In the News

PYMNTS, December 1, 2021, LendingClub on the Benefits and Potential Pitfalls of Automated Lending Automation has brought speed and convenience, but it also has introduced potential pitfalls. In the past, minorities or other disadvantaged groups may have faced prejudicial decisions from loan officers. Now, lenders face the challenge of ensuring their algorithms do not inadvertently […]

The Centre for Public Integrity, December 1, 2021, Six Lessons From The Paycheck Protection Program The pandemic aid for small businesses exposed many of the cracks in an unequal system. To find out how well the PPP was reaching communities of color compared with largely white areas, journalists and academics had to sue the SBA. And

CU Today, November 29, 2021, One Forecast on the Likelihood of Congressional Hearings on NCUA, Credit Reporting Industry Per CU Today, the Independent Community Bankers of America, the American Bankers Association and the National Community Reinvestment Coalition have sent a  joint letter calling on Congress to schedule an oversight hearing for the National Credit Union Administration.

The Wall Street Journal, November 26, 2021, Brainard’s Nomination Promotes a Close Powell Ally on Recent Fed Innovations President Biden’s decision to nominate Lael Brainard to become Federal Reserve vice chairwoman elevates a veteran policy maker and economist who has been a strong ally of Chairman Jerome Powell on the central bank’s boldest policy decisions

Washington Credit Union Daily, November 23, 2021, Community Coalition Joins Banks In Blasting Credit Unions “Credit unions are not held accountable to fulfill community reinvestment activities, creating a regulatory inconsistency between banks and credit unions, even though both take deposits and should thus have similar requirements to meet needs and conveniences of the communities where

Advisor News, November 19, 2021, Sen. Brown: Saule Omarova Is Eminently Qualified To Lead OCC Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking, Housing and Urban Affairs Committee, said in a statement: Saule Omarova is one of the most qualified nominees ever for this job. Some Republican Senators have pointed to her Soviet education as indication of her

ABA Banking Journal, November 19, 2021, NCUA Approves Field Of Membership Rule The National Credit Union Administration unanimously approved—with changes—a final rule expanding field of membership requirements for multiple common bond federal credit unions. The final rule did not include some of the most controversial elements of the proposal, which the American Bankers Association opposed.  Previously, the ABA

POLITICO, November 22, 2021, Biden’s Winding Road To Filling Key Posts Frustrates Supporters The contentious nomination hearing for Cornell Law Professor Saule Omarova left administration friends and foes alike wondering, “What is going on at the White House with financial nominations?” Republicans are vehemently opposed to Omarova’s nomination, with some pointing to her background growing up in

The Washington Informer, November 21, 2021, With Infrastructure Windfall Possible, D.C. Can Avoid Mistakes Of The Past Washington, D.C., could receive more than $2.5 billion in funding for highway and mass transit improvements under President Joe Biden’s $1 trillion infrastructure bill. A long history of D.C. infrastructure investments that have been spent on projects that accelerated

American Banker, November 18, 2021, Credit Unions Dealt Blow in Bid to Expand Membership A National Credit Union Administration proposal governing shared credit union service facilities that had attracted vocal opposition from banker and consumer groups, not to mention the agency’s own chairman, has undergone a significant rewrite that left few on either side of

The Hill, November 18, 2021, Panel to Question Controversial Biden Nominee for Top Bank Regulator President Biden’s pick to lead the Office of the Comptroller, Saule Omarova, will likely face a tough confirmation hearing in front of a Senate panel Thursday amid backlash about her views on banking, history as a scholar and her education

ABA Banking Journal, November 17, 2021, Banking, Consumer Groups Call for Oversight of NCUA In a joint letter with the Independent Community Bankers of America and the National Community Reinvestment Coalition today, the American Bankers Association urged lawmakers to schedule an oversight hearing for the National Credit Union Administration, in light of several recent NCUA rulemakings that

Los Angeles Times, November 17, 2021, Q&A: Exploring CDFI’s Role in Solving Some of Society’s Biggest Challenges Marisa Calderon, Executive Director of NCRC Community Development Fund, and Chief of Community Finance & Mobility at the National Community Reinvestment Coalition was interviewed for a discussion and shared insights on the state of CDFIs in 2021 and what is

Realtor.com, November 15, 2021, Can Telosa, a Utopian City in The Desert Founded by a Billionaire, Possibly Succeed? Marc Lore, the billionaire and former Walmart executive, has envisioned a modern utopian city, Telosa, that will run on fully renewable energy and provide all residents equal access to high quality education and health care, regardless of their

Morning Consult, November 10, 2021, The Paycheck Protection Program was Fintech’s ‘Moment to Shine.’ That Spotlight also Revealed the Problems with Those Loans Fintech companies in the PPP did a disproportionate amount of the lending among Black-owned businesses, according to the analysis. But Fintech’s work with minority communities going forward isn’t a given, policy observers