In the News

President Biden’s replacement for Federal Housing Finance Agency Director Mark Calabria stands to significantly alter the direction of the government-sponsored enterprises and the guessing game as to who will be named has begun.

She also serves on the board of the National Community Reinvestment Coalition. She has spent decades as an activist building collaborations to promote housing with government agencies and community advocates.

The legislation is supported by a wide array of stakeholder and consumer protection groups including: a bipartisan group of 25 State Attorneys Generals, the Conference of State Bank Supervisors, the Faith for Just Lending Coalition, Center for Responsible Lending, National Consumer Law Center (on behalf of its low-income clients), Consumer Federation of America, the Military Officers Association of America, the Leadership Conference on Civil and Human Rights, the National Association of Consumer Advocates, the National Association of Federally-Insured Credit Unions, Appleseed Foundation, Consumer Action, National Community Reinvestment Coalition, UnidosUS, U.S. PIRG, and the Woodstock Institute.

A report from the National Community Reinvestment Coalition suggests the increase in Black entrepreneurship has not been matched by an increase in Black revenue, and that Black-led businesses are concentrated in low-income areas with less access to capital

Asch noted a National Community Reinvestment Coalition study that found economic hardships persist in many of the majority Black neighborhoods that experienced “redlining” (systemic denials of home loans) decades earlier.

Jesse Van Tol, CEO of the National Community Reinvestment Coalition urged the next director to “act immediately to revisit a number of recent policies that undermine the role of the GSEs the market, mortgage rates and mortgage products, including the December rule around their capital requirements and the program and product restrictions included in the January amendments to the FHFA-Treasury Preferred Stock Purchase Agreements.”

The Hatchet sat down with elected officials, community activists, business owners and long-time residents of neighborhoods throughout D.C. to provide their expertise on how each neighborhood enriches the District’s culture and the need to acknowledge and preserve the history of neighborhood identities.

Jesse Van Tol, CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:

“This is a pivotal moment for Fannie Mae and Freddie Mac, for the mission in their charters, and the role they can and must play in facilitating access to affordable housing and affordable mortgage credit for low- and moderate-income (LMI) households, for families and communities of color and rural communities. The scale of the affordable housing challenges facing the nation both in terms of the supply of new and existing affordable housing and access to affordable and sustainable mortgage credit cannot be met without strong leadership from the GSEs.

This episode is a discussion on NCRC’s new report, “The COVID Pandemic And Its Impacts On Culturally-Significant Businesses.”

Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said that FedAccounts could help banks attract customers who don’t trust banks with their money.

WASHINGTON, D.C. — Wells Fargo has selected City First Enterprises, ECDC Enterprise Development Group, Latino Economic Development Center (LEDC), National Community Reinvestment Coalition (NCRC) and Washington Area Community Investment Fund (Wacif) to receive grants from its Open for Business Fund, bringing nearly $10 million to Washington, D.C., to help underserved small businesses stay open and preserve jobs.

Even before the pandemic, numerous studies cited the decline in bank branches. A study by the National Community Reinvestment Coalition (NCRC) estimated 13,000 bank branches closed between 2008 and 2020*. Today’s most innovative banks are being rewarded by charting a new, digital path to provide a better customer experience while increasing security, meeting KYC compliance requirements, and entering new markets.

For example, according to analysis by the National Community Reinvestment Coalition, the U.S. saw a 5.13% loss of bank branches across the country from 2017 through the third quarter of 2020. With COVID-19 accelerating interest in digital banking services, consolidation within the banking industry and near-zero interest rates exerting pressure on banks’ bottom lines, 2021 is likely to be yet another big year for branch closures.

Last autumn, Murphy followed up with a story on a report by the National Community Reinvestment Coalition that found Rochester neighborhoods “redlined” to include primarily Black residents had higher rates of COVID-19 infection.

“The hill is very steep,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a group that promotes fairness in banking and housing. “I don’t think we’ve even begun to put a dent in that problem.”