Lawsuit Paused After OCC Moves To Fully Rescind Disastrous 2020 CRA Rule Changes
Today, the Office of the Comptroller of the Currency (OCC) proposed to fully rescind its 2020 Community Reinvestment Act (CRA) rule, revert to previous rules and then work on new rules jointly with the two other agencies that enforce the law, the Federal Reserve Board and the Federal Deposit…
Read MoreCalifornia Reinvestment Coalition and The San Francisco Foundation Join with California Banks to Broaden Black- and Brown-led Community Lending Programs
Fourteen major banks and funds seed $4 million fund to increase small business ownership, micro-entrepreneurship, and affordable housing in communities of color. SAN FRANCISCO — The California Reinvestment Coalition (CRC) and The San Francisco Foundation today announced a new initiative that pools grant funding from a collaborative of…
Read MoreCRC Applauds Biden Administration Announcement Proposing to Rescind Trump-era Rule Gutting Anti-Redlining Rules
CRC comments on the Biden Administration’s announcement that it will propose to rescind a Trump-era rule that rolled back essential anti-redlining protections, a welcome next move for a Trump-era rule that was unlawful and would have disastrous consequences for marginalized communities.
Read MoreCRC Selected for $50k Award to Invest in Contract Workers, Small Business Owners of Color Hardest Hit by COVID-19
FOR IMMEDIATE RELEASE SAN FRANCISCO — The California Reinvestment Coalition will receive $50,000 in funding to assist minority entrepreneurs and 1099 workers as they recover from the COVID-19 pandemic. The grant, awarded by Kaiser Permanente, the nation’s largest integrated, nonprofit health system and NALCAB – the National Association…
Read MoreAssembly Votes to Guarantee All Californians Free Basic Banking Services
The California State Assembly approved landmark legislation that would guarantee all Californians access to basic banking services without fees or penalties. The California Public Banking Option Act, AB 1177 (BankCal), addresses the inequities in financial services acutely felt by communities that have been hardest hit by pandemic and recession:…
Read MoreCRC, The Greenlining Institute and Silicon Valley Bank Announce $11 Billion Community Benefits Plan
California Reinvestment Coalition, The Greenlining Institute and Silicon Valley Bank (SVB) announced today the creation of an $11 billion, five-year Community Benefits Plan (CBP) as part of SVB’s acquisition of Boston Private Bank. The acquisition was announced in January 2021 and is expected to close in mid-2021, subject to…
Read MoreCRC Statement on OCC’s Reconsideration of Harmful CRA Rule
The California Reinvestment Coalition’s Executive Director, Paulina Gonzalez-Brito, issued a statement on the Office of the Comptroller of the Currency’s (OCC) announcement that it would reconsider its 2020 Community Reinvestment Act rule.
Read MoreAssembly Committee Votes to Close Racial Wealth and Financial Access Gap, Approves BankCal, the California Public Banking Option Act
Nearly 200 racial and economic justice groups, faith-based organizations, businesses, and labor unions on Thursday, April 29 celebrated the Assembly Banking and Finance Committee’s approval of the California Public Banking Option Act, AB 1177 (Santiago), also known as BankCal.
Read MorePNC Bank, NCRC Announce $88 Billion Community Investment Commitment
CRC joins PNC Bank and the National Community Reinvestment Coalition in announcing the creation of a four-year, $88 billion community benefits plan that will increase financial resources to low- and moderate-income people and communities across the bank’s entire national footprint.
Read MoreCalifornia Lawmakers Announce First-in-the-Nation Universal Banking Services Access Program
A coalition of lawmakers and financial services advocates joined to announce landmark legislation that would offer a zero-cost, zero-penalty bank account to all Californians known as the California Public Banking Option Act (AB 1177), or BankCal.
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