How Can YOU Support Reinvestment in California Communities?

CRA

Dear CRC Supporter,

I’m writing today to update you on the progress we’ve made in 2015 and to ask for your support as we head into the second half of the year. As you know, advocacy for strong CRA plans that increase investment and financial services by financial institutions in our local communities is vitally important, but it won’t happen on its own.

Your support of CRC makes reinvestment happen in California, through in-depth research, engaging in grass-roots advocacy with our members and allies, and by standing up for communities and consumers.

A few of our 2015 accomplishments are included below.  Please consider making a donation to keep CRC going strong in the second half of 2015.

Thank you,

Paulina Gonzalez

Executive Director

7 Ways CRC Stood Up For Communities in 2015

January: 2015 marked CRC’s 29th year of standing up on behalf of communities. Formed as an ad-hoc committee in 1986, with your support and participation, we’ve grown to the largest state reinvestment coalition in the country. In January, CRC secured a new CRA plan with Mechanics Bank.

February: Regulators announce a public hearing on the OneWest and CIT Group merger in response to CRC member and ally opposition, which set a new record for number of people opposing a bank merger.

March: Paulina Gonzalez, CRC’s executive director, serves as a community panelist as the CFPB announces new (draft) rules on payday, car title, and other high cost, abusive consumer loans.

April: CRC members and allies negotiate an $11 billion CRA plan with City National as part of its merger with Royal Bank of Canada. The plan calls for deep investments in affordable housing, small business lending, and philanthropy.

May: CRC releases first ever survey of California consumers about their experiences paying high ATM fees in order to access public benefits like CalWORKs.

 June: After advocacy from CRC members and allies, HUD announces updated policy for surviving spouses who were facing foreclosure due to a reverse mortgage.

July: The OCC and Federal Reserve impose a historic level of conditions on the CIT/OneWest merger, making their approval contingent on the bank obtaining approval for its CRA plan and submitting a comprehensive business plan.

P.S.: If you’d like to see some of our other work, check out our new report on REO to Rental, our work to secure equal rights for widowed homeowners under the Homeowner Bill of Rights, and our recent birthday message for the CFPB.

Also, stay tuned for a new report we’ll be releasing on responsible banking ordinances next month.