National Community Reinvestment Coalition’s Dedrick Asante-Muhammed spoke on behalf of the Community Development Summit.
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At least 73 percent of the poor in the U.S. are women and children. President Biden, in his recent trip to Tulsa, Oklahoma, to mark the 100-year anniversary of the massacre of Black people by white terrorists, announced some measures he hopes will lessen the gap. But the measures have been criticized as insufficient. Our guest is Dedrick Asante-Muhammad with the National Community Reinvestment Coalition.
According to the National Community Reinvestment Coalition in 2018, only 42% of Black people owned homes compared to 73% of whites during the same period.
Written by Sabrina Terry who is the chief of programs and strategic development at the National Community Reinvestment Coalition. Dedrick Asante-Muhammad is the chief of membership, policy and equity at NCRC and an associate fellow of the Institute for Policy Studies. They wrote this for InsideSources.com.
On Juneteenth, June 19, we celebrate Union Army General Gordon Granger’s order to free the people still enslaved in Texas. The holiday marks the effective end of slavery in the United States.
IMBs and other nonbanks have followed banks into these once redlined and overlooked markets, benefiting in many instances from a CRA-driven financial infrastructure.
Dedrick Asante-Muhammad’s research and writing focuses on racial and economic inequality.
National Community Reinvestment Coalition’s Asante-Muhammad argues that education programs have been around for decades and haven’t moved the needle. Mortgage products designed specifically for the median-income Black household would do more to grow the number of Black homeowners, he said.
Here & Now’s Peter O’Dowd hears more from Dedrick Asante-Muhammad, chief of membership, policy and equity at the National Community Reinvestment Coalition.
The concept was developed in part by the National Community Reinvestment Coalition, which advocates for greater reinvestment by banks in low- to moderate-income neighborhoods. The coalition has drafted model legislation that local governments can work from.
Matos noted that the National Community Reinvestment Coalition has for years conducted tests where it sends pairs of individuals with identical profiles — one white, one a person of color — to lending institutions. The disparate results have suggested discrimination exists across the board.
Data that Wells Fargo shares with the federal government that was analyzed by the National Community Reinvestment Coalition show the bank makes relatively few loans to low- to moderate-income borrowers in Dallas County.
In a study akin to a “mystery shopper” experiment, the National Community Reinvestment Coalition found discrimination throughout multiple phases of the loan application process. During 43% of their tests, a white applicant was treated more favorably than a Black applicant whether it was through encouragement for applying, the products offered or the breadth of helpful information provided by the bank.
Earlier this month, the National Community Reinvestment Coalition (NCRC) held its 30th annual conference. But in a session titled “The Stories We Tell: Journalism for a Just Economy,” the organization broke new ground, initiating a new conversation for the group regarding the intersection of journalism and economic justice.
Better Markets is pleased to announce that Dedrick Asante-Muhammad, Chief of Membership, Policy and Equity at the National Community Reinvestment Coalition, and Donnel Baird, Co-Founder and CEO of BlocPower, have joined the Board of Directors.