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Rise Economy Testifies on Proposed Capital One-Discover Merger

On Friday, Rise Economy and advocates from across the country voiced concerns about the potential negative impact of Capital One's proposed acquisition of Discover during a public meeting held by bank regulatory agencies. Just days earlier, Capital One announced a Community Benefit Agreement that lacks clear benefits for the public and fails to address several...
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Supreme Court’s Chevron doctrine decision favors corporations, undermines regulatory oversight

In response to the Supreme Court’s recent rulings in Loper Bright Enterprises v. Raimondo and Relentless v. Department of Commerce, which effectively overturns the Chevron doctrine, Rise Economy Chief Executive Officer Paulina Gonzalez-Brito issued the following statement: “Federal rules and enforcement activities protect the rights, opportunities and quality of life of consumers, homeowners, residents, small...
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Rise Economy, Community Groups Call Out Banking Industry

More than 55 advocacy groups demand bank CEOs address discrepancies in statements against discriminatory practices and lobbying actions Led by Rise Economy, an alliance of more than 55 community, civil rights, and climate advocacy groups united to send a letter to bank CEOs, urging them to address the discrepancies between their public statements and the...
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Rise Economy, Supporters Submit Comments to Bank Regulators on Bank Merger Reform

Rise Economy, alongside 21 California-based nonprofit and advocacy organizations, submitted comments to bank regulators on Friday, June 14, regarding the bank merger process. About the merger, Rise Economy Chief of Legal and Strategy Kevin Stein said, "California community groups are tired of bank mergers that result in lost jobs, closed branches, less investment, higher fees,...
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Rise Economy Sends Letter to Bank CEOs Calling for End to Harmful Lobbying

Rise Economy on June 25 submitted the following letter to more than 40 Chief Executive Officers urging them to end harmful lobbying and litigation practices. This is the seconfd such letter from Rise Economy. Last fall, the organization sent a letter asking 44 bank CEO to reaffirm public comments in support of social and racial...
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Photo Essay: The High cost of bank branch closures

A well-worn and frayed couch sits alone in an overgrown lot, a few feet away from a fallen chain-link fence. In the background, is a large and vacant house. In a nearby neighborhood, a homeless population builds a community in front of a Bank of America building. These scenes have become all too common in...
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Rise Economy Unveils 2023 Impact Report

Highlights from the nonprofit organization's first impact report include $10 billion in Community Benefits Agreements and $4.5 million distributed to BIPOC-Led CDFIs. Media Contact: Brian M. Maxey bmaxey@rise-economy.org, 510-813-7552 LOS ANGELES, June 11, 2024 – Rise Economy, formerly known as the California Reinvestment Coalition, proudly announces today the release of its 2023 Impact Report, which...
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It’s clear: Transparency wins

After a years-long fight, SB 1201 moves forward to the California State Assembly By Madison D'Ornellas, Communications Specialist In early April, then mid-April, and then finally in late-May our coalition held our breath during each senate committee vote as Rise Economy and bill cosponsors Public Advocates watched the LLC Transparency Act (SB 1201) fly over...
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California Coalition applauds Supreme Court decision in favor of the consumer protection agency; decries ongoing industry attacks on consumer protection, civil rights, climate justice

In response to the Supreme Court’s decision in the case of CFPB v CFSA, Rise Economy CEO Paulina Gonzalez-Brito and Chief of Legal and Strategy Kevin Stein issued the following statement on behalf of Rise Economy and its 300 plus member organizations: “We are gratified to see the Supreme Court make the reasoned and only...
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California Coalition Applauds Rare, Failing Reinvestment Grade for City National Bank (CNB): Rise Economy says CNB and its Royal Bank of Canada (RBC) parent are bad for California communities due to redlining and fossil fuel finance practices

In response to the recent release by the Office of the Comptroller of the Currency (OCC) of an extremely rare “Needs to Improve” reinvestment rating for City National Bank, Rise Economy CEO Paulina Gonzalez-Brito issued the following statement: “We are pleased to see the OCC, the national bank regulator, finally use the Community Reinvestment Act...
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Rise Economy to Host Inaugural Action and Advocacy Conference

This dynamic event will see social justice groups, activists, advocates, policymakers and community leaders gather for an inspiring two-day experience. LOS ANGELES, April 25, 2024  — Rise Economy, a leading statewide economic, housing and racial justice nonprofit organization, is proud to announce it will host its first-ever conference, the Action and Advocacy Conference, on Nov....
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Rise Economy and Members Meet with Federal Officials to Discuss Needs, Concerns

