May 2013 Edition

March 14, 2013

Wells Fargo Shareholders Meet in Utah

For the first time in more than a decade, Wells Fargo Bank held its annual shareholder meeting in Salt Lake City 736 miles from its headquarters in San Francisco. California homeowners and advocates chased the bankers across the Sierras and deserts to speak to Wells CEO John Stumpf on foreclosures and payday loans. They were joined by local community leaders and advocates from across the country concerned about foreclosures devastating neighborhoods and predatory lending by the Bank. Continue reading...

CRC Releases its 9th Survey of Housing Counselors on Foreclosure Prevention

CRC’s latest housing counselor survey made a big splash as it raised concerns that banks are violating the National Mortgage Settlement (NMS) and the landmark Homeowner Bill of Rights. Senator Barbara Boxer responded by asking Attorney General Holder, HUD Secretary Donovan, and NMS Monitor Joe Smith to investigate. Joe Smith, the national monitor of the NMS stated that the findings were consistent with what he has heard from groups around the country. Continue reading...

Bank Regulators Propose Strong Steps on Bank Payday Loans

Federal bank regulators have proposed guidance that could end deferred deposit loans, also known as bank payday loans. CRC has repeatedly called on Wells Fargo and US Bank to stop making these predatory loans in California as they trap bank customers in a cycle of debt that can go on for years. The guidance also proposes consequences to banks that offer these loans in a predatory manner. Continue reading...

State Senators Kill Payday Lending Reform

The California legislature has again extinguished advocates efforts to end state endorsement of unending payday lending. SB 515, co-authored by Senators Hannah-Beth Jackson (D- Santa Barbara) and Jim Beall (D- San Jose), would have capped payday loans at four per year, required underwriting and extended the minimum repayment period. Continue reading...

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