NCRC

ABC4, February 4, 2022  Four Utah banks targeted for laundering predatory loans of up to 225% APR With the Federal Deposit Insurance Corporation (FDIC) under new leadership and following a departure from the corporation’s chair on Friday, advocates are calling for the FDIC to stop certain Utah banks from “fronting for predatory lenders.” The four […]

KCET, February 4, 2022, Resilience and Rebuilding: COVID-19 Recovery in South Los Angeles PPP loans do appear to have given South L.A. businesses a vital lifeline during the pandemic, but the data reveal there is more work to be done. While 38% of eligible loans made countywide were forgiven, only 29% of loans made to

The Washington Post, February 3, 2022, A Black doctor says she was refused service at a bank because of her race: ‘I felt like a criminal’ Racial discrimination in banking, a phenomenon sometimes called “banking while Black,” is a common experience in the United States. Several instances of Black people being questioned about their deposits and accused

Seeking Alpha, February 4, 2022, FDIC should stop permitting banks from ‘predatory lending,’ advocates say The Federal Deposit Insurance Corp. (FDIC) among other US regulators should stop allowing banks that partnered with fintechs to “engaging in high-cost predatory lending,” the National Community Reinvestment Coalition, Consumer Reports, the NAACP, the Center for Responsible Lending and other groups

SilliconValley.com, February 4, 2022, Lansner’s mailbag: ‘Stop with the inequity bull’ on Black homeownership Reader: “My parents former two-bedroom, 70-year-old home in west suburban Chicago (now Black owned) is worth $137,000. My 48-year-old home, three-bedroom home in South Orange County is worth $958,000. While my Black neighbor’s four-bedroom home is worth more likely $1.1 million.”

Reality Biz News, February 6, 2022, Initiative aims to boost Black homeownership rates to all-time high The Black homeownership rate fell to just 42% in 2019, its lowest since 1970, according to date from the National Community Reinvestment Coalition. Now, the Black Homeownership Collaborative is aiming to create as many as three million new Black

PYMNTS, February 6, 2022, Advocacy Groups Call on Regulators to Ban High-Interest Rate FinTech Loans A coalition of advocacy groups wants U.S. regulators to look more into banks partnering with FinTechs to charge predatory interest rates that would be otherwise illegal in the lenders’ home states, Bloomberg reported Friday (Feb. 4). In a letter, the National

American Banker, February 4, 2022, Message to FDIC’s new leaders: Crack down on ‘rent a bank’ loans Consumers advocates are asking new leaders at the Federal Deposit Insurance Corp. to cut off partnerships between banks and fintechs that result in borrowers paying annual interest rates as high as 225%. Fifteen consumer groups called for the

Newsday, January 27, 2022, NYCB pledges $28 billion for minority, low-income programs pending Flagstar merger New York Community Bancorp Inc., whose merger with a Michigan thrift remains stalled by regulators, has pledged $28 billion in loans and other programs to benefit minority and low-and-moderate income families and businesses. The five-year Community Pledge Agreement hinges on

San Francisco Chronicle, January 24, 2022, Who did the Bay Area’s COVID housing boom leave behind? As the early waves of the COVID-19 pandemic upended life in the Bay Area, an unexpected housing boom emerged, shattering price records from Wine Country to Oakland to the Silicon Valley suburbs. But a new report by the National Community Reinvestment Coalition suggests

Nonprofit Quarterly, January 26, 2022, Goodbye “Race Neutrality”—The Case for Race-Conscious Economic Policy Making a meaningful dent in the level of structural racial economic inequality in this country requires change throughout the US finance system—in our financial regulations, within our financial institutions, and in the lending and investments done by financial institutions. Many of the