CRC Statement on CFPB Rollback of Payday Loan Rules

SAN FRANCISCO, Feb. 6, 2019 – In a disappointing and troubling announcement today, the Trump-appointed director of the CFPB announced a rollback of a commonsense rule that required payday and car-title lenders to consider a borrower’s ability-to-repay before making high-interest loans. The ability-to-repay provision was a key safeguard to…

California Advocates Celebrate Victory that Results in Bank of America, JPMorgan Chase, and Wells Fargo Providing Free ATM Access to Public Benefit Recipients

SAN FRANCISCO, Feb. 6, 2019 – A coalition of California community groups and social service providers today announced that Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Wells Fargo (NYSE:WFC) will now provide free ATM access nationwide to low-income families who receive safety net benefits via state-issued…

CRC Statement on Joseph Otting Appointment as Acting Director of FHFA

SAN FRANCISCO, Dec. 21, 2018 – Trump today named Office of the Comptroller of the Currency Comptroller Joseph Otting as acting director of the Federal Housing Finance Agency (FHFA). Like finding a lump of coal in your stocking, this latest “gift” from the Trump administration punishes working families who…

Silicon Valley Community Foundation, Community Bank of the Bay and California Reinvestment Coalition Announce Collaboration to Address Bay Area Gentrification and Displacement

SAN FRANCISCO, MOUNTAIN VIEW, OAKLAND, Dec. 6, 2018 –Silicon Valley Community Foundation (SVCF), Community Bank of the Bay (CBB) and the California Reinvestment Coalition (CRC) announced today a unique collaboration to help curb commercial lending that displaces local tenants, homeowners, small businesses, and community institutions in the Bay…

California Community Groups Resist Trump-Appointee’s Rollback of Regulations Put in Place to Stop Redlining and Discrimination

SAN FRANCISCO, Nov. 21, 2018 – California community organizations, organized by the California Reinvestment Coalition (CRC), called on Trump appointee Joseph Otting, who heads the Office of the Comptroller of the Currency, to withdraw proposed changes to enforcement of the federal Community Reinvestment Act (CRA). Passed in 1977 as…

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…