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.”
Reveal, October 25, 2018: We exposed modern-day redlining in 61 cities. Find out what’s happened since Across the country, officials have picked up the torch at the state and local levels. The response has been greatest in Philadelphia, the city most prominently featured in the Reveal report, where lawmakers, community activists and lenders have all responded. On […]
“It’s always been a surprise to me that housing doesn’t receive more attention in federal elections, and I think this is the year that changes that,” said National Community Reinvestment Coalition CEO, Jesse Van Tol.
NCRC president and founder John Taylor said the program, called Where We Live, is a “seminal moment for D.C.” He noted that people growing up in public housing and blighted neighborhoods are often shut out from the formal economy.
“This is an important step by Wells Fargo to expand its investment in the District, and to listen and work more closely with community groups,” said John Taylor, President and founder of NCRC.
“The Where We Live program is rooted in two things: investments that help people live, work and thrive, and a deep understanding that neighborhoods need long-term partners,” said John Taylor, President and founder of NCRC.