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Homeowner Bill of Rights Goes into Effect
Called the "strongest homeowner bill of rights in the nation", this law protects homeowners from bank and servicer bad practices, and includes a right to sue a bank for violations. It has already been duplicated in Minnesota and Nevada. -
CFPB: New Mortgage Servicing Standards
CFPB announces new mortgage servicing rules: CRC points out rules are good progress, but could be stronger in preventing dual-tracking, unnecessary foreclosures against widows, tenant protections, blight, and providing translation services for homeowners. -
Wells Fargo Payday Product Exposed by 7 on Your Side
This 7 On Your Side Segment focuses on Wells Fargo and their "Direct Deposit Advance" loan. Annette Smith, a Wells Fargo customer, ended up paying almost $3,000 in fees for renewing a $500 loan over the course of five years. -
Widows: Freddie Mac Releases Updated Rules
Freddie Mac releases rules requiring banks and servicers to work with widows after the death of a spouse. While a good first step, stronger rules, monitoring and enforcement are still needed. -
Widows: Fannie Mae Releases New Guidance
Fannie Mae releases rules requiring servicers to assist widows after the death of a spouse. While a good first step, improvements are needed, including stronger rules and monitoring and enforcement. -
City of Gilroy passes interim moratorium against payday lending
Gilroy City Council unanimously passes an interim ordinance establishing a temporary moratorium on the establishment, expansion and relocation of payday lending and cash checking businesses. Read more at the Coalition Against Pay Day Predators blog -
100 Groups Call on Mtg. Monitor to Improve Settlement
CRC joins with 100 Americans for Financial Reform organizations, calling on National Mortgage Settlement Monitor Joseph Smith to increase transparency in who is receiving relief and to strengthen enforcement of the settlement. Read the full letter here. -
Restraining order against bank (under HBOR) is granted.
Bitker v. Suntrust Mtg is one of the first successful restraining orders granted under HBOR. Read this newletter to learn more about litigation under the Homeowner Bill of Rights. -
Housing Counselor Survey: Ongoing Bank Problems
CRC's 9th Survey of housing counselors finds widespread violations of the Homeowner Bill of Rights and the National Mortgage Settlement. From the San Jose Mercury News:
"Bay Area foreclosures shrinking but bank practices still criticized" -
Payday Lenders Helped in Sacramento
The Senate Banking and Financial Institutions Committee votes to NOT advance SB 515, a bill with consumer safeguards for payday loans, including capping the max. number of loans and extending repayment periods. Read more in the San Jose Mercury News: "Payday lenders win again in the state Legislature -- no new industry curbs on horizon." -
Citibank CRA letter
CRC submits a letter to Citi's regulator, the Office of the Comptroller of the Currency, citing concerns with few principal reduction modifications, tenants in homes where the landlord was foreclosed on, lack of transparency for philanthropic contributions and more. Read the full letter here. -
Protest at Wells Fargo Shareholder Meeting
Representatives from California Reinvestment Coalition, New Economy Project, and Reinvestment Partners travel to Wells Fargo's shareholder meeting in Utah to demand accountability by the bank. Read why organizations are pressing the bank to conduct an independent fair lending audit of the bank's mortgage and foreclosure practices. -
CFPB Payday Lending Report
CFPB releases extensive study of payday lending in the US, using data from 15 million loans generated by storefronts in 33 states. Visit the CFPB's website to see the full-size iconographic breakdown of how these loans can ruin people financially. -
CRC suggests Bank Regs. Improve CRA
Over 52 California orgs. call on FDIC, Federal Reserve, and OCC to improve the Community Reinvestment Act, with a stronger focus on rural areas. -
Bank Payday Loans: 62 CRC members and allies urge OCC and FDIC to protect consumers on bank payday loans
Read CRC's Comments in response to proposed guidance on deposit advance high-cost consumer loans offered by Wells Fargo and US Bank in California. -
CFPB: Don't Pre-Empt State Laws
CRC and 20 other California groups call on the CFPB to NOT pre-empt state laws (like the California Homeowner Bill of Rights) with its mortgage servicing rules. -
Report: End Payday Lending
CRC, Woodstock Institute, Reinvestment Partners, and New Economy Project release report and press federal and state regulators (in CA, IL, NY, NC) to protect consumers from abusive payday loans. Read the report here. -
San Joaquin Valley Ignored by Banks
CRC’s “Rural Report” finds major banks continue neglecting the credit needs of homeowners, consumers, and small businesses in California’s Central Valley. Read the release here. -
CRC comment letter on US Bank CRA Exam
CRC Submits letter to Regulators about US Bank’s CRA exam, cites concerns about deposit advance high interest loan. Read the full letter here. -
70 Housing Counselors Gather at Peer Convening
70 Housing counselors and nonprofit attorneys attend a peer convening co-sponsored by CRC, Neighborworks, Rural Community Assistance Corporation, National CAPACD, and National Council of La Raza. Read more about the convening here. -
28,500 Californians urge Cordray's Confirmation
CRC and Allies deliver over 28,500 petitions calling on Senate to confirm Richard Cordray to CFPB (he is confirmed on July 16). Read why his confirmation is so important here. -
Prepaid cards: Advocates Urge Reforms
CRC, Woodstock Institute in IL, New Economy Project in NY, and Reinvestment Partners in NC ask federal regulators to regulate prepaid cards, citing unclear and burdensome fees, and lack of consumer protections. Read more here. -
Prepaid Cards: Danger for Health Care Reform?
