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.
When John Taylor starts remembering the years leading up to the financial crisis, his fury wells up all over again.
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.
“This is a case where making a better mousetrap doesn’t get around the fact that it’s a mousetrap,” says Jesse Van Tol, CEO for the National Community Reinvestment Coalition.
Comptroller of the Currency Joseph Otting “has said he wants to improve CRA, and if he does so in ways that increase lending and investments to low- and moderate-income communities, we will be the first to applaud it,” Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, said in a statement.
“To be sure, the Community Reinvestment Act, like most regulations, can be improved. We’re eager to work with the regulatory agencies, Congress, banks and the entire financial sector to modernize it,” writes Jesse Van Tol, chief executive at the National Community Reinvestment Coalition.
“We are already seeing an unusual level of discord among the regulators,” said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, a fair-lending advocacy group. “I think there is a significant risk that the whole effort will backfire, unless a more careful and consensus-driven approach is taken.”