Adding Robust Consideration of Race to Community Reinvestment Act Regulations: An Essential and Constitutional Proposal
DOWNLOAD Executive Summary The Community Reinvestment Act (CRA) was enacted in 1977. It was a response to the nation’s long and painful history of lending discrimination against people of color and the resulting disinvestment and decay in communities of color. Congress’ purpose was to counter decades of official and unofficial redlining and other forms of discrimination by
Not only is it feasible, it is also constitutional to add a robust consideration of race to the requirements of the Community Reinvestment Act (CRA), a new report argues. The report, from the National Community Reinvestment Coalition (NCRC) and the civil rights law firm Relman Colfax PLLC, calls on CRA regulators at the Office of
DOWNLOAD Key Takeaways Business structure played a role in accessing PPP loans. Entrepreneurs whose businesses were structured as LLC, S or C corporations were significantly more likely to have received a PPP loan than less sophisticated sole proprietorships and partnerships. Key Findings A survey of small business owners found that: Black men were significantly more
The Paycheck Protection Program (PPP) was a small business lending program created by Congress in 2020 to provide loans to save businesses from the economic impacts of the COVID-19 pandemic. There were two characteristics of this program that made it unique. First, a PPP loan could convert to a forgivable grant if the business spent
Civil Rights, Fair Housing And Consumer Groups Urge Congress to Advance Housing Investment and Equity in Historic Human Infrastructure Bill
Today, national civil rights, housing policy, and consumer protection groups released a letter sent to Congressional leadership and committee chairs calling for inclusion of housing policies that would advance racial and economic equity in the upcoming human infrastructure reconciliation legislation. The letter, linked here, was signed by the Center for Responsible Lending, The Leadership Conference
FedNow System Must Not Launch Until it is Safe The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community and legal services groups. One
The OCC proposed to fully rescind the 2020 CRA rule and also restated the agency’s intent to draft new rules jointly with the Federal Reserve Board and FDIC.
A new events and office space designed for social sector nonprofits has opened in the historic Union Trust building at 15th and H Streets, just around the corner from The White House. The Just Economy Club, at 740 15th St. NW, offers members private offices with room for teams of up to eight people, shared
Opportunity to provide feedback to newly launched Congressional Caucus on Social Determinants of Health
Social determinants of health refer to the social, economic and physical conditions, where people live, work and play in an environment that affects health, such as housing, jobs, transportation and food access. This past July, a bipartisan Congressional Social Determinants of Health Caucus was formally launched by Reps. Cheri Bustos, G.K. Butterfield, Tom Cole and
Fair lending advocates applaud CFPB’s plan to shine a light on small business lending through Section 1071 loan data collection
implementing Section 1071, the portion of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) that required the CFPB to collect and publish small business lending data.
The Consumer Financial Protection Bureau (CFPB) released a request for comment regarding its proposal to implement Section 1071, the portion of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) that required the CFPB to collect and publish small business lending data.
What is Section 1071 Data? The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included Section 1071, which mandated the collection and dissemination of data on applicants for loans to small businesses and women- and minority-owned firms. The Consumer Financial Protection Bureau (CFPB) was designated to collect the data. The statutory purpose of
If the Federal Deposit Insurance Corporation (FDIC) approves Rakuten Bank America’s application for an industrial loan company (ILC) charter, it would trigger a cascading series of problems that would add risk to our banking system at a time when all federal agencies should focus on reorienting the country toward an equitable recovery and a just
(Download) August 24, 2021 Janet Kincaid Deputy Regional Director Federal Deposit Insurance Corporation 25 Jessie Street at Ecker Square Suite 2300 San Francisco, CA 94105 RE: Change in Control, KMD Partners, LLC to acquire Liberty Bank, Inc. Dear Ms. Kincaid: We ask the FDIC not to approve the application from KMD Partners, LLC to acquire
The National Community Reinvestment Coalition (NCRC) today submitted a comment letter to the Department of Housing and Urban Development (HUD), applauding HUD for its proposed rule setting the standard for bringing disparate impact claims under the Fair Housing Act. In the comment letter, NCRC also urged HUD to offer guidance to the lending and insurance industries on the proper use of predictive technologies in underwriting, particularly with regard to artificial intelligence, machine learning and alternative data.
(Download) August 24, 2021 Office of General Counsel Rules Docket Clerk Department of Housing and Urban Development 451 Seventh Street SW, Room 10276 Washington, D.C. 20410-0001 Re: Docket No. HUD-2021-0033 FR-6251-P-01 Reinstatement of Discriminatory Effects Standard Dear Assistant Secretary Worden: The National Community Reinvestment Coalition (NCRC) and the undersigned organizations would like to applaud the
The NCRC Housing Rehab Fund, LLC (NCRC HRF), marketed as GROWTH by NCRC, is building 46-single-family homes located in the rolling hills of Decatur, GA, near Eastlake and Gresham Park.
personal wealth faster. But it was a bust for communities of color. Their share of refinance loans declined.
NCRC applauds FHFA’s proposed expansion of affordable housing goals, and a new goal specific for minority communities
Today, the Federal Housing Finance Agency (FHFA) proposed 2022-2024 single-family and multifamily housing goals for the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. In addition to proposing higher annual benchmarks in some categories, the agency proposes new single-family subgoals focused on communities of color and that respond to concerns about displacement in low-income communities.
NCRC applauds HUD, FHFA plan to strengthen enforcement of the Fair Housing Act, and inclusion of rental payment data for mortgage risk assessments at Fannie Mae
This is a bold and promising move to align and combine forces at agencies that should work together to end housing and lending discrimination and, importantly, to ensure their policies expand access to affordable homeownership for more borrowers and communities of color.
Last month, the National Community Reinvestment Coalition (NCRC), the South Alabama Fair Housing Center (SAFHC) and We Matter Eight Mile Community Association (We Matter Eight Mile) held a community meeting in the predominantly Black community of Eight Mile, north of Mobile, Alabama.
CRA Coordinator 202.770.3619 firstname.lastname@example.org Catherine Petrusz joined NCRC in 2021 as a CRA Coordinator and works with NCRC members and banks on community reinvestment campaigns. Before joining NCRC, Catherine was a senior member of the legal team and head of compliance for Self-Help, a national community development financial institution. Catherine is excited to combine her
The number of non-English-speaking US residents rises each year, contributing to a growing problem of miscommunication and understanding. While language barriers are faced practically everywhere, they are especially prevalent and can have dangerous and even fatal consequences in the healthcare sector.