The series of meetings were part of NCRC’s annual virtual Advocacy Week. Rise Economy and dozens of representatives from its member organizations met with elected officials and representatives from federal financial regulatory agencies this week to discuss current legislation as well as several pressing topics ranging from Bank Merger Act reform to CRA modernizations.  The...
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Rise Economy, Members Take to Capital for Lobby Day

The day of action and advocacy saw Rise Economy meet with elected officials on housing, banking and accountability campaigns.  Rise Economy and members took to the state's capital Wednesday for a day of action and advocacy.  It has been several years since Rise Economy last organized an in-person Lobby Day. Still, the staff and the...
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The Bank Rundown: March 2024

"The WaFdl/Luther Burbank merger should not have been approved, and certainly not without significant conditions." By Kevin Stein, Chief of Legal and Strategy Sorry (insert bank name), I almost did not see you there hiding behind the ABA In recent months, banking trade groups have harmfully turned to litigation and lobbying in an attempt to...
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Rise Economy Applauds CFPB’s credit card late fee rule

In response to the Consumer Financial Protection Bureau’s (CFPB) finalized rule cutting excessive credit card late fees by closing a loophole exploited by large card issuers, Rise Economy Chief Executive Officer Paulina Gonzalez-Brito today released the following statement. “We applaud the CFPB for putting working families first by limiting the amount of late fees charged…
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Rise Economy, Advocates Voice Support for CalAccount

CalAccount Blue Ribbon Commission hears from communities from across the state. Organized labor leaders and consumer financial advocates from across the state voiced their support for equitable banking services and systemic reforms this week during a series of public hearings put on by the CalAccount Blue Ribbon Commission.  The public hearings, held in Fresno, Oakland...
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SB 1201 Introduced to Support Greater Transparency, Justice for Californians 

Sacramento, Calif.— Senator María Elena Durazo (D-Los Angeles) introduced SB 1201, the Limited Liability Corporation (LLC) Owner Transparency Act, to require the owners of businesses held in LLCs and similar corporate entities to disclose their names. This information is key to enforcing a wide range of existing laws designed to protect Californians, ranging from worker…
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Rise Economy Issues Statement on Bank Lobbyists Lawsuit

The press release from the American Bankers Association, U.S. Chamber of Commerce, Independent Community Bankers of America and other trade groups, on behalf of their banking and corporate members, announced a lawsuit challenging newly enacted Community Reinvestment Act rules that would result in increased support for affordable housing and small businesses in low-income communities. In…
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The Bank Rundown: January 2024

“If you are not at the table, you are on the menu.” By Kevin Stein, Chief of Legal and Strategy Who says Community Benefits commitments are just for big banks? CVCB creates a strong climate for community banks to serve their communities Rise Economy was pleased to end 2023 with a novel Community Benefits Commitment...
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Rise Economy Responds to the Release of the CFPB’s New  Overdraft Rule Proposal

In response to the new overdraft rule released today by the Consumer Financial Protection Bureau (CFPB), which aims to restore balance between American families and big financial institutions and prevent consumers from losing money due to overdraft fees, Rise Economy Chief Executive Officer Paulina Gonzalez-Brito released the following statement:  “Overdraft fees disproportionately impact vulnerable consumers,…
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Rise Economy Responds to Gov. Newsom’s Proposed 2024 Budget

BIPOC, LMI Communities set to bear the brunt of deep cuts to climate change, affordable housing programs. SAN FRANCISCO — In response to California Gov. Gavin Newsom’s 2024 proposed budget announcement Wednesday, Rise Economy Chief Executive Officer Paulina Gonzalez-Brito released the following statement:  While acknowledging the challenges posed by California’s potential $37.9 billion deficit, we...
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Joining the Call for an Immediate and Permanent Ceasefire in Gaza

Rise Economy’s work is built on decades of solidarity between Jewish, Black, Asian and Brown communities, including Muslim Americans. Together we have picketed in anger, protested to ensure the voices of our community are heard, taken on financial institutions for redlining, sued the federal government, and demanded equity and change from bank regulators. We have…
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Rise Economy and Central Valley Community Bancorp Announce Comprehensive Community Benefits Commitment

LOS ANGELES, Jan 4, 2024 – Rise Economy (formerly the California Reinvestment Coalition) and Central Valley Community Bancorp (the Company), the parent company of Central Valley Community Bank (CVCB), announced today a comprehensive community benefit commitment that aims to foster economic vitality through targeted initiatives that include the support of affordable housing in Central California…
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Embracing Resilience: A Journey of Innovation, Unity and Empowerment

