Staff Perspective Paper on FTC’s Strictly Business Forum
FTC.GOV
The Federal Trade Commission (“FTC” or “Commission”) has broad jurisdiction under the FTC Act and other laws to stop deceptive, unfair, and other unlawful practices by small business financing providers and their marketers, servicers, and collectors.
Read More
CFPB forced to complete small-business lending rule
AMERICAN BANKER
After dragging its feet, the agency has agreed to a court-supervised process for writing a Dodd-Frank-mandated rule aimed at stamping out discrimination.
Read More
Reveal Reporter Shares Redlining Investigations with Congress
REVEAL NEWS
The nonprofit California Reinvestment Coalition conducts an annual survey of counselors certified by the U.S. Department of Housing and Urban Development who help consumers with loan modifications. In 2010, the counselors rated OneWest the worst offender in California for failing to offer workarounds in the state. Two years…
Read More
Regulators aren’t only ones at odds over CRA reform
AMERICAN BANKER
Paulina Gonzalez-Brito, of the California Reinvestment Coalition, said the proposal would do “serious harm” to the organization’s constituents. “We will not sit back and allow this to happen without calling it out for what is — a deregulatory scheme designed to help the largest and most powerful corporations…
Read More
Can California’s mini-CFPB pick up slack left by federal agency?
AMERICAN BANKER
An effort by California to create a powerful state consumer protection bureau could have a significant impact on banks, debt collectors and other financial firms as Gov. Gavin Newsom seeks to fight against the Trump administration’s regulatory rollback.
Read More
Regulators’ powerful incentive to fast-track CRA reform
AMERICAN BANKER
Many community groups are already mobilizing against the proposal, which they say would undermine the intent of the law meant to help ensure banks provide loans and services to disadvantaged consumers in areas in which they operate.
Read More
What’s the Fed’s next move on CRA reform?
AMERICAN BANKER
The proposal by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was hailed by many in the industry, but observers say the absence of consensus among the three agencies could complicate compliance, lead to lopsided community investment and even lead to regulatory…
Read More
By staying on sidelines, the Fed is protecting CRA
AMERICAN BANKER
At the same time President Donald Trump faces impeachment, his banking regulators at the Office of the Comptroller of the Currency are leading a deregulation plan that will benefit Wall Street banks, but do irreparable harm to low-income and minority communities nationwide.
Read More
Community Advocates Break Down Proposed Changes to Community Reinvestment Act Regs
NEXT CITY
“The rules seem to do nothing to address the concerns we and others have raised about multi-family financing that is leading to the displacement of low-income people,” says Kevin Stein , deputy director at the California Reinvestment Coalition.
Read More
Let’s Stop Wall Street Predators From Banking on Displacement
TRUTHOUT
Following the foreclosure crisis after the 2008 housing bust, Wall Street speculators bought up foreclosed properties, seeing an opportunity to make big profits off the suffering of others. Private equity firms like the Blackstone Group and Barrack’s Colony Capital purchased tens of thousands of foreclosed properties that had been…
Read More
Spectrum LA talks to CRC and others on Payday Abuses
SPECTRUM NEWS LA
Spectrum News LA’s InFocus talks to CRC’s Vijay Das in Los Angeles regarding payday scams and what can be done in Sacramento and Washington about it.
Read More
To Address Displacement in Your Community, Start by Asking, “Who’s Financing It?”
SHELTERFORCE
Instead of funding speculators and displacement, we believe banks can and should play a positive role in our region’s housing crisis, especially in light of their obligations under the Community Reinvestment Act. Working with our allies and members, we developed an Anti-Displacement Code of Conduct. This set of principles…
Read MoreIf you are a member of the media and would like to speak with an expert from CRC or receive our press releases, please contact press@calreinvest.org. phone: 415-864-3980.