New Report Finds Californians Exposed to Larger, Longer Triple-Digit Interest Predatory Loans

SAN FRANCISCO, October 18, 2018 – Everything that is wrong with a high-cost loan is only made worse when the loan is larger and longer. Yet, California and 11 other states place no numerical cap at all on the annual percentage rate (APR) for a $10,000 five-year non-bank installment…

Wall Street and Big Banks Set to Win Big from Proposed Rollback of Redlining Law

SAN FRANCISCO, August 29, 2018 – Yesterday, the Office of the Comptroller of the Currency (OCC), which regulates all national banks, announced efforts to alter the Community Reinvestment Act (CRA) in a way that could threaten tens of billions of dollars invested in low- and moderate-income communities in California….

Confirmation of Kathy Kraninger for CFPB Director More of the Same from Pro-Wall Street Trump Administration

SAN FRANCISCO, August 24, 2018 – Kathy Kraninger has indicated that she intends to continue Mick Mulvaney’s anti-consumer pro-Wall Street policies. Under Mulvaney’s watch, the CFPB has moved steadily away from its mission, dropping crucial cases against companies with abusive predatory practices. The American public needs to be deeply…

CRC Issues ‘Guide for Banks’ Calling for Removal of Account Barriers for Immigrants as Bank of America Verifies Customer Citizenship

SAN FRANCISCO, August 24, 2018 – Today, the California Reinvestment Coalition (CRC) released a guide for banks on how to better serve immigrant communities. In the wake of allegations that Bank of America and other financial institutions are asking immigrants to verify their citizenship status, and closing accounts of people who have not verified…

Are Banks Targeting Immigrants?

SAN FRANCISCO, August 1, 2018 – Recent reports allege that Bank of America and possibly other financial institutions have taken steps to close bank accounts belonging to non-citizens, as well as requested information about customers that has resulted in the closure of accounts belonging to immigrants.

“The practice of targeting…

Banks Targeting Immigrants? We Need Your Help.

SAN FRANCISCO, July 31, 2018 – We are hearing concerns that Bank of America and other financial institutions have taken steps to close bank accounts belonging to non-citizens, as well as requesting information about customers resulting in the closure of accounts belonging to immigrants.

Debt Practices Across the Country Create Downward Spirals for Low-Income Communities and Communities of Color

SAN FRANCISCO, June 27, 2018 – New Report from Four-State Collaborative Reveals Economic, Racial, and Other Bias in Debt Collection Practices Across the Country Today, a four-state collaborative of nonprofits working to create an inclusive economy released a report outlining the ways in which

Banks and Wall Street Fuel Displacement in Oakland, Community Groups Identify First Republic Bank as Worst Offender

SAN FRANCISCO, June 11, 2018 – Banks and Wall Street are all playing a role in exacerbating Oakland’s displacement crisis, as a new report from the California Reinvestment Coalition (CRC) and the Anti-Eviction Mapping Project (AEMP) shows. Disrupting Displacement Financing in Oakland and Beyond uses public

Statement on Firing of CRC Executive Director Paulina Gonzalez from the Consumer Advisory Board of the CFPB

SAN FRANCISCO, June 7, 2018 – In a statement released today, Paulina Gonzalez, Executive Director of the California Reinvestment Coalition said: Today, in a move that signals the continuing attempts by Acting Director Mick Mulvaney to destroy the Consumer Financial Protection Bureau (CFPB) from within,

Acting Director Mulvaney Fires Members of Advisory Boards of Consumer Financial Protection Bureau, Endangering Financial Well-Being of American Families

WASHINGTON, June 6, 2018 – Today marked another in a series of unilateral moves that signal the destruction from within of the Consumer Financial Protection Bureau. The Bureau informed Consumer Advisory Board (CAB) members and members of two other