Lessons learned from a one-of-a-kind pilot program. By Yehwroe S. Martyn, Program Director, Resilience Loan Fund Our two-year pilot program, the Resilience Fund, recently wrapped up. And while the conclusion of this one-of-a-kind program is bittersweet, I can't help but marvel at how far we've come. As I reflect on this experience, I see a...
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Rise Economy Staff Members Ready to Resist, Reinvest, Rebuild in 2024

'In 2024, we plan to take (our accountability) work to the next level.' By Madison D'Ornellas, Digital Communications Associate From adopting a new brand and name to negotiating more than $10 billion in Community Benefits Agreements (CBAs) for California communities, it was a big year for Rise Economy. Now, with the year drawing to a...
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The Bank Rundown: November 2023

"We are disappointed by this concerning discovery and thankful for the vigilance of the CFPB." By Kevin Stein, Chief of Legal and Strategy A tale of two (failed bank emergency) mergers In a big victory, First Citizens Bank stepped up and committed to fund an additional  $6.5 billion for California and Massachusetts communities after our...
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Rise Economy Announces Additional $6.5B Commitment from First Citizens Bank for Communities

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 amendment to the bank’s existing $16…
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Rise Economy Recognizes Star Advocates, Community Leaders at the 2023 SoCal Equitable Futures Awards

“Thank you very much for suing us. Keep that advocacy going.” By Madison D'Ornellas, Digital Communications Associate Attendees pose for a photo on Thursday, Nov. 2 at Rise Economy's Southern California Equitable Futures Awards. More than 150 people gathered beneath the beautiful evening sky of Downtown Los Angeles on Thursday, Nov. 2 for Rise Economy’s...
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Photos: 2023 Southern California Equitable Futures Awards

Rise Economy on Thursday,  Nov. 2 hosted nearly 150 people for its Southern California Equitable Futures Awards at Far Bar in Downtown Los Angeles. The event, the first to be held under the name Rise Economy, recognizes the individuals and organizations that are working to create a more equitable future for all Californians. This year’s…
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Rise Economy Applauds CFPB’s $25.9M Fine on Citibank for Discrimination

In response to the Consumer Financial Protection Bureau’s (CFPB) decision on Tuesday to fine Citi $25.9 million for “intentionally and illegally discriminating against credit card applicants the bank identified as Armenian American,” Rise Economy Chief Executive Officer Paulina Gonzalez-Brito released the following statement: “We commend the CFPB for taking decisive action in response to its…
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Rise Economy Responds to Bank Regulators’ Final CRA Rule

Years in the making, community groups call the joint Community Reinvestment Act Rules a ‘lost opportunity to close racial wealth gaps, while acknowledging reinvestment advancements’  SAN FRANCISCO, Oct. 24, 2023 — After a lengthy multi-year review process and a lawsuit led by Democracy Forward on behalf of Rise Economy (formerly the California Reinvestment Coalition) and...
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What’s So Special About Special Purpose Credit Programs?

Lessons Learned from Special Purpose Credit Program Negotiations By Doni Tadesse and Kevin Stein, Southern California Organizer and Chief of Legal and Strategy In the wake of the murder of George Floyd, many American corporations made pronouncements and commitments to racial justice and many Americans engaged in soul-searching regarding police brutality, anti-Black violence and ongoing...
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The Bank Rundown: October 2023

"It’s one or the other. You cannot have it both ways. Communities deserve better." By Kevin Stein, Chief of Legal and Strategy What would happen if 100 CBOs wrote a letter to over 40 bank CEOs? Rise Economy Advocacy By the Numbers In September, alongside 100 of our closest nonprofit organizational friends, we sent a...
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Celebrating 46 Years of the Community Reinvestment Act

A landmark civil rights law that established a pathway to stability, wealth-building  for communities of color, but still needs improvements By Paulina Gonzalez-Brito, Chief Executive Officer Today, we celebrate 46 years of the enactment of the Community Reinvestment Act (CRA), a pivotal piece of legislation enacted to address banking marginalization and discriminatory lending practices. Considered...
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Significant Moments from 37 Years of Rise Economy

For our birthday, we’re sharing some of the significant events and actions that shaped our organization For 37 years Rise Economy, formerly the California Reinvestment Coalition, has worked to combat generations of economic inequities and racial injustices by holding financial institutions accountable for harms and challenging systems of oppression. Founded on Oct. 11, 1986, as...
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Get to know the 2023 Southern California EFA Honorees

