Community Organizations Weigh in on the Community Reinvestment Act

Hundreds of NCRC members expected to comment and testify before bank regulators this summerCharles Harris

Atlanta, GA – Today, eight members of the National Community Reinvestment Coalition testified before the bank regulatory agencies regarding ways to improve the Community Reinvestment Act (CRA) to leverage hundreds of billions of dollars more in private investments for job creation and sustainable homeownership. The NCRC members and national partners testifying include: the Center for Responsible Lending, the Housing Assistance Council, National Council of La Raza, Operation Hope, Inc., the Atlanta Neighborhood Development Partnership, the Community Reinvestment Association of North Carolina, Community Development Corporation of Marlboro County, and Housing Education and Economic Development (HEED) of Mississippi (Exec. Director, Charles Harris pictured right). This is the second of four regulatory hearings that NCRC and its members will be attending and testifying at throughout the summer; NCRC’s testimony from the first hearing can be found here: http://bit.ly/8Y3Gke

“While the financial reform brought about by the Dodd-Frank act will guard against abusive and reckless behavior, it will not ensure that small businesses and responsible homeowners have access to the credit that they need to prosper. The whole of the private market must be engaged in the provision of capital and credit, the lifeblood of vibrant communities. The Community Reinvestment Act has encouraged banks to pursue their commitment to communities in a safe and sound manner. It should be expanded and improved, to better promote job creation and sustainable homeownership,” said John Taylor, president and CEO of the National Community Reinvestment Coalition. “I want to congratulate the hundreds of NCRC members who will comment or testify this summer before the bank regulatory agencies. Banking may seem to be an arcane subject to some, but if the financial crisis has taught us anything, it’s the centrality of the financial system to the health and vibrancy of our neighborhoods.”

A complete set of recommendations from the National Community Reinvestment Coalition can be found here: http://bit.ly/8Y3Gke. Specific topics to be discussed at the Atlanta hearing include access to banking services to the under-banked and un-banked individuals in underserved and distressed areas, and improvements to the CRA performance tests with a concentration on rural communities and small institutions.

About the National Community Reinvestment Coalition (NCRC):

The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.

http://ncrc.org/

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