The multibillion-dollar amendment builds on First Citizens’ existing Community Benefits Plan. LOS ANGELES, Nov. 14, 2023 — Rise Economy, formerly the California Reinvestment Coalition, announced today that it has negotiated an agreement with First Citizens Bank to bolster investments in California communities by way of a $6.5 billion…
Continue Reading →
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…
Continue Reading →
It was another busy year for CRC. In 2022, CRC and its allies negotiated more than $80 billion in Community Benefits Agreements (CBA) for California, passed AB 1837, the Homes in Community Hands Act, equipped dozens of mid- and senior-level employees with racial and economic justice advocacy skills, and…
Continue Reading →
A poor lending track record to Black and Latine/x borrowers, hundreds of loans made to predatory corporate landlords, and a lack of adequate scrutiny were among the issues CRC along with dozens of other nonprofits and community-based organizations brought to the attention of federal banking regulators Thursday, July 14…
Continue Reading →CRC submitted the following letter to the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve to announce its formal opposition to the proposed merger of BMO Financial Corp/BMO Harris Bank, N.A. and BancWest Holding Inc./Bank of the West. Download the full…
Continue Reading →In November of 2021, the California Reinvestment Coalition officially opposed the proposed merger of U.S. Bank and Union Bank, which had been announced two months earlier. There has been a whirl of activity from CRC since. Take a look at the timeline below to recap more than six months…
Continue Reading →Mergers may be good for corporations, but they’re rarely good for economic stability and financial equity for consumers — especially for Black, Indigenous and People of Color (BIPOC) and low to moderate-income (LMI) communities. That was the message delivered on Tuesday, March 8 by members of dozens of nonprofits,…
Continue Reading →
Low- to moderate-income communities and communities of color are adversely impacted when banks merge. That’s why when Minneapolis-based U.S. Bank agreed to acquire Union Bank in September 2021, CRC and 66 of its members and allies in California opposed the merger based on potential branch closures and staff layoffs,…
Continue Reading →After a busy bank merger season in 2021, the pace continues in 2022. In addition to engaging on megabank mergers, we hope to restart meetings with banks that are not going through mergers. Check out what’s happening below and reach out to find out how to get involved. U.S….
Continue Reading →
Sebastian Astrada, Director, Applications Federal Reserve Bank of San Francisco 101 Market Street, San Francisco, CA 94105-1579 Re: Supplemental comments from California community groups concerning the applications by TriCo Bancshares and Tri Counties Bank to acquire Valley Republic Bancorp and Valley Republic Bank Dear Applications Manager Astrada…
Continue Reading →
The Bank Rundown: November 2023
Rise Economy Announces Additional $6.5B Commitment…
Rise Economy Recognizes Star Advocates, Community …
Photos: 2023 Southern California Equitable Futures…
Rise Economy Applauds CFPB’s $25.9M Fine on Citiba…
Rise Economy Responds to Bank Regulators’ Final CR…
What’s So Special About Special Purpose Credit Pro…
The Bank Rundown: October 2023
Celebrating 46 Years of the Community Reinvestment…
Significant Moments from 37 Years of Rise Economy