Press Releases

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The CFPB’s Revisions to the Qualified Mortgage Rules (the “GSE Patch”)

By / / Press Releases / 2 minutes of reading

A price-based alternative, combined with existing statutory provisions and the additional regulatory safeguards outlined in the CFPB’s proposed rule, has the potential to improve access for LMI and minority borrowers, but it is critical to consider this proposal within the context of other federal policy changes affecting the nation’s housing finance system and the broader impacts of COVID-19 on LMI households and credit standards throughout the mortgage market.

The CFPB’s Revisions to the Qualified Mortgage Rules (the “GSE Patch”) Read More »

Study: Before COVID-19, a small number of booming cities struggled with gentrification. The rest simply struggled.

By / / Press Releases, Research / 4 minutes of reading

San Francisco was the most intensely gentrified city in America from 2013 to 2017, a new study found. But the emergence of COVID-19 exposed deep economic and social fault lines nationwide. While a small number of cities were booming, most were not.

Study: Before COVID-19, a small number of booming cities struggled with gentrification. The rest simply struggled. Read More »

NCRC supports House resolution to overturn new CRA rules

By / / Press Releases / 2 minutes of reading

House Financial Services Committee Chair Rep. Maxine Waters (D-CA) and Rep. Gregory Meeks (D-NY), also a member of the Financial Services Committee, introduced yesterday a Congressional Review Act resolution to overturn the Community Reinvestment Act (CRA) rules finalized this month by the Office of the Comptroller of the Currency (OCC). 

NCRC supports House resolution to overturn new CRA rules Read More »

NCRC Statement on New PPP Flexibility Act

By / / Press Releases / 2 minutes of reading

This week, the Senate passed the Payment Protection Program (PPP) Flexibility Act, already passed by the House in May, sending the bill to the president, who is expected to sign it into law. While the act makes necessary improvements to the PPP, more needs to be done to ensure money is going to minority and women-owned businesses and the smallest small businesses.

NCRC Statement on New PPP Flexibility Act Read More »

Joint Statement On CRA Rule Changes From OCC

By / / Press Releases / 3 minutes of reading

A group of 18 civil rights, consumer protection and industry leaders issued the following joint statement: Today, the Office of the Comptroller of the Currency (OCC) announced long-anticipated changes to rules that enforce the Community Reinvestment Act (CRA). The Federal Reserve Board decided not to join the proposed rule and has offered alternative approaches. The

Joint Statement On CRA Rule Changes From OCC Read More »

Community Orgs to Trump Administration on CRA Rule: “We’ll See You In Court”

By / / Press Releases / 3 minutes of reading

The National Community Reinstatement Coalition (NCRC), the California Reinvestment Coalition (CRC) and legal oversight group Democracy Forward announced today they intend to sue the Office of the Comptroller of the Currency (OCC) for unlawfully gutting the Community Reinvestment Act (CRA).

Community Orgs to Trump Administration on CRA Rule: “We’ll See You In Court” Read More »

OCC Announces Final CRA Rule Changes, Moves Alone, Without FDIC or Federal Reserve

By / / Press Releases / 2 minutes of reading

The Office of the Comptroller of the Currency (OCC) announced long-anticipated changes to rules that enforce the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corporation (FDIC) had previously joined the OCC in the rule-making effort, but it did not join in the final rule released today.

OCC Announces Final CRA Rule Changes, Moves Alone, Without FDIC or Federal Reserve Read More »

Senate Banking Committee Highlights CRA in Oversight Hearing of Federal Banking Regulators

By / / Press Releases / 2 minutes of reading

Members of the Senate Banking Committee today questioned why, in the middle of the COVID-19 crisis, bank regulators are moving forward with proposed changes to the Community Reinvestment Act (CRA) that would cripple COVID-19 recovery efforts in low- and moderate-income communities and communities of color.

Senate Banking Committee Highlights CRA in Oversight Hearing of Federal Banking Regulators Read More »

NCRC Urges Senate Committee to Pressure OCC, FDIC to Drop Proposed Changes to CRA

By / / Press Releases / 2 minutes of reading

On Tuesday, May 12, 2020, the Senate Committee on Banking, Housing and Urban Affairs is scheduled to conduct a virtual hearing on the oversight of financial regulators, with testimony from Office of the Comptroller of Currency’s (OCC) Comptroller Joseph Otting and Federal Deposit Insurance Corporation Chairman Jelena McWilliams.

NCRC Urges Senate Committee to Pressure OCC, FDIC to Drop Proposed Changes to CRA Read More »

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