Yesterday, the Office of the Comptroller of the Currency (OCC) released a proposed rule for establishing the Community Reinvestment Act (CRA) evaluation measure thresholds, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the agency’s 2020 final rule.
The OCC has proposed yet another data collection effort to develop thresholds for its flawed 2020 Community Reinvestment Act final rule. This is another tacit admission by the OCC that all along it has lacked the data and factual basis for developing its flawed revisions to CRA examination performance measures. Instead of creating more consistency
Latino borrowers paid substantially higher closing costs and interest rates for home purchase loans compared to non-Hispanic White borrowers, according to a new report from the National Community Reinvestment Coalition (NCRC) and UnidosUS.
The undersigned trade associations and organizations representing banks, credit unions and consumer interests write to share our concern with the brevity of the public comment period provided for recent novel national bank and national trust charter applications. The charters are not new, but the utilization of those existing charters by non-traditional applicants is significant.
On Wednesday, the Federal Housing Finance Agency (FHFA) released a final Capital rule for the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The rule requires the GSEs to maintain tier 1 capital in excess of 4%.
Monday, the Office of the Comptroller of Currency (OCC) published a final rule amending its licensing and merger procedures that will make it more difficult for community groups to comment on bank merger applications. Jesse Van Tol, CEO of the National Community Reinvestment Coalition, made the following statement: “It appears the OCC is doubling down
The report revealed dramatic differences in the costs and lending patterns for different subgroups of Hispanic borrowers, such as Cuban, Mexican and Puerto Rican borrowers. It also found that most Latino borrowers get their mortgages from non-bank mortgage companies and not from banks
Despite published evidence and widespread media coverage of discrimination in the Paycheck Protection Program (PPP) bank loan application process, a second round of tests over the summer showed discrimination continued.
The pandemic has triggered the start of what might become a new round of “white flight” in some of the highest cost cities.
Even after troubling findings from previous mystery shopper tests were published and in the news, financial institutions continued to create barriers for minorities and women business owners to access PPP loans.
Some bank executives claim a limited pool of Black talent to recruit from, but the problem is in large part due to insular recruitment practices.
This is one in a series of essays accompanying NCRC’s 2020 analysis that showed more chronic disease and greater risks from COVID-19 in formerly redlined communities. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views or policy positions of NCRC. Thousands of Black and
On Tuesday, the Office of the Comptroller of the Currency (OCC) granted a conditional approval to Social Finance, Inc. to create a nationally chartered bank called SoFi Bank despite opposition from national community groups, including the National Community Reinvestment Coalition (NCRC).
In a final rule issued Tuesday, the Office of the Comptroller of the Currency sanctioned high-cost lending arrangements between state-licensed non-banks and national banks. As a result, payday lenders and others charging triple-digit interest rates will be able to conduct business in states where high-cost lending is prohibited by state law.
Study: After the coronavirus shutdowns, employment levels rebounded completely for White entrepreneurs in North Carolina, but not for Black ones
Although active employment rates in North Carolina’s small businesses dropped broadly during the first six months of the COVID-19 pandemic, by the end of August the rate had returned to pre-COVID levels for White entrepreneurs, but was still down by 62% for Black business owners, a new study shows. The study, from the National Community
Resource Coordinator, DCWBC 202-464-2304 firstname.lastname@example.org Monti Taylor is passionate about community development work, from volunteering with environmental organizations to navigating resources for programming within a community center. She has worked on small grant projects and enjoys using research to uncover hidden patterns in society, with the goal of advocating for social change. She is currently working on
Today, the United States District Court of Massachusetts found in favor of the Massachusetts Fair Housing Center and Housing Works, Inc. and issued a preliminary injunction to postpone the start date of the U.S. Department of Housing and Urban Development’s (HUD) new disparate impact rule, which had been finalized by the agency in September.
“Reparations doesn’t say White people haven’t worked hard and White people haven’t struggled, [but] you grew up in a country that has been working for your success, not against it,” said Nikole Hannah-Jones.
In about 400 pages, “From Here To Equality” reviews the political history of the Black reparations movement, the effects of slavery on the nation’s development and the ongoing failure of the country to take action to bridge racial economic inequality. It also outlines a program for Black reparations.
With COVID-19 taking a new toll, a poor Black community in Alabama awaits justice for a 2008 industrial disaster
A dozen years after a gas and chemical leak ravaged their community, the residents of Eight Mile, Alabama, are still waiting for the federal government to take action against the companies responsible for it.
Today, the Senate failed to pass H.R. Res 90, which would have overturned new rules on the Community Reinvestment Act (CRA) finalized by the Office of the Comptroller of the Currency (OCC) in May. On a party line vote, Senate Democrats voted in support of the resolution that would nullify the OCC’s weakening of CRA rules, while Senate Republicans voted to keep them in place.
(Download) October 13, 2020 Alfred M. Pollard, General Counsel, Attention: Comments/ RIN 2590–AB04 Federal Housing Finance Agency, Eighth Floor 400 Seventh Street, S.W. Washington, D.C. 20219 Dear Mr. Pollard: The National Community Reinvestment Coalition (NCRC) thanks you for the opportunity to publicly comment on the Federal Housing Finance Agency’s (FHFA) proposal to extend the 2018-2020
New benchmarks for racial and ethnic representation from NCRC and Beneficial State Foundation set goals and metrics for banks to evaluate their performance
Racial and Ethnic Representationand Investment Framework A Research Report and Recommendationsfor Beneficial State Foundation — OVERVIEW Key steps to improve a bank’s racial and ethnic demographics within their internal workforce, and methods to improve a commitment to diversity, equity and inclusion. — Key Takeaways Although African Americans comprise over 13% of the national population, and