California Reinvestment Coalition Respond to Troubling New Report About Payday Lending in California
CALIFORNIA SENIORS ARE LARGEST GROUP OF BORROWERS CAUGHT IN DEBT TRAP Sacramento, California-July 7, 2017— Yesterday, the California Department of Business Oversight released a new report about payday lending in California which shows that seniors are now the largest group of payday loan borrowers in California, taking out just…
Read MoreCRC Responds to New Treasury Report
In response to a new report released by the US Dept. of Treasury earlier today, Paulina Gonzalez, executive director of the California Reinvestment Coalition, released this statement: “This new report reads like a wish list from the banking industry. We can’t think of a worse messenger for recommendations about…
Read MoreCalifornia Reinvestment Coalition Denounces CA Reps. Who Sided With Wall Street by Voting for the Financial Choice Act
MONEY TALKS AND PREDATORY LENDERS WALK San Francisco, CA, June 8, 2017— Earlier today, the House of Representatives, on an almost party line vote, passed House Resolution 10, the so-called “Financial Choice Act.” All 14 GOP representatives from California voted for this bill. Paulina Gonzalez, executive director of the…
Read More31 Community Organizations Urge Their California Representatives to Vote against Financial Choice Act
BILL COULD LEAD TO MORE BANK BAILOUTS + MORE RECESSIONS San Francisco, CA, June 6th, 2017— Earlier today, 31 California organizations sent a letter to the California congressional delegation, urging them to vote “no” on the Financial Choice Act. The bill, introduced by Representative Jeb Hensarling, would roll back…
Read MoreCalifornia Reinvestment Coalition Responds to Nomination of Joseph Otting for Comptroller of the Currency
Paulina Gonzalez, executive director of the California Reinvestment Coalition, released this statement today: “Mr. Otting’s nomination is another example of this president’s preference for filling key regulatory posts with Wall Street executives and former bankers with problematic track records. We can’t think of a worse choice for this important…
Read MoreOver 20 California Community Groups Oppose PacWest’s 29th Bank Merger
Los Angeles, CA, June 2, 2017— More than 20 California community-based organizations notified bank regulators that they are formerly opposing PacWest’s proposed acquisition of California United Bank. Advocates are raising a long list of concerns about the proposed merger, which would be PacWest’s 29th acquisition in the past 17…
Read MoreBill to Protect California Consumers From Predatory Lending is Held by Assembly Appropriations
Earlier today, Assembly Bill 784 was “held” in the suspense file by the Assembly Appropriations Committee, effectively killing the bill. Liana Molina, director of community engagement at the California Reinvestment Coalition, released this statement: “It was deeply disappointing to see AB 784 (Dababneh) held in suspense today by the…
Read MoreCalifornia Reinvestment Coalition Statement on Wells Fargo Shareholder Resolution
CONTESTED SHAREHOLDER MEETING TAKES PLACE EXACTLY ONE DAY BEFORE DISASTOROUS ‘WALL STREET’ GIVEAWAY BILL IS INTRODUCED BY REP. HENSARLING San Francisco, CA—April 25, 2017– The California Reinvestment Coalition is proud to stand with the Interfaith Center on Corporate Responsibility in sponsoring shareholder resolution #5 at today’s Wells Fargo shareholder…
Read More89 Million Dollar Whistleblower Settlement at Company Formerly Led By Steve Mnuchin and Joseph Otting
ANOTHER EXAMPLE OF ONEWEST BANK CUTTING CORNERS San Francisco, CA May 16, 2017—Earlier today, the US Dept. of Justice announced a $89 million whistleblower settlement with Financial Freedom, a reverse mortgage servicer owned by CIT Group, which is alleged to have fraudulently sought reimbursements from the Federal Housing Administration…
Read MoreAt CFPB’s Small Business Hearing, LA Community Leaders Will Offer Support for Increased Transparency
CFPB CAN HELP IDENTIFY AND ADDRESS DISPARITIES IN SMALL BUSINESS LENDING Los Angeles, CA May 9, 2017—Tomorrow, community leaders will attend and speak at a field hearing held by the Consumer Financial Protection Bureau (CFPB) in Los Angeles focused on small business lending. The hearing is expected to address…
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