As Supreme Court Decides Fate of CFPB and the U.S. Financial Regulatory System, over 100 Community Groups Still Await Answers: Only 15% of Bank CEOs Respond to Questions Posed on CFPB and Other Critical Values
October 3, 2023 San Francisco: Today the Supreme Court will hear oral arguments in the case, Consumer Financial Protection Bureau v. Consumer Financial Services Association of America (CFPB v CFSA), in which payday lenders are challenging the constitutionality of the Consumer Financial Protection Bureau’s (CFPB’s) funding structure. The outcome…
Read More
Banc of California and Rise Economy Announce $4.1 Billion Community Benefits Plan
SANTA ANA, Calif. / SAN FRANCISCO, Calif.— Rise Economy, formerly the California Reinvestment Coalition, and Banc of California, N.A. (“Banc of California”), a wholly-owned subsidiary of Banc of California, Inc. (NYSE: BANC) announced today a $4.1 billion, three-year Community Benefits Plan (the “Plan”). Banc of California and Rise Economy…
Read More
Rise Economy to host Equitable Futures Awards in Los Angeles
Grady B. Hedgespeth, Assemblymember Isaac Bryan and the Esperanza Community Housing Corporation to be recognized at annual fall event. LOS ANGELES, Sept. 29, 2023 — Rise Economy, formerly the California Reinvestment Coalition (CRC), will continue its annual tradition of celebrating the people and organizations that are making a…
Read More
Rise Economy Resilience Fund Cohort Member Earns CDFI Status from US Department of Treasury
For Immediate Release Media Contact Brian M. Maxey, 510-813-7552 bmaxey@rise-economy.org With Sonoma-based Creser Capital Fund’s CDFI certification, Rise Economy furthers its mission of launching the next generation of BIPOC-led CDFIs. SAN FRANCISCO, Sept. 14, 2023 — Loan seekers in Sonoma County will have more options for services…
Read More
Rise Economy and 100 Organizations Urge Bank CEOs to Make Good on Anti-Discrimination, Racial Wealth Gap Closing Comments
For Immediate Release Sept. 7, 2023 Media Contact: Brian M. Maxey bmaxey@rise-economy.org, 510-813-7552 ‘We are urging CEOs of major banking institutions to explicitly state their positions on these crucial issues and to reform their lobbying and litigation tactics’ SAN FRANCISCO – Rise Economy, formerly the California Reinvestment…
Read More
The Bank Rundown: August 2023
“Rise Economy was eager to meet with JPMorgan Chase even before it acquired the failed First Republic Bank. Now, we can barely contain ourselves.” By Kevin Stein, Chief of Legal and Strategy Banc of CA proposes to more than triple its size in acquiring Pacific Western Bank Banc…
Read More
NorCal, SoCal convenings bring Rise Economy members together
Rise Economy’s Action and Advocacy Colloquium series facilitated in-person strategizing and connecting among members By Madison D’Ornellas, Digital Communications Associate Every day up and down California, Rise Economy members are helping shape their communities. Twice this month — first in Oakland on Wednesday, Aug. 9 and then in Los…
Read More
New Rise Economy Report Shows How Banks Used PPP Funds to Finance the Oil and Gas Industry, Collect Millions in Fees
FOR IMMEDIATE RELEASE Media Contact Brian Maxey, bmaxey@rise-economy.org, 510-813-7552 Money trail shows banks financed climate change with funds meant for vulnerable small businesses; Small Tri Counties Bank identified as top PPP lender to oil and gas operations in California; Chase and Well Fargo identified as top national lenders….
Read More
2 Added to Rise Economy’s Board of Directors
Rise Economy, formerly the California Reinvestment Coalition, added Jillian Spindle and Hermán Barahona to its Board of Directors. Their three-year terms began in June. Spindle will serve as the board treasurer, replacing William Pavao, who retired from the board earlier this year. Spindle serves as the Chief Operating Officer…
Read More
Experts explain what a state-specific Community Reinvestment Act means for California
Rise Economy facilitated a conversation with CRA champions on what it takes to move legislation to the finish line By Madison D’Ornellas, Digital Communications Associate Rise Economy on Wednesday brought together fellow economic and housing justice advocates to discuss the pathways toward a California-specific, stronger Community Reinvestment Act (CRA),…
Read More
The Bank Rundown: July 2023
“It’s good to know how the banks and certain politicians really feel about closing racial wealth gaps, fighting lending discrimination and supporting small businesses.” By Kevin Stein, Chief of Legal and Strategy Bank of America – Recent Meeting and CFPB Enforcement Action Someday your children will ask you where…
Read More
Rise Economy Comments on the CFPB on its 12th anniversary
On this day in 2011, the Consumer Financial Protection Bureau (CFPB) was founded. And for 12 years, the Bureau has been committed to fighting for financial protection, equity and billions in relief for Black, Indigenous and People of Color (BIPOC) and Low-to-Moderate Income (LMI) communities. In 12 years, the…
Read More