HUD approves settlement with OneWest Bank resolving redlining allegations
LOS ANGELES TIMES
The agreement stems from a complaint the California Reinvestment Coalition filed with HUD, alleging that from 2014 to at least 2017, OneWest’s marketing and origination practices discriminated on the basis of race and national origin. Treasury Secretary Steven T. Mnuchin and Comptroller of the Currency Joseph M. Otting served,…Read More
State bill could allow undocumented workers to claim tax credit
A bill making its way through the state Legislature would allow some undocumented Californians to claim the state’s earned-income tax credit – widely considered an effective anti-poverty program. The bill, AB 1593, Assemblymember Eloise Reyes, could help as many as 1.1 million California workers and children, and it’s cleared…Read More
The Consumer Financial Protection Bureau should not side with payday lenders
If you’re concerned about abusive lending, I encourage you to watch out for the CFPB’s final decision on this rule. Will Director Kraninger listen to borrowers, and implement the “ability to repay” rule? Or will she side with lenders whose profits depend on ensnaring borrowers into unaffordable debt…Read More
Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities
The California Reinvestment Coalition, a coalition of 300 community organizations and small business lenders, filed a federal lawsuit Tuesday against the Consumer Financial Protection Bureau to force the agency to start collecting information on business- and commercial-loan applications made by women- and minority-owned small businesses.Read More
Jack Dorsey’s Square Faces Local Headwinds in Bank Charter Bid
More than 35 community, nonprofit small business and minority advocacy groups raised concerns with the company’s underwriting practices, disclosures and CRA plans in a joint Feb. 19 comment letter to the FDIC.The groups, spearheaded by the California Reinvestment Coalition, said Square should be required to choose 10 to 20 metro…Read More
BankThink: Why is OCC scared of public input?
A recent op-ed in American Banker includes a remarkable complaint, alleging that “certain stakeholders have not contributed positively to the public discussion.” The author, Deputy Comptroller Barry Wides, doesn’t name names, but I believe that this public scolding is directed at my organization, the California Reinvestment Coalition.CRC has…Read More
Are Your Bank Deposits Being Used to Finance Displacement?
Feuss first heard about the anti-displacement effort from the California Reinvestment Coalition’s executive director, Paulina Gonzalez. In partnership with the Anti-Eviction Mapping Project, the coalition published research in 2018 using public data from the Oakland Rent Board to document the extent to which property owners were moving to…Read More
Banks should waive ATM fees for benefit programs
Financial institutions that participate in state-administered EBT programs have a unique opportunity to put more money in the pockets of the nation’s neediest by eliminating surcharge fees on their ATMs.
This is already happening in California, where a coalition of community groups and social service providers — known as…Read More
Wells Fargo stands to make $240 million for its own misconduct
MORTGAGE PROFESSIONAL AMERICA
“First, banks escaped accountability for violations,” Kevin Stein, deputy director for the California Reinvestment Coalition, told American Banker. “Now they are somehow able to profit from them?”
In a development that is drawing ire from consumer groups, Wells Fargo may actually reap a $240 million reward for its…Read More
Community activists oppose Square’s ILC bid
Thirty-seven community groups are jointly asking the Federal Deposit Insurance Corp. to reject Square’s landmark application to become an industrial loan company. The groups, led by the California Reinvestment Coalition, submitted a letter Feb. 19 after the FDIC extended its comment period on Square’s application to form an…Read More
Major banks to waive ATM fees for California EBT cardholders
A coalition of California community groups and social service providers has announced that Bank of America, JPMorgan Chase, and Wells Fargo will now provide free ATM access nationwide to low-income California families who receive benefits via state-issued Electronic Benefits Transfer cards.Read More
Low-income Americans won’t pay ATM fees at these big banks — and it’ll save families millions of dollars
Bank fees can quickly add up and take a bite out of the earnings from your savings or interest-bearing checking account. Fortunately, some of the country’s lowest earners will no longer be charged for withdrawing cash from an out-of-network ATM.Nationwide, consumers with state-issued EBT cards won’t be charged a fee…Read More
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