In the News

National Community Reinvestment Coalition Executive Director, CDFI and Chief of Community Finance & Mobility, Marisa Calderon, was featured on the HousingWire’s 2021 Women of Influence list

“Instead of creating more consistency and transparency in CRA exams, the OCC’s final rule will decrease retail lending, investing, and bank services in underserved communities,” said the National Community Reinvestment Coalition (NCRC) after an initial analysis of the proposal.

And in another endorsement, the nonprofit National Community Reinvestment Coalition lauded Landis’ offering as a way to close a stubborn racial gap in homeownership and wealth.

And the National Community Reinvestment Coalition found last year that banks gave Black women less information about loans than White and Hispanic women.

“We see echoes regarding the very early times of the subprime mortgage growth” within the increase of online small-business financing, Gerron Levi, manager of policy during the microlender National Community Reinvestment Coalition, stated in a hearing by way of a U.S. home subcommittee in July. Later on this present year, lawmakers in Illinois may tackle these issues once they think about the nation’s strictest rules on merchant payday loans along with other online financing. For the present time, nevertheless, it is customer beware. Here’s what business people have to know before you take a vendor cash loan:

“Banking data allows lenders to understand in granular detail what a person’s cash flow is, how much money they have coming in every month, how much they are spending, and how much they have leftover at the end of the month,” said Jesse Van Tol, CEO of National Community Reinvestment Coalition.

“African Americans are much less likely to come from families, communities that have strong homeownership,” said Dedrick Asante-Muhammad, chief of membership, policy and equity at the National Community Reinvestment Coalition. “They’re going to get a lot less assistance through generational wealth.”

“The deeply flawed OCC proposal, hard fought by community advocates, has been deservedly put to its grave,” said Jesse Van Tol, the chief executive of the National Community Reinvestment Coalition, a fair-lending advocacy group.

Over the last year, the division of inequality in America has been revealed through our simultaneous crises of COVID, racial injustice and economic insecurity. Low income and low-wealth households — many of which are Black American, Latino, and Native American — continue to face economic barriers in access to credit, homeownership, capital assets and other means to improve their economic situations.

Jesse Van Tol, the chief executive of the National Community Reinvestment Coalition, a nonprofit group that pressures banks to increase their activities in poorer neighborhoods, said he was pleased that the agency was “finally turning the page on this terrible rule.”

The National Community Reinvestment Coalition had sued the OCC over the new CRA rules and said in a statement that the decision by the bank regulators to work together on CRA was “a huge victory for NCRC and all our members and allies who challenged the 2020 rules, submitted comments and helped spread the word in the middle of a historic pandemic.”

The National Community Reinvestment Coalition and the California Reinvestment Coalition sued to block the OCC’s rules in June of last year.

“This is an awkward, disjointed and rushed move by a single agency that couldn’t get agreement from the two other agencies that regulate banks within the same administration,” Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said in a statement last year. 

“Home mortgage lenders don’t use Vantage score, or even a newer version of FICO in their home mortgage lending operations,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a big disadvantage for renters who want to make that leap to homeownership.