HuffPost: Chicago Small Businesses Need Better Lending Options
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.
In the News
Links to media coverage of NCRC.
To request an interview with NCRC experts, send a note to: media@ncrc.org.
Politico: Behind Trump’s plan to target the federal safety net
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.
Talk Poverty: Why Have Banks Stopped Lending to Low-Income Americans?
Despite a decade of setbacks, the game is definitely not over for low-income borrowers.
HousingWire: Senate Banking Committee introduces repeal of Dodd-Frank Act
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.
Next City: “Mystery Shopper” Experiment Reveals Racial Gap in Small Business Lending
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.
Politico: Cordray to resign from CFPB, clouding future of watchdog agency
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.
Next City: Three U.S. Banks Make $20 Billion Community Reinvestment Promise
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.
American Banker: Acquisitive Iberiabank in La. creates $6.7B community investment plan
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.
Nonprofit Quarterly: IberiaBank pledges $6.72 billion for low- and moderate-income communities.
IberiaBank pledges $6.72 billion over the next five years to provide loans and services for low- and moderate-income communities.
Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward
Kirsch’s and Squires’ book could best be described as a documentary-style political economy of the financial crisis and subsequent policy responses. They describe the genesis of the idea for the Consumer Financial Protection Bureau
Battle against banking deserts in Baltimore
Baltimore Brew, October 23, 2017: One branch’s closure sparks a battle against “banking deserts” in Baltimore
The Community Reinvestment Act at 40: A Careful Review of the Reviews
Every so often, an effort is made to collect articles by leading practitioners, community organizations, and academics about the effectiveness of the Community Reinvestment Act (CRA). With a new administration planning changes to banking policy, including a review of CRA, this publication is timely.
