Press Releases

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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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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