Big Banks Profit from White Supremacy. They Should Return PPP Fees to Black and Latino Communities
Next City Op-ED The solutions we propose include banks embracing reparations for the Black community, stopping all foreclosures and evictions, suspending loan repayments, and committing to not financing displacement of communities of color.
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The High-Finance Mogul in Charge of Our Economic Recovery
THE NEW YORKER “Instead of working with people to modify loans, OneWest was running a foreclosure machine,” Paulina Gonzalez
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Harris Announces RELIEF Act to Keep Americans in their Homes Throughout COVID-19 Pandemic
EAST COUNTY TODAY
“We thank Senator Harris for taking these important steps,” said Kevin Stein, Deputy Director, California Reinvestment Coalition.”
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California Bill to Establish Nation’s Second Public Bank Applauded as ‘Historic Challenge to Wall Street Domination’
Paulina Gonzalez-Brito, executive director of the California Reinvestment Coalition, called AB 310 a “game-changer” in the movement to usher in a more just economic system.
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Bill would create California public bank
AMERICAN BANKER
The California Reinvestment Coalition, which supports the bill, called it “a game changer” that would “right the history or redlining in communities of color and the inherent structural racism in the current banking system.”
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OCC CRA Final Rule – Opposition from Consumer Advocacy Groups and Congress
CONSUMER FINANCE MONITOR
On May 21, 2020, the National Community Reinvestment Coalition (“NCRC”), the California Reinvestment Coalition (“CRC”), and Democracy Now announced their intent to sue the OCC…
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New U.S. Regulator Races to Remake Banking in Fintech Image
BLOOMBERG LAW
“It seems like the history of Brian Brooks is protecting the interests of banks and protecting the banks from scrutiny, and now we’re seeing that same interest and those same types of priorities at the OCC,” Gonzalez-Brito said.
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Bank Regulations Can Be Tools of Oppression, Too
AMERICAN PROSPECT
In 2014, when OneWest announced a merger with CIT Bank, community leaders pressured OneWest over its weak community lending efforts (“They mostly foreclosed on people,” one activist told me at the time.) Otting was so apoplectic about this threat to the merger that he solicited his Wall Street…
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Top banking regulator, Joseph Otting, announces departure during pandemic
WASHINGTON POST
Three advocacy groups, including the National Community Reinvestment Coalition and California Reinvestment Coalition, said Thursday that they would sue the OCC to block implementation of the new rule. The OCC “introduced new, gaping loopholes into the rules that will allow banks to reduce their focus on lower-income borrowers…
Read More Community groups plan to sue OCC over CRA rule
AMERICAN BANKER
“By moving forward despite an overwhelming majority of public commenters disagreeing with the framework put forth in the final rule, it is clear that the outcome was predetermined to fix the game in favor of the big banks to the detriment of communities and the spirit and intent…
Read More Where OCC bent and where it held firm in final CRA rule
AMERICAN BANKER
“Although some changes have been made to the final rule, much of the final rule retains the problematic original proposal,” the California Reinvestment Coalition said in a press release. “The hastiness of the process calls into question whether the public comments were fully considered, as is required by…
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New SF HELP loan product for small businesses provides model for California
SF EXAMINER
The state needs to find ways to help low-income communities during the COVID-19 crisis
Read MoreIf you are a member of the media and would like to speak with an expert from CRC or receive our press releases, please contact press@calreinvest.org. phone: 415-864-3980.