Press Releases

California Reinvestment Coalition Responds to Report of Wells Fargo Facing Community Reinvestment Act Rating Downgrade by Office of Comptroller of Currency

DOWNGRADE SHOULD REFLECT HARM CAUSED BY THE BANK, BUT BANK SHOULD NOT BE ALLOWED TO APPEAL BEHIND CLOSED DOORS San Francisco, CA, Dec. 7, 2016— Earlier today, Reuters reported that the Office of the Comptroller of the Currency (OCC), the primary regulator of Wells Fargo Bank, is set to…

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CRC Responds to House Vote on 6392: This Gift to Big Banks is a Big Danger to Our Economy

Upon hearing the news that the US House of Representatives had passed HR 6392, Paulina Gonzalez, executive director of the California Reinvestment Coalition released this statement today: “The representatives who voted to pass HR 6392 not only committed a disservice to American taxpayers who bailed out Too big to…

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California Reinvestment Coalition Responds to Dr. Carson Nomination for HUD Secretary

In response to Dr. Ben Carson’s nomination to run HUD, Paulina Gonzalez, executive director of the California Reinvestment Coalition, put out this statement today: “The nomination of Dr. Carson as HUD Secretary could jeopardize protections put in place to undo historical and deeply entrenched and systemic housing discrimination. Just…

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Consumer & Small Business Advocates Oppose OCC’s Plan to Offer Fintech Lending Charters

Published December 03, 2016 00:30 Innovation Should Not Come at the Expense of Consumer Protection, Evade State Anti-Predatory Lending Laws WASHINGTON, DC December 2, 2016—Today, the Office of the Comptroller of the Currency (OCC) announced its intention to offer national charters to financial technology firms, which could severely undermine…

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California Reinvestment Coalition Responds to Steve Mnuchin’s Likely Nomination for Treasury Secretary

SAN FRANCISCO – Nov. 30, 2016 – Upon hearing the news that president elect Donald Trump will likely nominate Steven Mnuchin, former chair of
OneWest Bank and board member of CIT Group for Treasury Secretary, Paulina Gonzalez, executive director at
the California Reinvestment Coalition released this statement today:

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CIT Group Accused of Redlining and Violating Fair Housing Act

CALIFORNIA REINVESTMENT COALITION AND FAIR HOUSING ADVOCATES OF NORTHERN CALIFORNIA FILE FAIR HOUSING COMPLAINT, URGING IMMEDIATE HUD INVESTIGATION INTO CIT GROUP’S ONEWEST BANK San Francisco, CA, Nov. 17, 2016—Yesterday, two nonprofit organizations formally filed a complaint requesting that the federal Department of Housing and Urban Development (HUD) investigate whether…

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California Reinvestment Coalition Negotiates $4 Billion Community Investment Plan with Cathay Bank

California Reinvestment Coalition Negotiates $4 Billion Community Investment Plan with Cathay Bank BANK’S NEW COMMITMENT WILL BENEFIT 11 COUNTIES ACROSS CALIFORNIA November 1, 2016—The California Reinvestment Coalition announced today they have negotiated a Community Reinvestment Plan with Cathay Bank (“Cathay Bank”), as part of Cathay General Bancorp, its bank…

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CRC Responds to Wells Fargo CEO Resigning

Responding to news that Wells Fargo’s CEO, John Stumpf resigned earlier today, Paulina Gonzalez, executive director of the California Reinvestment Coalition released this statement: “Wells Fargo needs to restore the faith of consumers in the American banking system. This stems not only from the latest CFPB enforcement action related…

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In Response to State Hearing, Coalition Offers 3 Steps California Can Take To Create Accountability For Wells Fargo Fake Accounts

3 SUGGESTIONS: AG INVESTIGATION, LINKED BANKING PROGRAM, AND SUPPORTING SHAREHOLDER RESOLUTIONS Calabasas, CA, October 11, 2016— In response to a hearing held today in Calabasas by the California Assembly Banking and Finance Committee, Paulina Gonzalez, executive director of the California Reinvestment Coalition, a nonprofit, state-wide coalition released this statement:…

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San Francisco Resolution Directs City To Cut Business Ties With Wells Fargo After Fraudulent Accounts

San Francisco, CA, October 18, 2016— San Francisco Supervisor John Avalos announced a new resolution today, directing the City and County of San Francisco to cut business ties with Wells Fargo Bank. The resolution is being introduced in response to Wells Fargo entering into repeated settlements for practices that…

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