NCRC

AP News, May 5, 2022, Anti-discriminatory bank law getting update for modern era The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches. “It […]

HousingWire, May 5, 2022, Ready or not, CRA modernization is at the door Banks could receive many more failing grades from their regulators under a recently proposed overhaul of the Community Reinvestment Act (CRA). The agencies proposed expanding the granularity of grades assigned to all banks, distinguishing between “low satisfactory” and “high satisfactory,” something that

Marketplace, May 5, 2022, Banking law rooted in civil rights era gets a 21st century update Online banks can offer mortgages or checking accounts anywhere in the country, but legally they only have to invest in areas where they have a physical presence. The rules proposed Thursday could change that, according to Jesse Van Tol,

The Mississippi Link, May 4, 2022, Top US regulators proposed overhauling how banks lend hundreds of billions of dollars annually in lower-income communities, the first major revamp to the standards in more than two decades as lenders increasingly offer financial services online Thursday’s awards luncheon keynote was Kevin Davenport, senior advisor, Campaign and Coalition, National

The Wall Street Journal, May 5, 2022, Fed, Biden Administration Float New Lending Rules for Lower-Income Areas Top U.S. regulators proposed overhauling how banks lend hundreds of billions of dollars annually in lower-income communities, the first major revamp to the standards in more than two decades as lenders increasingly offer financial services online. Consumer advocates

CU Today, May 3, 2022, How Can Billions be Saved in ‘Junk Fees?’ Consumer Groups Offer an Extensive List Responding to a Consumer Financial Protection Bureau’s (CFPB) call for public input on “how to save Americans billions in junk fees charged by financial companies,” a half-dozen leading consumer advocacy organizations submitted an extensive comment letter detailing junk

New Haven Biz, May 2, 2022, Space Rethink: Chelsea Groton Bank reinvents branches, hosts classes to attract in-person visits, boost business Between 2008 and 2020, more than 13,000 bank branches closed across the United States, or about 14% of branches, according to the National Community Reinvestment Coalition, based in Washington, D.C. In Connecticut, banks closed

Your Stock Guide, May 1, 2022, The History of Lending Discrimination Laws today protect borrowers from discriminatory lending practices, but that wasn’t always the case. For decades U.S. banks denied mortgages to Black families—and those belonging to other racial and ethnic minority groups—who lived in certain areas “redlined” by a federal government agency called the Home Owners’