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NCRC Supports Nomination Of Martin Gruenberg To Head FDIC

Summary

NCRC President and CEO Jesse Van Tol released the following statement on Martin Gruenberg's nomination to lead the FDIC:

In response to the nomination of Martin Gruenberg as Chairman of the Federal Deposit Insurance Corporation (FDIC), National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol released the following statement:

“Martin Gruenberg has the necessary judgment and experience to lead the FDIC and he deserves to be confirmed swiftly by the Senate. Through years of service, he has preserved the interests of depositors and ensured that banks remain safe and sound. In this perilous moment for the US economy as a whole, we need leaders who will ensure the needs of consumers and small businesses stay top of mind among the prudential regulators – and Marty is such a leader. 

“Mr. Gruenberg has always been a friend and defender of the Community Reinvestment Act (CRA). Under his leadership, the FDIC has prioritized efforts to bring more households into the banking system, with the result that fewer people reported being unbanked in 2021 than ever before. 

“I applaud the Biden Administration for its decision to nominate Martin Gruenberg to become the chairman of the FDIC’s Board of Directors. The agency has major and vital reform efforts underway, including CRA modernization and an overhaul of the merger review process. Marty is the right person to ensure those projects and all FDIC business are conducted with the interests of working-class Americans at heart.”

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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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