Is Personal Insurance Federation of California Lobbying Against COIN Transparency?

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Earlier today, 18 prominent California nonprofits called on the Personal Insurance Federation of California to support transparency in a key insurance reinvestment program- the California Organized Investment Network.

Similar to the Community Reinvestment Act for banks, COIN is an avenue for insurance companies (who collect over $250 billion in premiums from California consumers every year) to invest in California communities- especially low income communities.

COIN was created in 1996 as an alternative to legislation that would have mandated a CRA type requirement on insurance companies.  However, the program is set to expire in January 2017.

AB 2728, (Atkins) would reauthorize COIN, however, the current version of the bill doesn’t include the “data call” which is the mechanism requiring insurers to report on their investments in California communities (or lack thereof).

In response, 18 organizations sent a letter to Speaker Emeritus Atkins, urging her to include the data call in AB 2728.

You can read more about COIN and the data call here: Nonprofit Leaders Call on Insurance Lobbying Group to Support Transparency in COIN Reinvestment Program

You can also read an OpEd about COIN and the importance of the data call here: Insurance Industry Happy to Receive, But Not to Give

 

 

 

Pictures from OneWest and CIT Group Rally in Los Angeles February 26, 2015

Yesterday, LA community leaders, affected homeowners, and reinvestment advocates spoke at a public hearing about the proposed merger of CIT Group and OneWest Bank.  The California Reinvestment Coalition, along with about 100 California and national organizations, as well as over 21,000 individuals who signed Daily Kos and National People’s Action petitions, are all opposing the merger.  To learn more about why these groups are opposing the merger, please visit the OneWest CIT Merger Resource page. 

To view a summary of the day, click here: Impacted Homeowners, LA Community Leaders Speak out

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