Washington, DC – With the strong backing of House Financial Services Chairman Barney Frank, legislation to expand the lending requirements of the Community Reinvestment Act (CRA) to Wall Street was introduced yesterday. Such an expansion has the potential to spur significant job creation by leveraging hundreds of billions of dollars in private investments in small businesses and communities, without spending tax dollars, said John Taylor, CEO and President of the National Community Reinvestment Coalition, which worked closely with Frank in writing the bill. A section-by-section analysis of the bill is available at www.ncrc.org.
Washington, DC–On Friday, September 24th, NCRC will testify before Federal Reserve Board on making critical improvements to HMDA data, so that lenders can be held accountable for the types of loans they are issuing to communities.
“We are in an era of some of the most complicated mortgage products to-date and given the strain that bad mortgage loans have put on our economy, lenders should be examined with a microscope now more than ever. In the era of reckless and corrupt lending, it is crucial that HMDA actually does what it was enacted to do, which is identify discriminatory lending patterns and determine if financial institutions are meeting local housing needs,” said John Taylor, president and CEO of NCRC, in reaction to the Federal Reserve’s 2009 HMDA data report.
The recently enacted Dodd-Frank bill mandates significant improvements to HMDA data. NCRC calls upon the Federal Reserve Board and the new Consumer Financial Protection Bureau to expeditiously implement these improvements. In today’s release, the Federal Reserve Board states that the current HMDA data lacks information on credit scores, property values, and other factors necessary to fully account for disparities in racial access to affordable loans.
David Berenbaum testimony/us commssn civil rights dc advisory 9.16.10
Community Reinvestment Act Mitigates Damage to Communities Caused by Financial Crisis A new study by the National Community Reinvestment Coalition finds that Community Reinvestment Act (CRA) regulated lenders avoided significant decreases in lending accompanied by the current foreclosure crisis and severe recession. The study compared home and small businesses lending and bank branching in two […]
NCRC Urges Obama Administration To Mandate Loan Principal Reductions By Lenders & Ignore Calls For A “Do Nothing” Approach On Housing Washington, DC — National Community Reinvestment Coalition (NCRC) president & CEO John Taylor today urged the Obama Administration to ignore calls by some housing experts to “do nothing” on housing recovery. Instead, Taylor said […]