NCRC and bank trade groups urge Congress to review credit union rules

This week, the National Community Reinvestment Coalition, the American Bankers Association and the Independent Community Bankers Association submitted a joint letter to Congress, calling on the House Financial Services Committee to exercise its oversight function over the National Credit Union Administration (NCUA) and enact new legislation that subjects credit unions to the Community Reinvestment Act (CRA).

Recent activities taken by NCUA have created a “wild west” in payday lending at credit union service organizations (CUSOs), which do not have the same NCUA consumer protection requirements as credit unions. NCUA is also considering a proposal to expand credit unions’ current statutory requirement to be in “reasonable proximity” to those they serve to a system where credit unions can “cherry pick” groups on a national basis.

Both of these changes bring up significant and concerning questions that require Congressional oversight immediately to safeguard a $2 trillion industry and millions of American households who depend upon it. 

Read the full letter:

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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