CRC, The Greenlining Institute, and Banc of California Announce $1.4 Billion Community Benefits Agreement
SAN FRANCISCO, Oct. 6, 2021 – Banc of California, the California Reinvestment Coalition (CRC), and The Greenlining Institute announced today a $1.4 billion, five-year community benefits agreement that will increase financial resources to low- and moderate-income people and communities throughout California. Under the agreement, Banc of California will institute…
Read MoreGov. Newsom Signs First-in-the-Nation Legislation on Universal Access to Free Banking Services
AB 1177, the California Public Banking Option Act, Initiates Innovative Program to Close the Financial Services Gap that Leaves 1 in 4 Californians Unbanked or Underbanked Sacramento, CA – Labor and community sponsors of the California Public Banking Option Act released the following statement following Gov. Newsom’s historic…
Read MoreCRC Applauds Senate Confirmation of Chopra to CFPB Director
Press Contact: Brian Maxey (559) 286-7705 bmaxey@calreinvest.org or press@calreinvest.org California Reinvestment Coalition (CRC) applauds the U.S. Senate confirmation of Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). Chopra was confirmed 50 to 48 on Sept. 30. CRC Executive Director Paulina Gonzalez-Brito offered the following comment: “We…
Read MoreCRC’s Gonzalez-Brito Speaks at U.S. House Financial Subcommittee Hearing
SAN FRANCISCO – CRC Executive Director Paulina Gonzalez-Brito (they/them/elle) spoke before the U.S. House Financial Committee Subcommittee on Consumer Protection and Financial Institutions on Wednesday, Sept. 29 about the banking system and the negative effects of consolidation and technology on working-class communities and communities of color in a hearing…
Read MoreLawsuit Paused After OCC Moves To Fully Rescind Disastrous 2020 CRA Rule Changes
Today, the Office of the Comptroller of the Currency (OCC) proposed to fully rescind its 2020 Community Reinvestment Act (CRA) rule, revert to previous rules and then work on new rules jointly with the two other agencies that enforce the law, the Federal Reserve Board and the Federal Deposit…
Read MoreCalifornia Reinvestment Coalition and The San Francisco Foundation Join with California Banks to Broaden Black- and Brown-led Community Lending Programs
Fourteen major banks and funds seed $4 million fund to increase small business ownership, micro-entrepreneurship, and affordable housing in communities of color. SAN FRANCISCO — The California Reinvestment Coalition (CRC) and The San Francisco Foundation today announced a new initiative that pools grant funding from a collaborative of…
Read MoreCRC Applauds Biden Administration Announcement Proposing to Rescind Trump-era Rule Gutting Anti-Redlining Rules
CRC comments on the Biden Administration’s announcement that it will propose to rescind a Trump-era rule that rolled back essential anti-redlining protections, a welcome next move for a Trump-era rule that was unlawful and would have disastrous consequences for marginalized communities.
Read MoreCRC Selected for $50k Award to Invest in Contract Workers, Small Business Owners of Color Hardest Hit by COVID-19
FOR IMMEDIATE RELEASE SAN FRANCISCO — The California Reinvestment Coalition will receive $50,000 in funding to assist minority entrepreneurs and 1099 workers as they recover from the COVID-19 pandemic. The grant, awarded by Kaiser Permanente, the nation’s largest integrated, nonprofit health system and NALCAB – the National Association…
Read MoreAssembly Votes to Guarantee All Californians Free Basic Banking Services
The California State Assembly approved landmark legislation that would guarantee all Californians access to basic banking services without fees or penalties. The California Public Banking Option Act, AB 1177 (BankCal), addresses the inequities in financial services acutely felt by communities that have been hardest hit by pandemic and recession:…
Read MoreCRC, The Greenlining Institute and Silicon Valley Bank Announce $11 Billion Community Benefits Plan
California Reinvestment Coalition, The Greenlining Institute and Silicon Valley Bank (SVB) announced today the creation of an $11 billion, five-year Community Benefits Plan (CBP) as part of SVB’s acquisition of Boston Private Bank. The acquisition was announced in January 2021 and is expected to close in mid-2021, subject to…
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