On the Eve of Expected Treasury Department Proposal to Change Community Reinvestment Act, Report Highlights Need to Strengthen Law
SAN FRANCISCO, Mar. 27, 2018 – The California Reinvestment Coalition (CRC) published a new report, titled Harnessing the Power of Banks: The Community Reinvestment Act and Building an Inclusive Economy. The report highlights the impact of the Community Reinvestment Act (CRA) and its role in encouraging fair
Read MoreCRC Members Raise Concerns That Opportunity Zones Will Facilitate Displacement of Low-Income Communities and Communities of Color
SAN FRANCISCO, Mar. 16, 2018 – CRC recently submitted a letter to Governor Brown to raise concerns that the Opportunity Zone program that was included as part of the 2017 federal tax reform bill will facilitate the displacement of low-income communities and communities of color. More than 30 CRC…
Read MoreFederal Reverse Mortgage Program Results in Widows Losing Their Homes After Death of Spouse
SAN FRANCISCO, Mar. 12, 2018 – New information from the U.S. Department of Housing and Urban Development demonstrates that widows and
widowers are being kicked to the curb after the death of a spouse, due to insufficient guidelines, servicer
discretion, and uneven implementation of a program that was supposed to keep widowed…
Flagstar Commits $600 Million Over 5 Years to Community Investment; Acquires 8 Desert Community Bank Branches in San Bernardino County
SAN BERNARDINO, CA, Feb. 6, 2018 – Michigan-based Flagstar Bank is acquiring Desert Community Bank in California, establishing its footprint in San Bernardino County. As part of this acquisition, Flagstar worked closely with the California Reinvestment Coalition, the Greenlining Institute, and local members to negotiate Community Agreements that meet…
Read MoreL.A County Board of Supervisors Unanimously Approve Motion to Address High-Cost Payday, Car Title and Installment Loans
LOS ANGELES, Dec. 12, 2017 – Today the Los Angeles County Board of Supervisors passed a motion directing staff to develop a comprehensive approach toward protecting consumers from the harmful effects of high-cost loans. Last year, the Supervisors took a unanimous vote to support a proposal by the federal Consumer Financial…
Read MoreCalifornia Reinvestment Coalition Statement on CFPB Leadership Transition
SAN FRANCISCO, Nov. 27, 2017 – In response to the current controversy surrounding the successor to lead the Consumer Financial Protection Bureau (CFPB), Paulina Gonzalez, executive director of the California Reinvestment Coalition, released the following statement:
Read MoreOver 130 Organizations Call on FHFA to Review Policies that Are Fueling Displacement
SAN FRANCISCO, Nov.15, 2017- Earlier today, 136 organizations sent a letter to Mel Watt, the director of the Federal Housing Finance Agency (FHFA), urging him to review and possibly end policies that are enabling the widespread displacement of low income people and people of color. FHFA is currently revising its strategic plan…
Read MoreNew FOIA Response from HUD Reveals 646 Percent Increase in Foreclosures against Seniors in 2016
SAN FRANCISCO, November 15, 2017 —New data from a Freedom of Information Act request,
released today, indicates that there was a 646% increase in foreclosures last year against seniors with federally
insured reverse mortgages as compared to the previous 7 years.
Community and Religious Leaders Urge LA Board of Supervisors to Protect Neighborhoods from Predatory Lenders
SENIORS, WORKING FAMILIES, PEOPLE OF COLOR ARE HARMED BY HIGH-COST LOANS Los Angeles, Nov. 14, 2017– Earlier today, a group of more than 80 concerned religious and community leaders sent a letter to the Los Angeles County Board of Supervisors, urging the board to take action next month to address high-cost payday…
Read MoreCalifornia Reinvestment Coalition Applauds CFPB for New Federal Regulations to Protect Payday Loan Borrowers
SENIORS, COMMUNITIES OF COLOR WILL BENEFIT FROM SAFEGUARDS IN NEW RULE San Francisco, CA, October 5, 2017— In response to new payday loan rules released by the Consumer Financial Protection Bureau today, Paulina Gonzalez, executive director of the California Reinvestment Coalition, released the following statement: “Here in California, seniors were…
Read More