Rise Economy has recognized community leaders and organizations across California that have made a positive impact in their local communities with service awards for more than two decades. This year, we will recognize three stellar leaders — an affordable housing leader out of South Central Los Angeles, a small business lending expert and advocate, and…
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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 of this case will have tremendous…
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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 leaders worked collaboratively to develop the…
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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 positive impact in California communities on…
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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 now that Creser Capital Fund (CCF)…
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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 Coalition, alongside 100 national, state and…
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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 of California would grow to over…
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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 Angeles on Wednesday, Aug. 16 —…
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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.   LOS ANGELES, Aug. 2, 2023…
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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 at the Mission Economic Development Agency,…
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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), and how states on the east…
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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 you were when we held our…
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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 CFPB has worked to ensure transparency…
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The new generation of CDFIs is ready for success

After their first year as members of Rise Economy’s inaugural Resilience Fund Program, participants reflect on their struggles and successes during the program By Madison D'Ornellas, Digital Communications Associate Rise Economy’s inaugural Resilience Fund cohort has placed itself at the forefront of programs working to build a new crop of BIPOC-led Community Development Financial Institutions...
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Juneteenth: A reminder of the progress made and the challenges that persist

San Francisco City Hall lit up for Juneteenth. Photo credit: Adobe Stock   By Doni Tadesse and Aliyah Shaheed, Southern California and Northern California Organizers Today we celebrate and reflect.  We celebrate the resilience, strength and triumph of Black folks in the face of profound adversity. We reflect on the progress we have made as...
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The Bank Rundown: June 2023

“As recent bank failures expose bank management and regulatory failures, we would do well to revisit the lessons of Glass Steagall.” By Kevin Stein, Chief of Legal and Strategy   JPMorgan Chase acquires First Republic Bank First Republic Bank became the third bank to fail in the last few months. The Federal Deposit Insurance Corporation…
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How Climate Disasters, Housing Discrimination and the Banking Industry are Intrinsically Linked

The San Francisco skyline against a backdrop of smoke and haze from wildfires. Photo credit: Adobe Stock By Jamie Buell, Research Analyst News outlets and social media have recently been flooded with headlines in recent weeks about New York City having the worst air quality in the world due to smoke from unprecedented Canadian wildfires…
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Introducing Rise Economy

Get to know our new name and new look By Brian M. Maxey, Chief of Communications If you’re familiar with our work, then you might notice things look a bit different. Today, we’re launching our new name and visual identity, complete with a new logo and redesigned website. California Reinvestment Coalition is now Rise Economy….
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California Reinvestment Coalition Announces Rebrand as Rise Economy

Media Contact Brian Maxey, bmaxey@rise-economy.org, 510-813-7552 The statewide economic, housing and racial justice nonprofit unveils new visual identity as part of strategic alignment.     LOS ANGELES,  June 12, 2023 — Fit to meet the moment with its bold, modern and innovative new identity, the California Reinvestment Coalition (CRC) today unveiled its new name, Rise Economy,…
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Researchers, climate advocates inform discuss local climate organizing and banking climate accountability

A discussion hosted by CRC touched on how each sector of climate resiliency—policy, research and local organizing— can work together to liberate disadvantaged communities from the inequitable effects of climate change.   CRC on Thursday hosted a virtual panel discussion that brought climate justice advocates together to discuss the impacts of climate change on California…
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Longtime CRC Board Member Clarence Williams Dies

Clarence Williams, a highly-regarded thought leader in the field of economic development and community development finance in Northern California, passed away on Monday, May, 8. He was 75. Clarence was one of CRC’s longest-tenured board members prior to his retirement in January after serving more than 30 years. “Clarence’s dedication to promoting racial and economic…
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Photos: 2023 Northern California Equitable Futures Awards

CRC on Thursday, April 27 hosted nearly 150 people for its Northern California Equitable Futures Awards at Oeste Bar in Oakland. The second-annual event recognizes community heroes, resiliency builders, and difference-makers who have impacted the lives of people in Northern California. This year’s honorees included CEO of Visionary Home Builders of California Carol J. Ornelas…
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CRC celebrates difference-makers, star advocates in Northern California

The California Reinvestment Coalition’s 2023 Equitable Futures Awards two-event series started off with a bang Thursday, April 27 in Oakland.  Nearly 150 CRC members, allies, banking industry representatives and elected officials gathered under an eastbay sunset and string lights to celebrate two incredible advocates and one outstanding people-first organization that have set the building blocks…
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LLC Owner Transparency bill clears Senate policy committees

