January 19, 2010: Federal Reserve Urged to Strengthen Mortgage Rules
Thirty California community groups urged the Federal Reserve to strengthen mortgage lending rules in order to prevent predatory lending abuses from recurring and creating another financial crisis. The Federal Reserve was soliciting comments on proposed rules that finally address a number of issues that CRC, members and allies have been raising for years. The proposal includes placing restrictions on steering of borrowers into more costly loans; yield spread premiums where lenders pay brokers to stick borrowers with higher interest rate loans; and the use of English-only documents in loan transactions negotiated in non-English languages, as well as placing restrictions on Home Equity Lines of Credit abuses. To see the community group letter, click here.
November 23, 2009: Dialogue II in Los Angeles
On November 20, CRC held the second Dialogue to Advance the Agenda with our partners in Los Angeles. Nearly 30 advocates gathered at PACE Business Development Center to hear CRC's analysis of the latest federal legislation on bank reform, the Senate bill introduced by Chris Dodd and the House bill by Barney Frank. Advocates discussed strategies to influence what's happening in Congress and how best to engage our Congressional delegation to fight for real financial reform.
November 12, 2009: OCC Urged to Get Banks Lending
As the credit crunch grows more dire for small businesses, the California Reinvestment Coalition on Tuesday brought together nonprofit community lenders, bank representatives and government officials, including Comptroller of the Currency John Dugan and Donna Gambrell, Director of the Community Development Financial Institutions Fund (CDFI Fund), to hear from local small businesses and discuss system-wide solutions to revive lending.
Click here for the press release.
November 4, 2009: Dialogue to Advance the Agenda
The California Reinvestment Coalition and nearly 40 of our members and allies in the Bay Area gathered November 3, 2009 for the first "Dialogue to Advance the Agenda: The Fight for Financial Reform". Participants got an overview of the key legislation being considered in Congress - the Consumer Financial Protection Agency Act and the Community Reinvestment
Modernization Act - and discussed what is happening on the ground and how to best engage Congressional representatives to fight for financial reform.
For Southern California members, please attend our Los Angeles Dialogue to Advance the Agenda: The Fight for Financial Reform on Friday, November 20, from 12-2 pm at the PACE Business Development Center, 1055 Wilshire Blvd, Suite 900B in Los Angeles, CA 90017 (off the 110 freeway).
October 22, 2009: Mortgage Counseling Agencies Receive Aid
October 12, 2009: Foreclosure Intervention Counseling Peer Convening
Nearly 100 mortgage counselors from 40 agencies across California are gathering Oct. 13-14 in Sacramento for an in-depth, peer-to-peer exchange on current best practices for foreclosure intervention. The convening, co-sponsored by CRC, the Rural Community Assistance Corporation and NeighborWorks America, is an opportunity to share lessons and successes while continuing to build a network of foreclosure intervention counselors working in California.
The California Homeownership Preservation Initiative (CHOPI) is a partnership between 10 financial institutions, two foundations and CRC to provide $2.6 million to support foreclosure intervention efforts. Mortgage counselors play a critical role in stemming the tide of foreclosures that is sweeping California. The Initiative is one piece of an effort to help homeowners in trouble find solutions and neighborhoods stay whole.
September 4, 2009: CRC Members Push for CRA Modernization
This summer CRC members in northern and southern California led advocacy visits with their Congressional Representatives calling for the broadening and strengthening of the Community Reinvestment Act.
Mortgage counselors, legal service providers, affordable housing and small business advocates met with Congress Members to discuss the importance of bank accountability and reinvestment and asked for support and co-sponsorship of H.R. 1479, the Community Reinvestment Modernization Act of 2009.
Thus far we've met with the offices of Adam Schiff, Mike Thompson, Lucille Roybal-Allard, Howard Berman, Doris Matsui, Susan Davis, Zoe Lofgren, Dennis Cardoza and Loretta Sanchez. Many have indicated support for the legislation, and we're working diligently to solidify their co-sponsorships. CRC members and allies will continue meeting with their elected leaders into the fall, particularly as Congress resumes the policy debate about financial regulatory reform.
August 5, 2009: Highlighting CRA on the Hill
As part of CRC's outreach to members of Congress on the importance of
CRA, Executive Director Alan Fisher met with staff of key members of
the California delegation in Washington, D.C. CRC and its members are
asking California Congressional representatives to sign on to the CRA
Modernization Bill (HR 1479)and support a strong Consumer Financial
Protection Act (HR 3126) which should include CRA. Alan Fisher met with
staff of Representatives Barbara Lee, Maxine Waters, Nancy Pelosi, Zoe
Lofgren, Joe Baca, Xavier Becerra, Jackie Speier and others to identify the critical
role of community reinvestment for low income communities and
communities of color in their districts and across California.
August 4, 2009: Disappointing Results for HAMP
The data released today by the Obama Administration confirm what homeowners and mortgage counselors have been reporting for months since the launch of the Home Affordable Modification Program (HAMP)–that loan servicers are not doing enough to modify loans despite billions in incentives, and that far too many struggling borrowers are falling through the program’s cracks. To read CRC's statement, click here.
July 24, 2009: Assembly Bill 377 on Payday Lending Won't Move This Year
On Tuesday, July 14th, the Senate Judiciary Committee failed to vote on AB 377, sponsored by Assemblyman Tony Mendoza from the greater Los Angeles area.
CRC and many allies including ACORN, the Consumer's Union, the California State Labor Federation, the AARP and the Center for Responsible Lending oppose the legislation. The bill would increase the maximum amount of single payday loans allowed under state law from $300 to $500, making it easier for consumers to fall deeper into a debt spiral. Since the proposal was not voted out of committee, it has become a two-year bill. CRC will continue to monitor the bill and advocate for real consumer protections, such as a cap on usurious interest rates of payday loans.
