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Even as the Trump Administration and Congress take important but limited steps in a fourth stimulus bill to replenish funding for the Payroll Protection Program, much more must be on the table in the coming weeks for U.S. households, including homeowners, renters and the nation’s smallest enterprises, to not only prop up the U.S. economy but to ensure a reasonable economic recovery.
Yesterday, the Senate passed a second Payment Protection Program (PPP) bill that will provide an additional $484 billion for small business aid, hospital funding and more testing for COVID-19.Â
NCRC Applauds Senate for Passage of Second PPP bill Read More »
Funding for the Payment Protection Program (PPP), the federal government’s COVID-19 forgivable loan program for small businesses, ran out last Thursday, even earlier than predicted.
Today, the Consumer Financial Protection Bureau (CFPB) finalized data reporting thresholds under the Home Mortgage Disclosure Act (HMDA) for the nation’s financial institutions.
Administration Filed Log on the Last Day of the CRA Comment Period, Continues to Withhold Key Details and Substance of Communications from the Public. Democracy Forward, Community Development Orgs Call Out OCC’s Hollow Claims to Accountability, File Request for Full Records.
The National Community Reinvestment Coalition (NCRC) submitted two comment letters to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Company (FDIC) on the agencies’ proposed rule changes to the Community Reinvestment Act (CRA).
NCRC Submits Comment Letters on Proposed Changes to CRA Read More »
The $2 trillion federal stimulus plan enacted late last month to help businesses and individuals impacted by the COVID-19 pandemic is already overwhelmed and falling short.
Small businesses need more from Congress and agencies in COVID-19 emergency funding Read More »
Missing Records Include Data and Analysis Cited in OCC and FDIC’s Plan, Which, if Adopted, Would Reduce Investment in Low- and Moderate-Income Communities
As much as it hurts our hearts, the health and safety of our participants is our number one priority, and the best way for everyone to stay safe right now is to stay at home.
2020 Just Economy Conference Cancelled Read More »
Proposed rule changes to the Community Reinvestment Act (CRA) could encourage the neglect of entire markets by the largest banks, a new study found.
A diverse coalition of community-based organizations called on the OCC and the FDIC to immediately suspend the comment period for the proposed changes to CRA until after the health and financial crisis brought on by the coronavirus global pandemic is over.
National and Community Groups Call on FDIC, OCC to Suspend CRA Rulemaking for COVID-19 Read More »
Today, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement providing guidance to financial institutions on how they can receive credit on their Community Reinvestment Act (CRA) activities to low- and moderate-income people and communities affected by the coronavirus.Â
“Today, we saw Congress and President Trump take important steps to protect Americans against both health and economic repercussions of COVID-19….this is a great first step, but there will need to be others,” said Jesse Van Tol, CEO of NCRC.
The coronavirus is quickly spreading across America, raising concerns that aren’t only health related. While the full economic implications of the disease are still unknown, what we do know is that the people who will face the biggest financial impacts of COVID-19 are the same people who are already financially strapped.
Nearly all banks that earned passing marks under current rules would be able to reduce their mortgage lending to low- and moderate-income (LMI) borrowers and communities under new rules proposed for the Community Reinvestment Act (CRA), a new study found.
