In response to a new report released by the US Dept. of Treasury earlier today, Paulina Gonzalez, executive
director of the California Reinvestment Coalition, released this statement:
“This new report reads like a wish list from the banking industry. We can’t think of a worse messenger for
recommendations about loosening bank rules than Treasury Secretary Mnuchin who personally made hundreds
of millions of dollars foreclosing on Main Street Americans because of loose bank rules.
His bank, OneWest, also had one of the worst community reinvestment records of all the banks that CRC
analyzes in California, which raises questions about his motivation in “reforming” the Community Reinvestment
Act. Is he interested in reforming it to help communities, or to help the industry do even less?
The report recycles industry talking points to recommend weakening the Consumer Financial Protection Bureau,
which represents a U-Turn from campaign promises about “sticking up for the little guy.”