First Merchants recently announced a $1.4 billion community investment plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners. The commitment, which extends through 2025, includes mortgage and small business lending as well as community development investments.
The Senate is unlikely to pass the CRA on CRA, an amusing convergence of acronyms, but community groups including the National Community Reinvestment Coalition are also suing the OCC over the rule.
Politico: Morning Money | Consumer watchdog head now fireable at will Read More »
“As the COVID-19 pandemic continues to spread across the United States, slowing efforts to reopen the economy in many communities, it is critical that the federal government provide the necessary support for families and individuals worried if they will be able to stay in their homes,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition (www.ncrc.org).
A 2019 study from the National Community Reinvestment Coalition showed about 40 percent of Washington’s low-income neighborhoods experienced gentrification from 2000 to 2013, representing the greatest “intensity of gentrification” of any city in the country.
A joint statement from the National Community Reinvestment Coalition and several consumer protection and civil rights organizations said the OCC’s rule included “gaping loopholes” and included an “overly simplistic metrics system” that would allow banks to meet CRA requirements “while leaving too many credit needs unmet for underserved consumers and neighborhoods.”
DSNews: Legislation to Reverse CRA Changes Approved by House Read More »
The authors of “Genealogy of American Finance” said the bank played a pivotal role in helping eastern N.C. “rise from the ashes of Old Dixie.”
The financial industry can close the wealth gap and serve as a model for a nation struggling to reckon with racism.
New York Times: Opinion | Banks Should Face History and Pay Reparations Read More »
Unfair property assessments lead to widespread overtaxation of black Americans’ homes
These proposals only scratch the surface of possible reforms. But they illustrate both the difficulty of eliminating the Black-white wealth gap, as well as the many ways policy could help reduce the gap.
Brookings: How to build Black wealth Read More »
Entrepreneurs are working on new business models to address income inequality and a resulting lack of access to the financial system for communities of color.
New York Times: Trying to Correct Banking’s Racial Imbalance Read More »
The private equity industry, which has led to more than 1.3 million job losses in the last decade, reveals the truth about free markets.
New York Times: Opinion | The Neoliberal Looting of America Read More »
“Reports have shown people of color and minority- and women-owned businesses struggle to access credit and this is especially true during a global pandemic,” Superintendent Linda A. Lacewell said in a statement.
Bloomberg: NY Regulator Urges Banks to Lend to Firms Owned by Women, Minorities Read More »
The history of parks and public lands is largely anti-Black, discriminatory, and disturbing. The creation of many of these places caused the forced displacement of Native Nations, which we have failed to reconcile centuries later.
Sierra Club: It’s Past Time to Dismantle Racism in the Outdoors Read More »
Structural racism persisted despite all the ‘good intentions,’ community advocates say
So those boosted unemployment checks have created a bizarre distortion in the labor market, where holding on to a job doesn’t guarantee being financially better off than losing one.
NPR: When Essential Workers Earn Less Than The Jobless: ‘We Put The Country On Our Back’ Read More »
