Chase, Wells, BofA to waive ATM fees for public-benefits recipients
AMERICAN BANKER
Three of the largest banks in the U.S. are now waiving ATM fees for many public-benefits recipients, according to a coalition of consumer advocates in California. Bank of America, JPMorgan Chase and Wells Fargo will eliminate ATM fees for Californians who receive benefits via state-issued electronic benefits transfer…
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What Do Hipsters And Banks Have In Common? Gentrification
FORBES
As usual in this series, The Money Story Behind the Story — follow the money, and you’ll get the full story. That’s precisely what Kevin Stein from The California Reinvestment Coalition has done in the report “Anti-Displacement Code of Conduct: How Banks, Private Equity and Wall Street Can Stop Contributing to…
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Steve Mnuchin’s reign of destruction: From Wall Street to Trump’s treasury
SALON
Armed with data on OneWest’s foreclosure and banking practices, advocacy groups like the California Reinvestment Coalition (CRC) turned a typically dry, procedural hearing into an indictment of the bank’s record. Sandra Jolley and other reverse mortgage victims were among those who testified against the merger, citing OneWest’s ownership of…
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Cheat sheet: Hopes and hang-ups on CRA reform
AMERICAN BANKER
“A primary goal of CRA was to stop neighborhood level lending discrimination that was not targeted at individual borrowers, but that denied credit to whole communities,” they said in the letter. “The purpose of the CRA was to increase access to credit for communities historically marginalized by the financial…
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The Revolving Door and the Assault on Community Reinvestment
THE AMERICAN PROSPECT
Instead of fulfilling the promise of the CRA, Otting managed OneWest in the opposite direction, according to the California Reinvestment Coalition. Instead of “reinvesting,” Otting oversaw tens of thousands of foreclosures, including 35,000 in California alone.
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Much-Awaited Guidelines Opening the Opportunity Zone Floodgates
NEXT CITY
“We believe the state, in designating these zones, has a responsibility to protect the communities that are already there and make sure they benefit from these zones,” Paulina Gonzalez, executive director of the California Reinvestment Coalition, told Next City earlier this year.
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The Fake Public Comments Supporting a Bank Merger Are Coming from Inside the House
THE INTERCEPT
Comments submitted to a top banking regulator supporting a 2015 merger between OneWest Bank and CIT Bank were attributed to people who never sent them, according to documents obtained under the Freedom of Information Act and reviewed by The Intercept.
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The Thin Red Line
DS NEWS
Homeownership remains the primary way that Americans build wealth and pass it on to the next generation. But predatory lending and abusive mortgage-servicing practices have led to a tremendous loss of wealth among low-income communities and communities of color.
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Bankers vs. Activists: Battle Lines Form Over Low-Income Lending Rules
THE WALL STREET JOURNAL
Afterward, Paulina Gonzalez, the head of the community group leading the charge, approached Mr. Mnuchin seeking a truce that included the bank setting aside billions of dollars more for lower-income communities, under a law called the Community Reinvestment Act, or CRA. “I hope we can figure…
Bank Of America Doing Trump’s Bidding?
TYT: THE DAMAGE REPORT
Why is Bank of America asking for people’s citizenship? John Iadarola interviews Paulina Gonzalez on Bank of America’s treatment of undocumented people on The Damage Report.
Clientes de Bank of America denuncian que les pidieron información sobre su residencia legal
UNIVISION NOTICIAS
Según los testimonios de algunos de los afectados, al no responder a la petición, el banco bloqueó sus cuentas. La entidad asegura que nada ha cambiado y que solo cumplen con la ley.
CashCall stopped making loans, but its founder, targeted by regulators, is still in the business
LA TIMES
“If there is a company that is hiding behind another it raises the question as to why,” said Kevin Stein of the California Reinvestment Coalition. “There is a good chance that the answer is because he, or companies like that, don’t want the public to know.”
If 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.