In the News

NCRC forecasts that changes proposed by current federal regulators to weaken the Community Reinvestment Act could result in the loss of up to $105 billion a year in home lending and small business lending to low- and moderate-income areas

“For the average consumer, the biggest thing that has changed is it’s a lot clearer at the closing table what kind of loan you’re getting and what you can expect to pay over the life of the loan, and that’s a very good thing,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition.

John Taylor, the CEO of the National Community Reinvestment Coalition, credited Sloan with launching a stakeholder advisory council last year but conceded he’s worried about “another shoe to drop” at Wells Fargo and can’t say for sure if Sloan is the right person for the job.

Homeownership is the foundation of wealth building in America. Without it, the racial wealth gap is growing” says Jesse Van Tol, CEO of the National Community Reinvestment Coalition

A study released earlier this year by the National Community Reinvestment Coalition showed 75 percent of “redlined” neighborhoods continue to struggle and still are much more likely to include lower-income, minority residents.

“We’re all for ideas to remove obstacles to inclusive communities, including regulatory burdens that stand in the way of desegregation,” said Jesse Van Tol, CEO for the National Community Reinvestment Coalition, in a statement. “But we’re concerned that HUD is taking action to remove regulations, while not meaningfully addressing America’s deep problems of segregation and inequality.”

Since the financial crisis, 86 more banking deserts have emerged in rural areas, according to a recent report published by the National Community Reinvestment Coalition, which advocates for increasing access to financial services.

“It appears, at least in terms of accountability, that they’ve softened the touch — and we’re concerned about that,” said Jesse Van Tol, chief executive at the National Community Reinvestment Coalition.

As a result, they went underground. Instead of advocating directly, they started to use community institutions “as the point of the spear on their lobbying efforts,” said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, essentially using small-bank legislation as a vehicle for large-bank provisions.

“Justice Kennedy, a conservative, wrote in 2015 that ’restrictions that unfairly exclude minorities’ are unlawful,” said Jesse Van Tol, the CEO of the National Community Reinvestment Coalition.“This is a simple standard of fairness.”