to the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency as the bank regulators proposed changes to CRA guidance, known…

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Groups from Across U.S. Protest Wells Fargo’s Abusive Practices at Bank’s Annual Shareholder Meeting, in Salt Lake City

Groups from Across U.S. Protest Wells Fargo’s Abusive Practices at Bank’s Annual Shareholder Meeting, in Salt Lake City April 23, 2013– Organizations from California, New York, and North Carolina traveled to Salt Lake City, Utah,to speak out at Wells Fargo’s annual shareholder meeting today and demand accountability by the…

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Consumer Advocates Urge California Lawmakers to Pass “Predatory Payday Lending Reform” (SB 515)

Consumer Advocates Urge California Lawmakers to Pass “Predatory Payday Lending Reform” (SB 515) April 15, 2013– The California State Senate Banking Committee will hear Senate Bill 515 on April 17th. The bill takes a dramatically different approach from previous efforts to reform payday lending by targeting the highly toxic…

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Banks Violate National Mortgage Settlement and CA Homeowners Bill of Rights Protections, New Survey of Housing Counselors Reveals

Banks Violate National Mortgage Settlement and CA Homeowners Bill of Rights Protections, New Survey of Housing Counselors Reveals April 3, 2013— A new survey of housing counselors in California reveals that banks are violating several consumer protections that were mandated by the $26 billion National Mortgage Settlement (NMS) and…

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CRC Statement on Release of National Mortgage Servicing Standards by the Consumer Financial Protection Bureau (CFPB)

CRC Statement on Release of National Mortgage Servicing Standards by the Consumer Financial Protection Bureau (CFPB) January 17, 2013– Today, in response to the Consumer Financial Protection Bureau’s (CFPB) release of National Mortgage Servicing rules, the California Reinvestment Coalition’s Associate Director Kevin Stein released this statement: “The Consumer Financial…

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CRC Submits Letter to OCC on Wells Fargo’s Community Reinvestment Act Performance

CRC Submits Letter to OCC on Wells Fargo’s Community Reinvestment Act Performance December 10, 2012– CRC submitted a letter to the Office of the Comptroller of the Currency (OCC) regarding Wells Fargo’s Community Reinvestment Act examination. CRC shines a bright light on Wells Fargo’s payday product (Direct Deposit Advance),…

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Wells Fargo Exam Serves as Test Case for New Comptroller of the Currency

Wells Fargo Exam Serves as Test Case for New Comptroller of the Currency November 20, 2012– An unprecedented alliance of groups from around the country and more than 2,750 people have called on the Office of the Comptroller of the Currency (OCC), the national bank regulator, to assign Wells…

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CFPB Disappoints with Weak Mortgage Servicing Rules

CFPB Disappoints with Weak Mortgage Servicing Rules October 10, 2012– The California Reinvestment Coalition, Housing and Economic Rights Advocates, Law Foundation of Silicon Valley, and nearly sixty community groups joined together to express their disappointment with the Consumer Financial Protection Bureau’s (CFPB) proposed Mortgage Servicing Rules. According to the…

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San Diego City Council Passes Responsible Banking Ordinance

San Diego City Council Passes Responsible Banking Ordinance September 19, 2012– Last night, the San Diego City Council voted unanimously to pass an ordinance that increases transparency and holds banks accountable to San Diego residents. The Responsible Banking Ordinance, sponsored by Council President Tony Young, requires banks doing business…

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