CRC writes Covered California, warns about abusive prepaid cards being peddled to new health care enrollees- Read the letter here. -
HUD: Affirmatively Furthering Fair Housing
HUD releases a proposed rule updating how grantees will be expected to meet the purposes and policies of the Fair Housing Act. To read an in-depth response to this letter, written by the Western Center on Law and Poverty and signed by CRC and other nonprofits, visit here. -
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CA Debt Collection Laws Protect Consumers
Two state laws go into effect to stop abusive debt collection practices. Click here to read a story about State Senator Lou Correa (D-Anaheim), who was told his wages would be garnished after a default judgment on a debt. Senator Correa didn’t know about the debt because he didn’t owe it. According to the article, the mix-up took years for him to clear up the mistake the collection agency made. -
Updated Rules on Widows and Foreclosures
Department of Treasury releases updated guidance on HAMP, including directive to assist widowed homeowners, though stronger rules, monitoring, and enforcement are still needed. -
500 Orgs. Support CA Home and Jobs Act
SB 391, the California Homes and Jobs Act, endorsed by 500 organizations, remains with Assembly Appropriations Committee to be advanced in 2014. -
Wall Street Threatens Redlining in Richmond
CRC members and allies join a “Friends of the Court” brief to raise fair housing concerns after Wall Street threatens to redline Richmond in retribution for eminent domain program designed to assist homeowners. -
Long Beach: No to Payday, Car Title, Check Cashers!
Long Beach City Council unanimously approves ordinance restricting payday and car title lenders and check cashers. -
Celebrate Sacramento Valley!
CRC members and friends gather to celebrate Sacramento Valley Reinvestment. Almost one hundred fill the Firehouse Restaurant in old Sacramento to honor the important work of community heroes.Read more about Celebrate Sacramento at the CRC Blog. -
Sunnyvale: No to Payday Lenders
Sunnyvale City Council enacts restrictions on payday lenders, joining long list of CA cities: Read more in the CA Progress Report. -
25% of Keep Your Home $ Spent
As of 9/30/13, Keep Your Home CA announces it has spent $468,627,246 helping 31,528 homeowners, or about 25% of the $2 billion allocated to help California homeowners. -
Bank Merger Protest
CRC members asks FDIC to hold hearings and not approve PacWest acquisition of CapitalSource until clear CRA commitment is in place. -
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$13 Billion Chase Settlement
Suggestions from 18 California nonprofits on structuring bank settlements to best help homeowners, based on "lessons learned" from past settlements are featured in Businessweek blog: "How Not to Waste the $4 Billion JPMorgan's Going to Give Homeowners" -
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Celebrate Los Angeles Reinvestment
CRC members and friends gather to celebrate Los Angeles Reinvestment. More than one hundred people honor the important work of community heroes at CRC’s thirteenth LA celebration. Paulina Gonzalez is introduced as CRC's new Executive Director, and she recognizes Alan Fisher's work growing CRC. Read about the event and see a photo slideshow on the CRC Blog. -
New CRC Executive Director
Paulina Gonzalez is named CRC’s next executive director effective January 2014. -
Weak CRA revisions
Regulators release weak CRA changes on a Friday afternoon, advocates are concerned that rural areas will continue to be ignored. Read suggestions from 50 California nonprofits on how regulators could make improvements here. -
Payday Lender Scandal
The CFPB announces its first enforcement action against a payday lender, Cash America, International, for making illegal loans to soliders and their families. Cash America is also fined $5 million for shredding records prior to CFPB's visit. $15 million in refunds for customers. -
Fresno: No More Payday Loans
Fresno’s City Council moves forward on legislative process to restrict future payday lender growth. Watch an interview with Andy Levine, Executive Director of Faith in Community, who worked to put payday reform on the City Council's agenda. -
No More Bank Payday Loans
FDIC and OCC announce new restrictions on bank payday loans, many expect banks will exit business instead of complying with new rules. -
LA Sues 3 Banks for Predatory loans
Citing research by ACCE and CRC, Los Angles City Attorney brings suit against Wells Fargo, CitiBank, and Bank of America -
Oakland Selects Chase as its Bank
City of Oakland selects JPMorgan Chase to provide its depository banking services. City’s Linked Banking Ordinance means bank will report data on lending, services and investment activities in Oakland. -
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Small Biz: No Loans, According to New Report
CRC releases 4th report analyzing bank small business lending in California. Since 2008, bank lending has dropped 60%, and is especially tight for businesses owned by women, African-Americans, and Latinos. Read CRC's report here. Also read coverage of the report in the Credit Union Times: "California Banks Tighten Purse Strings, Small Businesses Suffer" and the OC Register: "PayPal steps up small-business lending"
