Press Releases

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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New FOIA Response from HUD Reveals 646 Percent Increase in Foreclosures against Seniors in 2016

SAN FRANCISCO, November 15, 2017 —New data from a Freedom of Information Act request,
released today, indicates that there was a 646% increase in foreclosures last year against seniors with federally
insured reverse mortgages as compared to the previous 7 years.

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Community and Religious Leaders Urge LA Board of Supervisors to Protect Neighborhoods from Predatory Lenders

SENIORS, WORKING FAMILIES, PEOPLE OF COLOR ARE HARMED BY HIGH-COST LOANS Los Angeles, Nov. 14, 2017– Earlier today, a group of more than 80 concerned religious and community leaders sent a letter to the Los Angeles County Board of Supervisors, urging the board to take action next month to address high-cost payday…

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California Reinvestment Coalition Applauds CFPB for New Federal Regulations to Protect Payday Loan Borrowers

SENIORS, COMMUNITIES OF COLOR WILL BENEFIT FROM SAFEGUARDS IN NEW RULE San Francisco, CA, October 5, 2017— In response to new payday loan rules released by the Consumer Financial Protection Bureau today, Paulina Gonzalez, executive director of the California Reinvestment Coalition, released the following statement: “Here in California, seniors were…

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New Report: California’s System for Delivering Public Benefits is Improving, but Still Room for Improvements

ACCESS TO FREE ATMs WILL INCREASE DRAMATICALLY IN 2018 San Francisco, CA, October 4, 2017 —The California Reinvestment Coalition (CRC) released a new report today focused on public benefits in California and how the delivery of those benefits can be improved to reduce costs. In a 2014 report, CRC detailed how public…

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New Report Finds Immigrants Are Going “Underground” Because of Federal Government’s Rhetoric + Policies

CALIFORNIA NONPROFITS SHARE CONCERNS IN NEW REPORT San Francisco, CA, September 28, 2017 —The California Reinvestment Coalition released a new report this week, focused on how anti-immigrant rhetoric and policies are jeopardizing the health, financial security, and safety of immigrant families. The report is based on a survey of community-based nonprofits…

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New Report: California’s Small Business Owners Face Big Finance Challenges

ADVOCATES URGE CFPB TO HELP SMALL BUSINESS OWNERS BY IMPLEMENTING 1071 SMALL BUSINESS RULE QUICKLY San Francisco, CA, September 14, 2017 —The California Reinvestment Coalition released a new report today, focused on the challenges small business owners face when trying to get a loan to start, maintain or grow…

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