Press Releases

California Reinvestment Coalition Negotiates $4 Billion Community Investment Plan with Cathay Bank

California Reinvestment Coalition Negotiates $4 Billion Community Investment Plan with Cathay Bank BANK’S NEW COMMITMENT WILL BENEFIT 11 COUNTIES ACROSS CALIFORNIA November 1, 2016—The California Reinvestment Coalition announced today they have negotiated a Community Reinvestment Plan with Cathay Bank (“Cathay Bank”), as part of Cathay General Bancorp, its bank…

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CRC Responds to Wells Fargo CEO Resigning

Responding to news that Wells Fargo’s CEO, John Stumpf resigned earlier today, Paulina Gonzalez, executive director of the California Reinvestment Coalition released this statement: “Wells Fargo needs to restore the faith of consumers in the American banking system. This stems not only from the latest CFPB enforcement action related…

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In Response to State Hearing, Coalition Offers 3 Steps California Can Take To Create Accountability For Wells Fargo Fake Accounts

3 SUGGESTIONS: AG INVESTIGATION, LINKED BANKING PROGRAM, AND SUPPORTING SHAREHOLDER RESOLUTIONS Calabasas, CA, October 11, 2016— In response to a hearing held today in Calabasas by the California Assembly Banking and Finance Committee, Paulina Gonzalez, executive director of the California Reinvestment Coalition, a nonprofit, state-wide coalition released this statement:…

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San Francisco Resolution Directs City To Cut Business Ties With Wells Fargo After Fraudulent Accounts

San Francisco, CA, October 18, 2016— San Francisco Supervisor John Avalos announced a new resolution today, directing the City and County of San Francisco to cut business ties with Wells Fargo Bank. The resolution is being introduced in response to Wells Fargo entering into repeated settlements for practices that…

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California Reinvestment Coalition Proud of New Law to Protect Californians from “Widow Foreclosures”

SB 1150 WILL PROTECT HOMEOWNERS FROM NEEDLESS FORECLOSURES San Francisco, CA- September 29– The California Reinvestment Coalition is pleased to announce that earlier today, Governor Brown signed SB 1150 (Leno, Galgiani) to protect widows, widowers, and other heirs from unnecessary foreclosures. Senate Bill 1150, the Homeowner Survivor Bill of…

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Community Organizations From Across The Country Urge Bank Regulators to Conduct Review of Sales Practices at All Banks

REGULATOR REVIEW WOULD IDENTIFY AND PREVENT MORE PROBLEMS THEREBY SAFEGUARDING ACCOUNT HOLDERS San Francisco, CA, Sept. 28—Earlier today, a group of consumer advocacy organizations and financial justice leaders called on federal bank regulators to conduct a thorough review to determine whether or not the practices disclosed in the recent…

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California Leaders Urge Gov. Brown To Act After He Ends Insurer Community Investment Tax Credit

INSURERS SHOULD BE REQUIRED TO REINVEST PORTION OF THE $250 BILLION IN PREMIUMS COLLECTED FROM CA RESIDENTS Sacramento, CA- Sept. 15— Earlier this week, Governor Jerry Brown vetoed Assembly Bill 2728 (Atkins, DSan Diego) which would have re-authorized a state tax credit that incentivized insurance companies to reinvest premiums…

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LA County Board of Supervisors Passes Unanimous Motion Supporting Strong Federal Rules to Protect Consumers from High-Cost, Predatory Loans

MOTION URGES CFPB TO END “DEBT TRAP” CONSUMERS GET CAUGHT IN Los Angeles, CA-Sept. 14—Yesterday, the Los Angeles County Board of Supervisors unanimously approved a motion supporting the Consumer Financial Protection Bureau implementing strong federal rules to prevent predatory lending practices by payday, car title, and high cost installment…

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Chair Of LA County Board of Supervisors Hilda L. Solis Announces Support For Strong Federal Rules For Payday Loans

NEW CFPB RULES ARE A UNIQUE OPPORTUNITY TO STOP THE “DEBT TRAP” September 8th- Los Angeles, CA—Today, the Chair of the Los Angeles County Board of Supervisors, Hilda L. Solis, will join LA community leaders at a press conference to announce a Los Angeles County motion in support of…

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California Senate Approves Protections for Widowed Homeowner: Next Stop: Governor Brown

San Francisco, CA August 24, 2016- Earlier today, California’s Senate approved Senate Bill 1150, legislation designed to protect widows, widowers, and other heirs from unnecessary foreclosures. Senate Bill 1150 (Leno, Galgiani), the Homeowner Survivor Bill of Rights (SBOR), was approved by the Senate with 23 votes for it. The…

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