After making it through two legislative committees, SB 594 heads to the Senate Appropriations for crucial vote.  Californian tenants and workers are another step closer to critical protections from abuses by large corporations that hide behind the current limited liability company (LLC) structure after lawmakers voted to pass SB 594, the LLC Owner Transparency Act. …
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Meet The 2023 Northern California Equitable Futures Awards Honorees

CRC has recognized community leaders and organizations across California that have made a positive impact in their local communities with service awards for more than two decades. This year, we will recognize three stellar leaders—an advocate for quality affordable housing in the Central Valley, the director of the Consumer Financial Protection Bureau, and The People’s…
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CRC Members share concerns and discuss next steps after Silicon Valley Bank, Signature Bank closures

CRC on Friday convened a virtual town hall meeting to address some of the most pressing questions and discuss how the current economic landscape affects its members’ programs and advocacy projects in the wake of the collapses of Silicon Valley Bank (SVB) and Signature Bank. Last weekend, federal regulators assumed control of SVB and then…
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On Repeat: What we’re listening to this Women’s History Month

This Women’s History Month, we’re reflecting on the likes of Dolores Huerta and Angela Davis whose invaluable contributions to organizing improved the lives of working-class People of Color. We’re remembering Sasheen Littlefeather, Shirley Chisholm and Marsha P. Johnson, who were unwavering in the face of discrimination and white supremacy. And as we uplift, celebrate and…
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CRC Elects New Board Chair, Welcomes 2 New Members

The California Reinvestment Coalition is pleased to announce that Chancela Al-Mansour, Executive Director of the Housing Rights Center, has been elected chair of its Board of Directors. Her three-year term began on Jan. 25.  Al-Mansour has served on the board as a trustee for more than two decades. She succeeds Sharon Kinlaw, who retired from…
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CRC Staff Suggest Essential Reading for Black History Month

In honor of Black History Month, we asked CRC Staff to share recommendations for books written by Black authors that have inspired, motivated and moved them to become better allies and advocates for equity. Whether it’s a children’s book, a novel or a memoir, each of these books is told through the lens of Black…
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CRC Staff Reflect on 2022

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 administered $4 million in grants to…
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Racial And Economic Justice Cohort Spotlight: Monica Joe

CRC has a brief conversation with Monica Joe, a member of CRC’s second Racial and Economic Justice Cohort. The cohort creates a space for relationship building, personal development, and organizational development through a racial justice lens for CRC members. Name and organization: Monica Joe, Senior Racial Equity & Inclusion Program Manager, Non-Profit Housing Association of…
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Al-Mansour, California Public Banking Alliance, SEIU and Assemblymember Santiago honored for commitment to economic equality

CRC members, activists, bankers, organizers and supporters packed Lokels Only Cafe in Los Angeles on Thursday, Nov. 3 for CRC’s Southern California Equitable Futures Awards celebration. After a two-year hiatus, the event returned — with a new name — to honor Chancela Al-Mansour, the California Public Banking Alliance, the SEIU California State Council, and Asm….
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Photos: 2022 Southern CaliforniaEquitable Futures Awards

Nearly 150 people attended CRC’s Southern California Equitable Futures Awards on Thursday, November 3 at Lokels Only Cafe in Los Angeles. The event was created to recognize Southern California’s community heroes, resiliency builders, and difference-makers. The California Public Banking Alliance, the SEIU California State Council, Assemblymember Miguel Santiago (D-53), and Chancela Al-Mansour, Executive Director of the…
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CRC Celebrates California difference-makers, community leaders at inaugural NorCal Equitable Futures Awards

Oakland, Calif. — More than 100 CRC members, bankers and allies gathered Thursday, Sept. 22 to celebrate the unwavering work by Northern California communities and recognize the critical work of resiliency-builders. The Equitable Futures Awards, formerly known as the Community Heroes Awards, was the first such in-person celebration for CRC since the pandemic forced the…
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Get to know the 2022 Equitable Futures Awards Honorees

An attorney who has represented California’s low-wage and agricultural workers against powerful agri-business actors despite political consequences. A collaboration of tenants’ unions that staged a successful rent strike against one of San Francisco’s most powerful corporate landlords. A nonprofit alliance that partnered with a California legislator to establish a new retail banking option for unbanked…
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Gonzalez-Brito leads discussion on the power of CDFIs

