Press Releases

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

SAN FRANCISCO, April 17, 2018 – 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…

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

SAN FRANCISCO, April 3, 2018 – 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

SAN FRANCISCO, March 28, 2018 – 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

SAN FRANCISCO, Mar. 27, 2018 – 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

SAN FRANCISCO, Mar. 16, 2018 – 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…

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

SAN FRANCISCO, Mar. 12, 2018 – 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…

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

SAN BERNARDINO, CA, Feb. 6, 2018 – 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…

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

LOS ANGELES, Dec. 12, 2017 – 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…

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California Reinvestment Coalition Statement on CFPB Leadership Transition

SAN FRANCISCO, Nov. 27, 2017 – In response to the current controversy surrounding the successor to lead the Consumer Financial Protection Bureau (CFPB), Paulina Gonzalez, executive director of the California Reinvestment Coalition, released the following statement:

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Over 130 Organizations Call on FHFA to Review Policies that Are Fueling Displacement

SAN FRANCISCO, Nov.15, 2017- Earlier today, 136 organizations sent a letter to Mel Watt, the director of the Federal Housing Finance Agency (FHFA), urging him to review and possibly end policies that are enabling the widespread displacement of low income people and people of color. FHFA is currently revising its strategic plan…

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