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...
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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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Grady Hedgespeth

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…

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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…

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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…

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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…

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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…

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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…

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