Paulina Gonzalez-Brito, CRC Chief Executive Officer, led a panel Thursday that brought together several Latine/x leaders of existing and emerging mission-driven financial organizations for a discussion on the importance of Community Development Financial Institutions in California communities. The panel discussion titled, “The Power of CDFIs,” was part of the Latino Community Foundation’s second-annual El Poder…
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CRC Co-hosts Interagency Forum on Rural Broadband Access

The California Reinvestment Coalition, the Federal Reserve Bank of San Francisco, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and representatives from state agencies, community groups, US Bank and Citizen’s Business Bank held a virtual forum Tuesday to discuss the realities rural Black, Indigenous and People of Color…
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CRC, Community Groups Voice Opposition to the Proposed BMO Harris-Bank of the West Merger at Public Hearing

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 during a virtual joint public hearing…
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California Needs a State CRA for a More Fair, Equitable Financial System

California Governor Gavin Newsom recently announced a historic $100 billion budget surplus and signed a $300 billion budget into law. At the same time, researchers published a detailed report on the widening racial wealth gap in the U.S., highlighting how wealth concentration and “the recent role of capital gains,” made during the early pandemic market…
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CRC Meets with regulators, policymakers for Advocacy Week

The California Reinvestment Coalition and several of its member organizations met with elected officials and representatives from financial regulatory agencies last week as part of the National Community Reinvestment Coalition’s 2022 Just Economy Conference Advocacy Week. Each year, CRC convenes a California delegation to meet with DC-based regulators and policymakers. This year, CRC met with…
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Juneteenth, a solemn remembrance and expression of Black joy

For just the second time ever on Monday, this country will celebrate Juneteenth as a national holiday. On this day, we recognize the strength and resilience of Black communities and acknowledge the continued struggle for liberation. Juneteenth is now a federal holiday, but it has been celebrated among Black communities for more than a century….
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Finding “Just”: NCRC’s 2022 Just Economy Conference was a hub for old and new ideas on creating change

This week, the California Reinvestment Coalition, along with about 1,000 National Community Reinvestment Coalition members, staff and allies, attended the 2022 Just Economy Conference in Washington, D.C. After two years of virtual strategizing and mobilizing, NCRC members got to network and exchange ideas in person at the two-day event. The conference featured essential elements of…
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Q&A: Cryptocurrency 101 with CRC Promotora

Combat banking discrimination. Reduce financial disparities. Push the need for broadband access.  Opportunities like this can come with learning more about how we can utilize and track the movement of cryptocurrency, a decentralized, deregulated form of investing in, buying and selling online currency.  Don’t worry, we’ve done the seemingly hard work of getting to know…
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CRC, 20 Groups File Letter Opposing Proposed BMO Harris-Bank of the West Merger

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 letter → Read CRC’s statement on…
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CRC Presents at Fair Housing Conference

CRC Research Analyst Jamie Buell on Wednesday presented at the Fair Housing Council of Riverside County’s 2022 Housing Conference: Housing Solutions Post Pandemic. The conference brought together policymakers, Realtors, nonprofits, financial lenders and government officials to tackle California’s pressing housing market issues, including using data-driven market analysis and current fair housing trends to come up…
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CRC Executive Director Testifies in Support of Financial Institution Evaluation Bill

SB 1176 establishes a requirement that would enable the DFPI to evaluate the mortgage lending of financial institutions, creating greater equity in the financial industry. California Reinvestment Coalition Executive Director Paulina Gonzalez-Brito testified before the California Senate Budget and Fiscal Review Committee on Wednesday in support of SB 1176, a bill that would bring greater…
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Timeline: U.S. Bank-Union Bank Merger Events

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 of activity.

CRC, Community Members Express Opposition for U.S. Bank Merger at Public Hearing

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, real estate agents and community-based organizations…
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Map: Current U.S. Bank and Union Bank Branches in Los Angeles County

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, mortgage lending disparities, overdraft consumer fees,…
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The Bank Rundown – February 2022

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. Bank wants to Buy Union Bank:…
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CRC Welcomes New Organizers to its Staff

The California Reinvestment Coalition is pleased to announce that it has hired Doni Tadesse as its new Southern California Organizer and Aliyah Shaheed as its new Northern California Organizer. Tadesse comes to CRC after working as a capacity builder with the Los Angeles LGBT Center where he trained and developed professionals and organizations providing care…
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We can never forget Jan. 6, 2021

An attack on American democracy unfolded before the eyes of the entire world on Jan. 6, 2021. The violent storming of the Capitol that day was a shameful attempt to overturn the 2020 election results. It was a brutal and sobering reminder that white supremacy can go unchecked in our country. One year later, we…
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Connecting Community to Resources

