In the News

Seeking Alpha, February 4, 2022, FDIC should stop permitting banks from ‘predatory lending,’ advocates say The Federal Deposit Insurance Corp. (FDIC) among other US regulators should stop allowing banks that partnered with fintechs to “engaging in high-cost predatory lending,” the National Community Reinvestment Coalition, Consumer Reports, the NAACP, the Center for Responsible Lending and other groups […]

SilliconValley.com, February 4, 2022, Lansner’s mailbag: ‘Stop with the inequity bull’ on Black homeownership Reader: “My parents former two-bedroom, 70-year-old home in west suburban Chicago (now Black owned) is worth $137,000. My 48-year-old home, three-bedroom home in South Orange County is worth $958,000. While my Black neighbor’s four-bedroom home is worth more likely $1.1 million.”

Reality Biz News, February 6, 2022, Initiative aims to boost Black homeownership rates to all-time high The Black homeownership rate fell to just 42% in 2019, its lowest since 1970, according to date from the National Community Reinvestment Coalition. Now, the Black Homeownership Collaborative is aiming to create as many as three million new Black

PYMNTS, February 6, 2022, Advocacy Groups Call on Regulators to Ban High-Interest Rate FinTech Loans A coalition of advocacy groups wants U.S. regulators to look more into banks partnering with FinTechs to charge predatory interest rates that would be otherwise illegal in the lenders’ home states, Bloomberg reported Friday (Feb. 4). In a letter, the National

American Banker, February 4, 2022, Message to FDIC’s new leaders: Crack down on ‘rent a bank’ loans Consumers advocates are asking new leaders at the Federal Deposit Insurance Corp. to cut off partnerships between banks and fintechs that result in borrowers paying annual interest rates as high as 225%. Fifteen consumer groups called for the

Invest Health, February 2022, The Legacy of Redlining on Black Maternal Health Our guest blog this month, originally published by the National Community Reinvestment Coalition in December 2021, focuses on the lasting effects of redlining on maternal health outcomes. With multiple layers of disinvestment in both housing and health care leading to the inequity, Black

American Banker, February 3, 2022, Old National reaches deal with advocates as merger nears finish line Old National and the National Community Reinvestment Coalition said Thursday that the five-year, $8.3 billion plan includes close to $5 billion in community lending and affordable housing commitments, plus $3.3 billion in community development initiatives and philanthropic programs. As

Realtor Magazine, February 3, 2022, Program Seeks to Add 3 Million Black Homeowners Black homeownership has plunged to lows not seen in decades, reaching 42% in 2019, as low as in 1970, according to the National Community Reinvestment Coalition. A new initiative hopes to change that by creating 3 million new Black homeowners by 2030,

Globe Newswire, February 3, 2022, Old National Announces $8.3B Community Benefits Agreement to Strengthen Small Businesses and Minority and Underserved Communities The plan was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its members and is subject to the closing of the First Midwest merger. “We appreciate the leadership and commitment of

Newsday, January 27, 2022, NYCB pledges $28 billion for minority, low-income programs pending Flagstar merger New York Community Bancorp Inc., whose merger with a Michigan thrift remains stalled by regulators, has pledged $28 billion in loans and other programs to benefit minority and low-and-moderate income families and businesses. The five-year Community Pledge Agreement hinges on

San Francisco Chronicle, January 24, 2022, Who did the Bay Area’s COVID housing boom leave behind? As the early waves of the COVID-19 pandemic upended life in the Bay Area, an unexpected housing boom emerged, shattering price records from Wine Country to Oakland to the Silicon Valley suburbs. But a new report by the National Community Reinvestment Coalition suggests

Nonprofit Quarterly, January 26, 2022, Goodbye “Race Neutrality”—The Case for Race-Conscious Economic Policy Making a meaningful dent in the level of structural racial economic inequality in this country requires change throughout the US finance system—in our financial regulations, within our financial institutions, and in the lending and investments done by financial institutions. Many of the

U.S. Department of Housing and Urban Development, January 24, 2022, HUD Awards More Than $51 Million In Grants to Support Housing Counseling Programs, Partnership With Minority Serving Institutions, and Training The U.S. Department of Housing and Urban Development (HUD) on Monday awarded $51.4 million in housing counseling grants to 177 HUD-approved housing counseling agencies and intermediary

Politico, January 24, 2022, ‘Big shift’: Biden moves to rewrite the rules on climate threat The nation’s top financial regulators will soon embark on a controversial, first-of-its-kind mission: forcing banks and other industry players to prepare for potential threats to the U.S. financial system from climate change. Now, Democrats will have the pen to update

American Banker, January 24, 2022, New York Community unveils investment plan tied to Flagstar deal New York Community Bancorp has reached an agreement with a key community advocacy group as it seeks to pave the way for approval of its merger with Flagstar Bancorp. Under the deal with the National Community Reinvestment Coalition, New York