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...Read moreRead More
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…
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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...Read moreRead More
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…
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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…
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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...Read moreRead More
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...Read moreRead More
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...Read moreRead More
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...Read moreRead More
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...Read moreRead More
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…
Read More 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…
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