Press Releases

31 Community Organizations Urge Their California Representatives to Vote against Financial Choice Act

BILL COULD LEAD TO MORE BANK BAILOUTS + MORE RECESSIONS San Francisco, CA, June 6th, 2017— Earlier today, 31 California organizations sent a letter to the California congressional delegation, urging them to vote “no” on the Financial Choice Act. The bill, introduced by Representative Jeb Hensarling, would roll back…

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California Reinvestment Coalition Responds to Nomination of Joseph Otting for Comptroller of the Currency

Paulina Gonzalez, executive director of the California Reinvestment Coalition, released this statement today: “Mr. Otting’s nomination is another example of this president’s preference for filling key regulatory posts with Wall Street executives and former bankers with problematic track records. We can’t think of a worse choice for this important…

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Over 20 California Community Groups Oppose PacWest’s 29th Bank Merger

Los Angeles, CA, June 2, 2017— More than 20 California community-based organizations notified bank regulators that they are formerly opposing PacWest’s proposed acquisition of California United Bank. Advocates are raising a long list of concerns about the proposed merger, which would be PacWest’s 29th acquisition in the past 17…

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Bill to Protect California Consumers From Predatory Lending is Held by Assembly Appropriations

Earlier today, Assembly Bill 784 was “held” in the suspense file by the Assembly Appropriations Committee, effectively killing the bill. Liana Molina, director of community engagement at the California Reinvestment Coalition, released this statement: “It was deeply disappointing to see AB 784 (Dababneh) held in suspense today by the…

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California Reinvestment Coalition Statement on Wells Fargo Shareholder Resolution

CONTESTED SHAREHOLDER MEETING TAKES PLACE EXACTLY ONE DAY BEFORE DISASTOROUS ‘WALL STREET’ GIVEAWAY BILL IS INTRODUCED BY REP. HENSARLING San Francisco, CA—April 25, 2017– The California Reinvestment Coalition is proud to stand with the Interfaith Center on Corporate Responsibility in sponsoring shareholder resolution #5 at today’s Wells Fargo shareholder…

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89 Million Dollar Whistleblower Settlement at Company Formerly Led By Steve Mnuchin and Joseph Otting

ANOTHER EXAMPLE OF ONEWEST BANK CUTTING CORNERS San Francisco, CA May 16, 2017—Earlier today, the US Dept. of Justice announced a $89 million whistleblower settlement with Financial Freedom, a reverse mortgage servicer owned by CIT Group, which is alleged to have fraudulently sought reimbursements from the Federal Housing Administration…

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At CFPB’s Small Business Hearing, LA Community Leaders Will Offer Support for Increased Transparency

CFPB CAN HELP IDENTIFY AND ADDRESS DISPARITIES IN SMALL BUSINESS LENDING Los Angeles, CA May 9, 2017—Tomorrow, community leaders will attend and speak at a field hearing held by the Consumer Financial Protection Bureau (CFPB) in Los Angeles focused on small business lending. The hearing is expected to address…

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If CFPB is Weakened by Rep. Hensarling, Companies Like Ocwen Won’t be Held Accountable

San Francisco, CA April 20—Paulina Gonzalez, executive director of the California Reinvestment Coalition released the following statement in response to the CFPB’s lawsuit against Ocwen, a mortgage servicer who, according to the CFPB, “failed borrowers throughout the mortgage servicing process.” Twenty states also announced cease-and-desist orders today against Ocwen…

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CRC: Rep. Hensarling’s “Choice Act” is the Absolute Wrong Choice for California Families

CALIFORNIANS SHOULD GUARD THEIR WALLETS IF BILL MOVES FORWARD San Francisco, CA, April 25, 2017—Today, Representative Jeb Hensarling, Chair of the House Financial Services Committee introduced a bill (“the Free Choice Act”) that would undermine key provisions of the Dodd Frank Wall Street Reform Act, and also dramatically weaken…

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California Reinvestment Coalition Applauds Downgrade in Wells Fargo’s New CRA Rating

WELLS FARGO “NEEDS TO IMPROVE” ITS APPROACH TO COMMUNITIES March 28, 2017, San Francisco, CA—In response to Wells Fargo receiving a “double downgrade” in its Community Reinvestment Act rating (released earlier today), Paulina Gonzalez, executive director of the California Reinvestment Coalition, released this statement: “A double downgrade for Wells…

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