Thank you for your support of California Reinvestment in 2014

Dear CRC Supporters,

We are writing to thank you for your support during the past year and to ask you to consider supporting CRC’s advocacy in 2015 with a small donation.

Your donation of $25, $50, $75, or more, will power our advocacy on behalf of our members, who are helping people throughout California to buy their first home, set up a matched savings account, open a safe checking account, start a small business, or to live in a home that’s safe and affordable.

To give you an idea of what your donation can do, we’re including a brief recap of the work CRC engaged in during 2014:

1. ATM Fees: In March, CRC released our $19 million ATM fee report, documenting how CalWORKs recipients are losing precious benefit dollars to ATM fees they incur to withdrawal their benefits.  We also sent a letter to regulators (along with 79 of our allies), raising media attention and documenting the many problems the REO to Rental scheme is creating for tenants, first-time homebuyers, and communities.

2. Housing Counselor Survey: In May, CRC’s 10th survey of California housing counselors, which includes 11 stories of homeowners who worked with CRC member Housing and Economic Rights Advocates, was featured on NPR’s Morning Edition. NPR interviewed an Oakland homeowner who faced a number of obstacles in trying to keep her home after the death of her spouse. CRC briefed regulators on the report and survey findings.

3. Payday Lenders: In August, as part of “Shark Week,” CRC and our allies held a rally in front of a San Franciso payday loan store, drawing attention to the harm caused by these loan sharks, and the important opportunity for the CFPB to regulate these loans in 2015.

4. Community Reinvestment Plan: In September, as a result of advocacy by CRC and our members and allies, Banc of California announced a public, five-year community benefit and reinvestment plan as part of its acquisition of 20 Banco Popular branches.

5. Bank Merger: In December, using a Freedom of Information Act request, CRC identified that OneWest bank has already received over $1 billion from the FDIC and expects to receive another $1.4 billion as part of controversial shared loss agreements with the FDIC.  We announced these new findings at a press conference and rally at the bank’s headquarters, and along with our over 50 members and allies, will continue pressing the bank regulators to hold hearings on this proposed Too Big To Fail bank merger.

As you can see, we’ve been busy this year.  If you also believe that banking services should be available to all communities, and that predatory products and services must be eliminated, please consider making a donation to CRC today.

We are a small and nimble organization and your investment allows CRC to amplify the issues faced by our members and their clients to bank regulators, policymakers, the media, and the banks themselves. With your support, CRC members successfully advocate for stronger community reinvestment by the banks and for policies and laws that protect low-income consumers.

Thank you for your support,

The CRC Team

Paulina, Kevin, Liana, Andrea, Sean, Jess, and Divya

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