The National Community Reinvestment Coalition says the CRA has led to trillions of dollars in credit to communities that otherwise might be ignored by the banking sector.
“In general, we’ve been supportive of changing the assessment areas to account for today’s technology and banking system but we have not been in favor of allowing more banks to get more CRA credit,” Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, said in an interview.
In the southern part of Arlington County, more than half of the households rent, which means many families could be displaced, Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, told The Washington Post.
John Taylor, the President and Founder of NCRC, received the 2018 Award of Excellence from the Pennsylvania Housing Finance Agency (PHFA). PHFA works to provide affordable homeownership and rental housing options for older adults, lower-income families and people with special housing needs. The award, presented Nov. 13, 2018 at a PHFA event in Harrisburg, Pennsylvania, […]
More than half of the households in those areas rent rather than own, putting them at high risk of eventually being priced out, said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition.
Without the CRA, a report by the National Community Reinvestment Coalition (NCRC) estimates that Missouri’s first congressional district could lose up $300 million in mortgage and small business lending.
“We’re eager to work with the regulatory agencies, Congress, banks and the entire financial sector to modernize [CRA],” Van Tol writes. But simply stripping away geographic lending requirements could signal a return to redlining, he argues.
“The agenda is much about the bully pulpit and drawing attention to the deregulatory agenda that has been pursued over the last year,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition. “I do think that there’s a heightened awareness of what’s happening in low and moderate income communities and communities of color.”
John Taylor, president and founder of the National Community Reinvestment Coalition, said his organization is “eager” to continue its collaboration with the $142 billion-asset Fifth Third.
John Taylor, of the National Community Reinvestment Coalition, said the increase in lending is especially unique because “It’s tailored to people who need it most.”