NCRC Testifies Before the House Oversight Committee, March 25, on foreclosure prevention
Washington, DC—The National Community Reinvestment Coalition (NCRC) is pleased to announce the official launch of the Washington, DC Women’s Business Center (WBC) on March 23 at 3 p.m. at the John A. Wilson Building, located at 1350 Pennsylvania Ave NW (room 412). The event will be hosted by the Small Business Administration, the Washington, DC City Council, and NCRC. It will feature remarks from Karen Mills, Administrator of the U.S. Small Business Administration; Kwame Brown, At-large Member of the Washington, DC City Council; and Christina Tchen, Director of the White House Council on Women and Girls.
NCRC Releases Analysis of How the Restoring the Financial Stability Act of 2010 needs to be Strengthened
Seven Community Leaders Are Honored with the National Community Reinvestment Coalition’s
National Achievement Awards
Washington, DC – Hundreds of people from community organizations around the country attended the National Community Reinvestment Coalition’s national conference, March 10-13 in Washington, DC. Attendees heard exciting speeches from Rep. Elijah Cummings, Del. Eleanor Holmes Norton and HUD Assistant Secretary John Trasviña and FHA Commissioner Dave Stevens, among other administration officials. NCRC also announced the winners of its esteemed National Achievement Awards. Rev. Jesse Jackson, Sr. presented the awards to seven community leaders during NCRC’s 20th anniversary conference on March 12, in Washington, DC. Detailed information about the winners and the awards follows below:
Consumer Financial Protection Agency would be beholden to existing regulators
Washington, DC – The financial reform proposal that will be introduced by Senator Dodd today creates a weak Consumer Financial Protection Agency (CFPA) that will not provide the consumer protection needed in the wake of the financial crisis. NCRC president & CEO, John Taylor, made the following statement relative to the consumer protections in the bill:
“Senator Dodd’s bill fails to ensure a regulatory framework that will provide strong protections for consumers. In particular, placing the CFPA at the Federal Reserve and giving existing financial regulators veto power undermines the goal of protecting consumers. This proposal gives the appearance of providing consumer protection, while leaving the real power in the hands the bank regulatory agencies that failed to protect American consumers because they were too busy listening to Wall Street.”
Current & Former Federal Reserve Consumer Advisory Council Proposes Standalone Consumer Protection Agency
Group of Experts Federal Reserve Relied on for Consumer Advice Says Strong Consumer Protection Won’t Happen Without Independent Agency
Washington, DC – Nineteen current and former members of the Federal Reserve’s Consumer Advisory Council (CAC) today sent a letter to Senator Dodd calling for a standalone Consumer Financial Protection Agency not housed at the Federal Reserve or any other banking regulatory agency. Considering the failure of the agencies, "We think it would be imprudent to give the Federal Reserve or any other existing agency primary consumer protection responsibilities," says the letter. "The Federal Reserve has its hands full with responsibilities relating to safety and soundness and monetary policy. Consumers will be served only by having the CFPA as an independent agency where the primary responsibility is consumer protection. We urge you reconsider your proposal for the CFPA to be within any other agency."
Burden To Borrower Is Modest & Ensures Access To Responsible Credit
Washington DC — David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition, issued the following statement today about the Federal Housing Administration’s changes to its mortgage program:
“The changes announced today by the FHA represent an attempt to navigate a prudent course without negatively impacting access to credit or contributing to a further slowing of the housing market in communities of color. While borrowers will bear more of the costs of the government insurance program through higher premium charges, the additional revenue will help ensure that FHA stays solvent. The burden to the individual borrower is modest and should ensure, overall, that borrowers have access to responsible credit. While some less credit worthy borrowers will need higher down payments, this is a necessary move in markets where a decline in home value can wipe out a new buyer’s equity within weeks after the settlement.
Washington, DC – Today, John Taylor, president & CEO of the National Community Reinvestment Coalition made the following statement in reaction to the news that key senators are considering housing the Consumer Financial Protection Agency at the Federal Reserve:
“The Federal Reserve is the last place an agency designed to protect consumers should be housed. It will be more waste of taxpayers’ money because we’ll have to pay for the appearance of protection without getting any."
NCRC testifies Before the Domestic Policy Subcommittee on Foreclosure Prevention
Washington, DC – Last Friday, President Obama announced a $1.5 billion commitment to help alleviate some of the foreclosure and housing problems facing five states, Arizona, California, Florida, Michigan and Nevada.
John Taylor, President & CEO of the National Community Reinvestment Coalition, applauded the Administration for focusing on these states, which have each experienced major declines in home values due to massive numbers of foreclosures. “The American people should be pleased that TARP funds are being put to use to help homeowners, not just to bail out Wall Street.”