A second-generation promotora, Delmis Lorenzo is carrying on a family tradition   Delmis Lorenzo has spent much of her adult life supporting members of her Los Angeles community. Her community-oriented career has taken her through roles working with asthmatic patients in clinical settings, as a Spanish translator with the First 5 program in South Central…
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CRC Files Letter Opposing U.S. Bank-Union Bank Merger

Download the full letter → Read the press release →   Jerome Powell, Chairman Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W. Washington, D.C. 20551     Michael Hsu, Acting Comptroller Office of the Comptroller of the Currency 400 7th St SW, Washington, DC 20219     Re: The California Reinvestment…
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Promotora Program Meets Families Where They Are

Now a year old, CRC’s Economic Equity Promotora Program sets its sights on improving access to the banking system for marginalized communities   For some Californians living in rural, low income or communities of color, just the act of opening a bank account might seem like a task fraught with daunting and embarrassing roadblocks —…
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CRC, The Greenlining Institute File Joint Letter Opposing Tri Counties Bank’s Application to Acquire Valley Republic Bank

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 and Senior Analyst Deringer,  We respectfully…
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Alan Fisher, CRC Founding Director and Economic Justice Titan Dies

Alan Fisher, founding director of the California Reinvestment Coalition, died Thursday, Sept. 16 surrounded by family, following a hard-fought battle with cancer. In the world of housing and economic justice, Alan was a titan who advocated for working-class families, communities of color, and small-business owners. “The world seems a little sadder today than it did…
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CRC Members, Advocates Show Up in Support of Corporate landlord transparency bill

  The Senate Judiciary Committee on Tuesday, July 13 took up AB889, a CRC co-sponsored bill that would hold corporate landlords accountable for habitability issues and would also provide important data for creating housing policy by requiring disclosure of the actual owners of property rather than the name of an LLC. “Working families in my…
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Racial And Economic Justice Cohort Spotlight: Marisabel Torres

CRC has a brief conversation with Marisabel Torres, a member of our recently launched Racial and Economic Justice Cohort. The cohort creates a space for relationship building, personal development, and organizational development through a racial justice lens for CRC members. Name and organization: Marisabel Torres, Director of California Policy, Center for Responsible Lending. What does…
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Racial And Economic Justice Cohort Spotlight: Shashi Hanuman

CRC has a brief conversation with Shashi Hanuman, a member of our recently launched Racial and Economic Justice Cohort. The cohort creates a space for relationship building, personal development, and organizational development through a racial justice lens for CRC members. Name and organization: Shashi Hanuman, Directing Attorney, Community Development Project, Public Counsel. What does showing…
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Racial and Economic Justice Cohort Spotlight: Crissy Vo-Khuong

CRC has a brief conversation with Crissy Vo-Khuong, a member of our recently launched Racial and Economic Justice Cohort. The cohort creates a space for relationship building, personal development, and organizational development through a racial justice lens for CRC members. Name and Organization:  Crissy Vo-Khuong, Equity Impact Specialist at Capital Impact Partners. What does showing…
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Black to the Future: Carrying Black History Forward

Growing up, I remember hearing tales of my grandfather Leo’s fight to maintain ownership of the land that had been in our family for generations. In my hometown in North Carolina, he was the first Black man to own property in the city limits. He often faced overt acts of racism and aggression while working…
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CRC, Small Business Advocates Call on State to Address Equity and Access Issues of COVID-19 Relief Grant Program

California Reinvestment Coalition and seven Los Angeles-based small business advocate organizations urged the State to consider implementing recommendations that would prioritize equity, accessibility, transparency, and accountability around the California Small Business COVID-19 Grant Relief Program, which opened applications for business owners on Feb. 2. Business owners of colors, and those who operate small businesses in…
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CRC Meets with Likely Comptroller of the Currency Appointee Michael Barr

As part of a series of transition team meetings, CRC and some of its members last month met with Michael Barr, who is likely to be nominated to lead the Office of the Comptroller of the Currency (OCC). If confirmed, Barr will succeed Brian Brooks, who has led the agency in an acting role since…
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We Can’t Bank on Wall Street to be Transparent, A Public Sedition Audit is Needed

Don’t be fooled by the hollow statements of the past few weeks. In the days after the Jan. 6 violent attempted coup on the nation’s Capitol, Wall Street’s calls to “end the violence” and its oblivious and cliched claim that our country is somehow “better than this” rang even more hollow than usual. Wall Street…
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The Bank Rundown – January 2021

