A Steely National Resolve Is Needed to Achieve an Equitable Recovery
Rebuilding vulnerable communities reeling from the economic ravages of COVID-19 pandemic will require a heightened public-private partnership—one defined not just by resolute individual and entrepreneurial initiative, social enterprise, and nonprofit capacity-building, but also by thoughtful and visionary public policy re-envisioned with these communities in mind.
NCRC executive Jenn Jones appointed chief of staff at HUD
Jenn Jones, Chief of Membership and Policy at the National Community Reinvestment Coalition, today was appointed Chief of Staff at the U.S. Department of Housing and Urban Development (HUD).
Joint letter urging the incoming Biden Administration to include homeowner assistance in the proposed American Rescue Plan
(Download) January 16, 2021 Joe Biden President-Elect Wilmington, DE Dear President-Elect Biden, We appreciate your leadership on COVID relief and Thursday’s announcement of a comprehensive effort to provide an emergency legislative package. The proposal includes many crucial priorities to heal our nation from the COVID-19 pandemic, both medical and economic, including additional rental assistance. We
GROWTH by NCRC and Greenlining Realty USA Celebrate Completion of Nine Housing Units in West Woodlawn
Woodlawn Pointe Project in South Chicago’s Historical Neighborhood Designed to Help Reverse Long-Term Impacts of Discriminatory Redlining Practices
An astonishing web of laws and policies will need to be revised to set the nation on the right course
Congratulations to President Joe Biden and to Kamala Harris, who today achieved many firsts as Vice President of the United States: Black, South Asian, woman and mom.
GROWTH by NCRC AND Benedict-Allen Community Development Corporation Announce the Completion of Eight New Affordable Homes
The NCRC Housing Rehab Fund (GROWTH) and the Benedict-Allen Community Development Corporation today announced the completion of eight new affordable homes north of the Benedict College campus in downtown Columbia, South Carolina.
NCRC Recommends New Way to Establish CRA Assessment Areas for Branchless Banks
By using a different metric – loans per one thousand people – the National Community Reinvestment Coalition (NCRC) in a recent paper was able to identify smaller states and metropolitan areas that are underserved by traditional banks but are better served by branchless banks.
How Can Geographical Areas on CRA exams Work for Branchless banks?
Regulatory agencies should consider loans per thousand people to identify Community Reinvestment Act assessment areas for branchless banks.
NCRC launches $5 million Field Empowerment Fund to support nonprofits and CDFIs that promote wealth in traditionally underserved communities
Today, the National Community Reinvestment Coalition (NCRC) announced a new $5 million grant program funded by Morgan Stanley to help its member organizations recover and rebuild from the coronavirus pandemic.
NCRC applauds the announcement of Rohit Chopra to head Consumer Financial Protection Bureau
“Rohit Chopra will be a champion for fair lending and a renewed commitment to ending abusive practices in the financial market,” said NCRC CEO Jesse Van Tol.
New PPP, Economic Injury Disaster Funding Now Open for Business
The new Paycheck Protection Program (PPP) portal opened January 11, 2021 for new and certain existing PPP borrowers. The new rules from the Small Business Administration (SBA) on both PPP and the targeted Economic Injury Disaster Grant (EIDL) aim to correct some of the lending discrimination uncovered in the first round.
Joint Consumer-Industry Comments to Veterans Administrations Partial Claims Proposal
(Download) January 8, 2021 Stephanie Li Chief of Regulations Loan Guaranty Service, Veterans Benefits Administration, Department of Veterans Affairs 810 Vermont Avenue NW Washington, DC 20420 RE: RIN 2900-AR05—Loan Guaranty: COVID-19 Veterans Assistance Partial Claim Payment Program To whom it may concern: On behalf of the clients, communities, and industries that we represent, we write
NCRC Files Comment Opposing Charter Application from GM Financial
(Download) January 13, 2021 John Conneely Regional Director Federal Deposit Insurance Corporation 300 South Riverside Plaza, Suite 1700 Chicago, IL 60606-3447 RE: NCRC Comment Letter on GM Financial Bank Application Dear Director Conneelly: The National Community Reinvestment Coalition (NCRC) maintains that GM Financial Bank’s application for an Industrial Loan Charter (ILC) has not demonstrated a
Billionaires need to pay their fair share
The wealth gap between rich and poor Americans has more than doubled since 1989. The top 1% own more wealth than the entire bottom 90% combined. In the midst of the global pandemic, some of the nation’s super rich have doubled or even tripled their net worth.
