When federal regulators sold failed First Republic Bank to JPMorgan Chase earlier this month without conditions, they took extraordinary measures to protect wealthy depositors but neglected the needs of vulnerable California communities. Overnight, customers of California-based First Republic became customers of JPMorgan Chase, the nation’s largest bank that currently…
Continue Reading →Contact: Brian M. Maxey, bmaxey@calreinvest.org 510-813-7552 The finalized rule increases transparency, addresses inequities in lending to BIPOC and women-owned small businesses. LOS ANGELES, March 30, 2023 — In a move years in the making, the Consumer Financial Protection Bureau (CFPB) announced today that it has issued a finalized rule…
Continue Reading →For Immediate Release Contact: Brian M. Maxey, bmaxey@calreinvest.org With support from 20,000-person petition, CRC asks feds to honor existing community benefits agreement, protect affordable housing projects SAN FRANCISCO, March 24, 2023 — The California Reinvestment Coalition today delivered a petition signed by more than 20,000 people urging the…
Continue Reading →LOS ANGELES, March 23, 2023 – The California Reinvestment Coalition responded today to news that the Second Circuit Court of Appeals unanimously declared the funding structure of the Consumer Financial Protection Bureau (CFPB) is constitutional. “We’re glad to see the Second Circuit Court of Appeals affirm what we believed…
Continue Reading →For Immediate Release Contact: Brian M. Maxey, 510-813-7552 New report explores how California Reinvestment Coalition’s Resilience Fund program empowered BIPOC-led community development financial institutions to expand their reach. LOS ANGELES, March 21, 2023 — The California Reinvestment Coalition (CRC) enabled 11 California-based developing and existing Community Development Financial…
Continue Reading →Greater regulatory scrutiny and a focus on community commitments are needed amid the collapses of Silicon Valley and Signature banks. SAN FRANCISCO – In wake of the recent failures of Silicon Valley Bank (SVB) and Signature Bank, the California Reinvestment Coalition on Monday called on federal and state…
Continue Reading →SAN FRANCISCO – California Reinvestment Coalition CEO Paulina Gonzalez-Brito offered the following statement Friday after it was announced that federal regulators had assumed control of Silicon Valley Bank (SVB), after depositors and many of the bank’s backers pulled out when its stock began to tank earlier this week. “The…
Continue Reading →LOS ANGELES – In response to today’s Supreme Court decision to hear a case in which the Fifth U.S. Circuit Court of Appeals’ ruling attacked the funding mechanism of the Consumer Financial Protection Bureau, California Reinvestment Coalition (CRC) CEO Paulina Gonzalez-Brito offered the following comment: “We’ve long understood Wall…
Continue Reading →Feb. 7, 2023 Climate change financing, displacement mortgages, CFPB attacks and racial lending disparities are key reasons groups urge FDIC to ‘deny this merger application’ SAN FRANCISCO – The California Reinvestment Coalition (CRC) announced today that it has—alongside more than 50 national, state and local community, civil rights,…
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CRC accepted 15 nonprofit leaders to its 2023 Racial and Economic Justice Cohort, which officially kicked off Thursday. The highly-interactive, six-month program helps equip senior and mid-senior leaders with the skills to help their organizations undue the unequal distribution of wealth in California, and address the power structures that…
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