In this month’s Bank Rundown, we look at a potential merger between the United State’s 11th largest bank by total assets and the 39th largest; a California loan company’s bid to become a bank; and more. CIT Bank being bought by First Citizens Bank of North Carolina In November, First Citizens Bank, a bank with…
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Celebrating 20 Years of Kevin Stein

by Paulina Gonzalez-Brito Today marks the 20th anniversary of Kevin Stein’s tenure at the California Reinvestment Coalition. All of us at CRC congratulate and thank Kevin for his many years of service to CRC and the communities CRC and our members serve. I’ve had the pleasure of getting to know Kevin over the past six…
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CRC, NCRC and CIT Announce Historic Community Benefits Agreement

By Paulina Gonzalez-Brito, Executive Director CRC When we fight we win! It’s been five years since we stood outside of the Federal Reserve building in Los Angeles protesting the OneWest/CIT merger as the banking regulators held a hearing inside. I still remember that day like it was yesterday; some of our members who stood with…
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A (White) National Disgrace

  This past April I was walking down Valencia Street in the Mission District of San Francisco, commonly known as La Mission, a historically Latino community, the home of Carnaval, low riders, and generations of Latino families. La Mission is my adopted work home – I am a newcomer to the community, having just arrived…
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Striving for Deeper Immigrant Financial Inclusion

Guest Blog Post: Karla Guerra Co-Chair and Lead Organizer of CRC’s Here to Stay Initiative Hardly a week goes by without a major news story related to the Federal government targeting and hurting immigrant households. In an era with heightened xenophobia and overt racism, we are observing deteriorating human rights conditions at the southern border…
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Why Are Immigrant Youth Not Banked?

  As co-chair of CRC’s Here to Stay Campaign and an avid advocate for immigrant youth financial access, I believe that immigrant youth have the capability to become financially stable and build their assets if, and only if, they are given the support they need through efficient systems and products. If we aspire for a…
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CRC Welcomes New Team Members!

CRC works closely with our members and allies to build an inclusive and fair economy that meets the needs of communities of color and low-income communities throughout California. At possibly no time in recent history, has there been a greater need for our coalition to work together to ensure that banks and other corporations invest equitably in…
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We Need Retirement Systems and Public Benefit Programs that don’t Exclude Immigrants

By Symone Jackson Immediately following the 2016 election, immigrant rights advocacy groups like the California Reinvestment Coalition (CRC) began hearing complaints from people who expressed fears about facing discrimination, and in some cases, deportation, due to an increasingly hostile, anti-immigrant political climate. In response, CRC launched the Here to Stay Campaign and assembled a Steering…
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Public Charge: A Proposed Rule with a Cruel Choice for All Immigrant Families

  Immigrants are at the core of our communities. They are our friends, family members, neighbors, and partners. They are us. All immigrants make valuable contributions to our communities every day but much of the rhetoric coming from the Trump administration criminalizes immigrant communities and fails to respect their contributions. “Public Charge” is a term…
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Why Immigrant Access to Capital Benefits Us All

dev/Mission graduate at LinkedIn headquarters sponsored by Latino Community Foundation, Google, Microsoft Silicon Valley, and Mission Housing (Photo: dev/Mission) “When I considered launching dev/Mission, a non-profit focused on building tech talents in underserved communities, I had to set my savings aside to launch it because I could not get traditional financing. The lack of capital investment for immigrant communities…
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Why Safe Financing for Small Businesses Matters

Rodnia Attiq is the owner of El Borrego Restaurant in City Heights, a low- to moderate-income neighborhood in San Diego and one of the focus areas of the city capital partnership.

Oakland’s Displacement Crisis: Why Communities Deserve an Anti-Displacement Code of Conduct

Serial evictor landlords do not operate alone. By accessing funding from banks and other lenders, they are able to purchase property, and in turn, evict renters.

Fines and Fees Reform is the Next Frontier in Social Justice

With every penny accounted for, Marissa and her husband sat in my office with detailed budgets to figure out how they could pay her medical bills.

Bank Lobbyist Act makes it easier for banks to discriminate in lending

Banks are rolling in it these days; between record profits in 2017 and the windfall from the December Republican-backed tax cuts, banks have rebounded from 2008’s financial meltdown,

Immigrant Experience Inspires Latino Leaders To Meet Current Challenges

As the Senate takes up the debate on an immigration bill — and the White House ramps up deportation efforts and looks to punish immigrant families from using social services to which they are legally entitled