Press Releases
Joint Commitment Between Community Organizations and Rabobank to Assure Access to Banking Services to California Communities
Coachella Valley, CA, March 6, 2019 – California nonprofits Lift To Rise and the California Reinvestment Coalition (CRC), together with Rabobank, N.A. (Rabobank), are pleased to announce a joint effort to assure banking opportunities in California communities. The Organizations and Rabobank are working together to identify and implement industry-leading…
Read MoreCRC to FDIC: It’s Not Hip to be Square
SAN FRANCISCO, Feb. 25, 2019 – A letter sent to the Federal Deposit Insurance Corporation (FDIC) by 37 community-based organizations charges that granting fintech credit card processing company Square a bank charter as an Industrial Loan Company would undermine the Community Reinvestment Act, allow Square to preempt local regulations,…
Read MoreTrump Policies Push Immigrants Into Poverty; U.S. Banks and Corporate Policies Create Barriers to Economic Security
SAN FRANCISCO, Feb. 13, 2019 – Despite a strong belief in the American Dream, immigrants regularly face discrimination by banks and confront other barriers to accessing financial resources, according to a study released today by the California Reinvestment Coalition (CRC). In “Here to Stay: Promoting Financial Security and Economic…
Read MoreCRC 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…
Read MoreCalifornia 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…
Read MoreCRC 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…
Read MoreSilicon 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…
Read MoreCalifornia 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…
Read MoreNew 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…
Read MoreWall 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….
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