Press Releases

PacWest Acquisition of CapitalSource: California Community Groups Urge Federal Reserve and FDIC to Hold Hearings

PacWest Acquisition of CapitalSource: California Community Groups Urge Federal Reserve and FDIC to Hold Hearings California- October 4, 2013–A group of community organizations, led by the California Reinvestment Coalition(CRC), has requested that the Federal Deposition Insurance Corporation (FDIC) and Federal Reserve postpone Pacific Western Bank’s (PacWest) acquisition of CapitalSource…

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Recent Mortgage Developments Validate Homeowner and Housing Counselor Concerns

Recent Mortgage Developments Validate Homeowner and Housing Counselor Concerns San Francisco, CA, October 3, 2013–Three important developments this week confirmed concerns about mortgage servicing expressed by housing counselors throughout California in a state-wide survey earlier this year. A federal judge ruled in favor of surviving spouses trying to avoid…

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Bay Area City Joins Movement Against Predatory Payday Lenders

Bay Area City Joins Movement Against Predatory Payday Lenders Sunnyvale, September 25, 2013— With a backdrop of state legislative inaction on payday reform and growing national visibility on the issue, the City Council of Sunnyvale voted last night to restrict the growth of payday lenders by enacting a “cap”…

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Long Beach City Council Votes to Limit Payday Lenders, Check Cashers and Car Title Lenders

Long Beach City Council Votes to Limit Payday Lenders, Check Cashers and Car Title Lenders Long Beach, September 18, 2013–The Long Beach City Council voted 8-0 last night to enact an ordinance restricting the growth of new check cashers, payday and auto title lenders and other fringe financial entities…

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Fair Housing Groups Ask Court to Deny Banks’ Effort to Stop Richmond’s Mortgage Rescue Plan

Fair Housing Groups Ask Court to Deny Banks’ Effort to Stop Richmond’s Mortgage Rescue Plan Sept. 9, 2013–A coalition of fair housing and civil right groups filed an amicus brief in federal court today,supporting the City of Richmond’s opposition to a motion for preliminary injunction filed by trustees Wells…

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California Senior Testifies about Wells Fargo Direct Deposit Advance Loan

California Senior Testifies about Wells Fargo Direct Deposit Advance Loan July 24, 2013- Annette Smith, A 69 year-old California resident traveled to Washington DC to testify today to the Senate Select Committee on Aging about her experience using a Wells Fargo’s “Direct Deposit Advance”loan. Smith originally took out one…

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28,500 Californians Tell Senators to Stop Coddling Wall Street and Confirm CFPB Director

28,500 Californians Tell Senators to Stop Coddling Wall Street and Confirm CFPB Director July 9, 2013– A delegation of Bay Area community leaders delivered thousands of petitions to Senator Dianne Feinstein’s office today, urging the Senate to confirm Richard Cordray to a full term as director of the Consumer…

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CRC Comments on New Report from Monitor of Attorney General Mortgage Settlement

CRC Comments on New Report from Monitor of Attorney General Mortgage Settlement June 19, 2013–Today, in response to the release of a new report from the Monitor of the national mortgage settlement, California Reinvestment Coalition’s Associate Director Kevin Stein released this statement: “The National Mortgage Settlement provides consumer relief…

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New Report Documents Lack of Banking and Financial Services in the San Joaquin Valley

New Report Documents Lack of Banking and Financial Services in the San Joaquin Valley June 11, 2013– A new report by the California Reinvestment Coalition, “Down in the Valley: Financial Neglect in Rural California”, documents the low and disproportionate level of investment and financial services in California’s rich agricultural…

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Groups in Four Key States Call for End to Payday Lending, Joint Report Highlights Need for Strong Action by Federal and State Regulators

Groups in Four Key States Call for End to Payday Lending, Joint Report Highlights Need for Strong Action by Federal and State Regulators Published June 03, 2013 Organizations from California, Illinois, New York and North Carolina today called on federal and state regulators to ban all types of payday…

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