NCUA Approves Field of Membership Rule

ABA Banking Journal, November 19, 2021, NCUA Approves Field Of Membership Rule

The National Credit Union Administration unanimously approved—with changes—a final rule expanding field of membership requirements for multiple common bond federal credit unions. The final rule did not include some of the most controversial elements of the proposal, which the American Bankers Association opposed. 

Previously, the ABA joined with the Independent Community Bankers of America and the National Community Reinvestment Coalition in a letter calling on lawmakers to schedule an oversight hearing on the NCUA, in light of this and other rulemakings that they said are undermining “important statutory guardrails designed to protect low-income consumers.” An NCUA-specific oversight hearing has not occurred since 2015.

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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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