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Press Releases

For interviews and other media requests, contact: media@ncrc.org

A Time to Lead on Financial Reform

Washington, DCThe National Community Reinvestment Coalition said the following on the President’s speech today on financial regulatory reform:

“We applaud the President’s necessary leadership on financial reform. Clearly, the President felt it necessary today to speak out against the weakening of the bill. Unfortunately, the damage from corporate lobbying in Congress may have already been done,” said John Taylor, president and CEO of NCRC.  “We thought Senator Durbin made an apt and figurative statement when he said that the banks owned Congress, but perhaps his comment was meant to be literal. Today’s speech should embolden members of Congress seeking to make the Consumer Financial Protection Agency (CFPA) strong. Unfortunately, the ability of the proposed CFPA to protect the most financially vulnerable individuals and communities has already been undermined by substantial changes to the bill.”

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Twelve Proposals to Ensure Responsible Global Financial Reform

Washington, DC – On the eve of the G-20 meetings, experts from responsible lending coalitions in the United States and Europe today urged world leaders to embrace strong financial reform to protect consumers and prevent another global recession. Banks and regulators are making credit harder to get for poor consumers and communities across the globe. In response, a movement to ensure that responsible lending, consistent with sand soundness concerns, continues to reach low-wealth communities is expanding. 
 

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Changes to CFPA Weaken an Already Compromised Bill

Washington, DC – The National Community Reinvestment Coalition today criticized changes to H.R. 3126, the House proposal to create a Consumer Financial Protection Agency, released in a memo by Financial Services Committee Chairman Barney Frank. The bill introduced in July left communities of color and other financially vulnerable populations behind from the beginning when it left out enforcement of the Community Reinvestment Act, the law that addresses access to credit and financial services at a community level, from the proposed Consumer Financial Protection Agency. The proposed compromise further undermines provisions that would have protected lower-income populations and communities of color. Failure to address lending at a community level leaves financially vulnerable communities open to the same predatory lending practices that led to the current crisis.

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Are Credit Unions Serving Their Mission?

Washington, DC – The credit union industry lags banks at meeting the credit needs of low- and moderate- income and minority communities according to a new NCRC report “Credit Unions: True to Their Mission, Part II.” The report found that credit unions underperformed banks on 64% of lending indicators designed to measure the provision of financial services to low- and moderate- income and minority people and communities. The findings reinforce the need to improve oversight of credit unions, to ensure that they more equitably meet the credit needs of all populations. It also reinforces the need to apply coverage of the Community Reinvestment Act (CRA) to credit unions.

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Expansion of CRA Would Promote Economic Security and Financial Inclusion for America’s Communities

Washington, DC – The Community Reinvestment Act is one of the most important tools for building wealth and revitalizing neighborhoods— that’s the message of leading experts testifying before the House Financial Services Committee (HFSC) today at the hearing on “Proposals to Enhance the Community Reinvestment Act.” Expansion of CRA is on HFSC Chairman Barney Frank’s agenda this year, and is supported by a broad coalition of municipal leaders, civil rights advocates, and housing organizations, led by the National Community Reinvestment Coalition. Nearly 130 mayors and the U.S. Conference of Mayors have also signed a resolution supporting expansion of CRA.

 

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Multi-Trillion Dollar Lifeline “Saves” Wall Street, Homeowners Left to Fail

Washington, DC – One year ago, the Lehman Brothers investment bank failed. That event resulted in the largest bailout of the financial services industry in history. To date, more than $23 trillion dollars has been provided in investments, loans and guarantees, according to the Special Inspector General overseeing the bailout. But the core problem that triggered the crisis has yet to be fully addressed. Until the home foreclosure crisis has been addressed, the banking system and the economy will remain largely crippled.

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Support the Movement to expand the Community Reinvestment Act!

The House Financial Services Committee will hold a hearing on expanding the Community Reinvestment Act (CRA) next Wednesday, September 16 at 10 a.m. EST. NCRC’s President and CEO, John Taylor, will be testifying at this important hearing. Click HERE to sign the petition and join thousands of others in calling for the expansion of CRA! 

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NCRC Mourns the Passing of Senator Edward Kennedy

NCRC Mourns the Passing of Senator Edward Kennedy

Washington, DC – John Taylor, the president and CEO of the National Community Reinvestment Coalition, today made this statement: “Senator Edward Kennedy was without peer as a Congressional leader; the inspiration he has provided to generations is sore comfort for our sorrow at his loss. His passing is deeply felt by all who strive for a more just society."

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NCRC announces support for Employee Free Choice Act

July 30th, 2009 
Washington, DC -The National Community Reinvestment Coalition, an association of over 600 community organizations dedicated to expanding access to capital and credit, today announced its support for Employee Free Choice Act (EFCA). The Employee Free Choice Act would expand the right of working people to expand unions to bargain collectively in their work place. NCRC endorsed EFCA out of a deep concern for the pervasive violation of the working people when they attempt to exercise their basic freedom to form unions.
 

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Jim Carr Testifies Before the U.S. House of Representatives Financial Services Subcommittee

July 16th 
Jim Carr, NCRC Chief Operating Officer, testifies before the House Financial Services Subcommittee on Domestic Monetary Policy and Technology on the subject of "Regulatory Restructuring: Safeguarding Consumer Protection and the Role of the Federal Reserve".

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John Taylor Testifies Before the U.S. House of Representatives Financial Services Committee

July 16th 
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NCRC’s President and CEO John Taylor testifies before the U.S. House of Representatives Financial Services Committee Hearing on "Community and Consumer Advocates" Perspective on the Obama Administration’s Financial Regulatory Reform Proposal.

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Industry Spends Taxpayer Money Trying to Avoid Accountability

July 3, 2009
Washington, DC – The financial services industry is considering a series of ads attacking the Obama Administration’s proposed Consumer Financial Protection Agency, according to Dow Jones. The ads are distasteful and inappropriate, considering that the taxpayers have heavily subsidized the financial system as a result of the irresponsible and abusive lending products and practices of the financial industry.

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Efforts to Weaken Consumer Protection Agency Underway

July 9, 2009     
Washington, DC – The bill introduced by Congress yesterday to createthe Consumer Financial Protection Agency leaves out critical consumerprotections originally proposed by President Obama. In particular, theproposal leaves the power to enforce the Community Reinvestment Actwith the existing bank regulatory agencies. The change comes as thefinancial industry spends millions of dollars attempting to weakenconsumer protections. 

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New Release!

The National Council of Negro Women, in partnership with the National Community Reinvestment Coalition, released a report "Assessing the Double Burden:  Examining Racial and Gender Disparities in Mortgage Lending," which is the third report in the NCRC "Income Is No Shield" series.  Among its principal findings are that minorities are much more likely to receive high-cost home mortgage loans than their white counterparts, and that, in many instances, disparities by race widen as income levels for minorities increase.

 
Click here to read the press release.
pdfClick here to read the report.

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