NCRC has secured a grant from the W.K. Kellogg Foundation to probe banks’ small-business lending practices. It follows a 2017 pilot study in which the group found that white shoppers posing as business owners were three times more likely to be invited for follow-up appointments than their black counterparts and twice as likely to be offered help in completing loan applications.
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Wells Fargo & Co. Chief Executive Officer Tim Sloan said last year that a wholesale makeover of his board would be “crazy.” Well, now it’s happening.
A number of civil rights and affordable housing groups, including NCRC, criticized the Fannie, Freddie reform bill as an “ill-conceived approach [that] places the risk on the backs of the hardworking families who already rescued the big banks.”
The Consumer Financial Protection Bureau stripped the Office of Fair Lending of its enforcement powers. John Taylor, President and CEO of the National Community Reinvestment Coalition said, “I am appalled to see one of the most effective offices within the CFPB stripped of responsibility to stop redlining, predatory lending, and other discriminatory behavior by financial firms.”
For years, banks have been fighting these requirements to lend to underprivileged people — and President Trump is listening as he continues his war on regulation. The irony is that these rules benefit the same “blue-collar people Donald Trump maintains he represents.
In a statement, 76 community groups (including NCRC) say that the delaying the rule by one year is tantamount to repealing the rule altogether.
Fintechs are revolutionizing the financial market, but will they also modernize 21st century community reinvestment? Earlier this fall, the National Community Reinvestment Coalition met with Square officials to find out.
As big banks focus on big businesses, it has become harder and harder for Chicago’s small business owners and entrepreneurs to secure reasonable loans from responsible lenders.
The White House is quietly preparing the most sweeping changes to federal safety net programs in a generation, using legislation and executive actions to target recipients of food stamps, Medicaid and housing benefits.
Despite a decade of setbacks, the game is definitely not over for low-income borrowers.
The Senate Banking Committee will begin its markup today of a bill that would roll back the Dodd-Frank Act. Experts see it as a dangerous step. The Center for Responsible Lending, the National Community Reinvestment Coalition and the National Consumer Law Center all oppose the bill.
Earlier this year, in a large metropolitan area of the eastern United States, two men walked into the same bank branch on the same day, each at different times of the day.
They each came in with nearly identical business backgrounds and strong credit histories, and they each asked about a small business loan of $60,000-$70,000 to expand their business and to possibly hire a part-time employee. There were some key differences, like each man’s name and their company names — and their race.
Cordray’s departure kicks off a high-stakes scramble to secure the future of the CFPB, a powerful Washington regulator that has cheered consumers and angered businesses as well as Republicans, who have accused it of overreaching. The independent bureau is the only bank regulator not led by a Trump appointee.
Three banks in three different regions collectively promised nearly $20 billion in home mortgages, small business loans, community development financing, and charitable contributions, as part of negotiations that included hundreds of community-based organizations in each region that were completed over the past month.
The $22 billion-asset company, which has been an aggressive acquirer in recent months, said in a press release last week that it had worked with the National Community Reinvestment Coalition on the five-year plan.