National Payday Rule a Critical Step towards Protecting Consumers
San Francisco, CA– June 2, 2016– Today, the Consumer Financial Protection Bureau unveiled a proposal for a new federal rule on payday and car title lending that has the potential to protect consumers from prolonged cycles of debt, and save California residents millions of dollars if changes are made…
Read MoreSB 1150 Passes Senate Hurdle After Dramatic Turnaround
BILL HELPS WIDOWED SPOUSES AND CHILDREN KEEP THEIR FAMILY HOMES June 1, 2016 Sacramento– Senate Bill 1150, a bill to protect widows, widowers and other heirs from unnecessary foreclosures, passed a key hurdle today when it was voted out of the Senate on a vote that was not without…
Read MoreStudy Finds Car Title Loans Lead to Car Repossession for 1 in 5 Borrowers
California Reinvestment Coalition Director of Community Engagement Liana Molina released the following statement in response to a new report by the Consumer Financial Protection Bureau finding that car title loans don’t work as advertised for the majority of borrowers, with one in five borrowers having their cars repossessed by…
Read MoreCalifornia Reinvestment Coalition Denounces OCC’s Approval of CIT Group’s “New” CRA Plan
Community Group Says OCC’s Approval Contradicts Goals of the CRA San Francisco, CA- May 12, 2016—Today, the California Reinvestment Coalition (CRC) strongly criticized a decision by the Office of the Comptroller of the Currency (OCC) to approve a “new” Community Reinvestment Plan by CIT Group which is substantially the…
Read MoreReport Uncovers Hidden Bank Costs for Online Payday Loan Customers
In response to a new report from the Consumer Financial Protection Bureau about bank fees faced by payday loan borrowers, Liana Molina, director of community engagement at the California Reinvestment Coalition, released this statement: “This new report shows that the sky is the limit for costs faced by payday…
Read MoreNew Data Reveals: CIT Group’s Financial Freedom is Responsible for Nearly 40% of HECM Reverse Mortgage Foreclosures (More Than Twice its Estimated Share of the Market) Since April 2009
California Reinvestment Coalition Calls for Moratorium on Reverse Mortgage Foreclosures by CIT Group April 27, 2016- San Francisco: Earlier today, the California Reinvestment Coalition called on the Department of Housing and Urban Development (HUD) to impose a moratorium on any additional reverse mortgage foreclosures by CIT Group and its…
Read MoreFHFA’s New Principal Reduction Policy: Way Too Little, Way Too Late
FHFA’S NEW POLICY REPRESENTS ONGOING LOST OPPORTUNITY TO HELP AMERICAN FAMILIES KEEP THEIR HOMES. Responding to news from FHFA about the agency’s new principal reduction policy, Kevin Stein, associate director at CRC released this statement: “Today’s announcement by FHFA that principal reduction loan modifications will be available on a…
Read MoreCRC Comments on Goldman Sachs and US Dept. of Justice Settlement
$30 MILLION IN RELIEF PROMISED TO CALIFORNIA COMMUNITIES BUT STRUCTURE OF SETTLEMENT COULD BE IMPROVED In response to a newly announced settlement between the US Dept. of Justice and Goldman Sachs, Kevin Stein, associate director at CRC, issued the following statement: “This settlement includes provisions that can be positive…
Read MoreCalifornia Reinvestment Coalition Negotiates $8 Billion Community Benefit and Reinvestment Plan with BBCN and Wilshire Banks
LOS ANGELES COMMUNITIES WILL BENEFIT FROM BANK’S NEW COMMITMENT APRIL 6, 2016-Los Angeles— The California Reinvestment Coalition announced today they have negotiated a Community Reinvestment Plan with BBCN and Wilshire banks as part of their merger, providing $8.1 billion of loans, investments and financial services in historically marginalized communities…
Read MoreCalifornia Community Leaders Respond to CIT Group’s New Commercial Business Focus
Communities evaluating strategic plan and weighing options to weigh in with regulators on implementation of plan as bank seeks approvals Los Angeles- March 23, 2016— After a year-long merger process marked by staunch opposition from over 100 community groups, CIT Group announced a new strategic plan today focusing more…
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