NCRC Statement on the failed coup
An armed and deluded mob stormed the nation’s Capitol and attempted a coup. The scene itself was unbelievable, but so was the response from law enforcement.
Why Biden Must Build Back Better Than Obama For Blacks
President Obama promised to use the president’s power to increase opportunity for all Americans, regardless of race or class. Despite this promise, little to no progress was made in bridging Black/White inequality in wealth, income and homeownership.
Hospitals Can Partner with Banks Under the Community Reinvestment Act to Create Healthy Communities
Loans and investments made as part of banks’ Community Reinvestment Act (CRA) activities are an important source of funding for hospitals and health systems to address social determinants of health, the physical and social conditions in the environment that influence health.
NCRC Submits Comment on Oportun’s Application for a National Charter
The National Community Reinvestment Coalition (NCRC) appreciates the opportunity to comment on Oportun’s application for a national bank charter. We request that the OCC extend the comment period for this application by 30 days to address numerous Community Reinvestment plan, loan pricing and debt collection practices raised by this application. Until these outstanding issues are addressed, we believe that the OCC does not have sufficient information to approve this application.
Member Profile: Housing Action Illinois
Housing Action Illinois is a statewide coalition that has been leading the movement to protect and expand the availability of quality, affordable housing in Illinois for more than 30 years. Our 140+ member organizations include homeless service providers, housing counseling agencies, developers of affordable housing and policymakers. We bring everyone together to work toward our vision of an Illinois where everyone has a stable, good home.
Pandemic stimulus a necessary stopgap, but more work needs to be done for a just recovery
The package represents a down payment for a just recovery that will prevent evictions, protect small businesses and provide additional direct payments to millions of families facing continued financial distress as a result of this global pandemic and economic crisis. The package also provides additional funding for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), lenders who can put capital to work in low-income communities and communities of color when and where they need it most.
Holiday Gift Guide
If you are still in need of gifts this season, please consider purchasing them from a D.C. small business in our DCWBC Holiday Gift Guide.
Flawed FDIC Industrial Loan Charter final rule will undermine CRA, allow lenders to evade state consumer protections
This week, the Federal Deposit Insurance Corporation (FDIC) announced a final rule on industrial banks and industrial loan companies (ILCs), allowing nonbank parent companies to apply for and receive ILC charters, enabling these lenders to make loans across the country with narrow and insufficient community reinvestment obligations.
How the new Selena series is a reminder of the need for economic justice
Netflix’s new TV series, “Selena,” reacquaints fans with the pop sensation’s many hits, including “Bid Bidi Bom Bom” and “Como La Flor,” but it also revisits the family’s turbulent financial journey to stardom. The series showcased 10+ years of financial insecurity in pursuit of a familial dream.
Change is on the way, but it won’t be easy
Donald Trump’s victory four years ago was unimaginable to many, and an emotional blow that only got worse over time. Until now. The post election drama is mostly over. The Electoral College is done. We finally know: Joe Biden will be the 46th president, and Kamala Harris will be many firsts as vice president: Black, South Asian, woman, mom.
NCRC Comment Letter on the CFPB’s Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements
(Download) December 14, 2020 Comment Intake Consumer Financial Protection Bureau 1700 G Street, NW Washington, DC 20552 Re: Comments on the CFPB Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 Dear Director Kraninger: Thank you for the opportunity to comment on the Consumer Financial Protection Bureau’s (CFPB) outline of proposals under consideration
