Latino borrowers paid substantially higher closing costs and interest rates for home purchase loans compared to non-Hispanic White borrowers, according to a new report from the National Community Reinvestment Coalition (NCRC) and UnidosUS.
Home lending data reveals discrepancies in Latino mortgage lending Read More »
The undersigned trade associations and organizations representing banks, credit unions and consumer interests write to share our concern with the brevity of the public comment period provided for recent novel national bank and national trust charter applications. The charters are not new, but the utilization of those existing charters by non-traditional applicants is significant.
On Wednesday, the Federal Housing Finance Agency (FHFA) released a final Capital rule for the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The rule requires the GSEs to maintain tier 1 capital in excess of 4%.
NCRC statement on FHFA final rule for Enterprise (GSEs) Regulatory Capital Framework Read More »
Monday, the Office of the Comptroller of Currency (OCC) published a final rule amending its licensing and merger procedures that will make it more difficult for community groups to comment on bank merger applications. Jesse Van Tol, CEO of the National Community Reinvestment Coalition, made the following statement: “It appears the OCC is doubling down
OCC announces final rule to amend licensing procedures Read More »
The report revealed dramatic differences in the costs and lending patterns for different subgroups of Hispanic borrowers, such as Cuban, Mexican and Puerto Rican borrowers. It also found that most Latino borrowers get their mortgages from non-bank mortgage companies and not from banks
Hispanic Mortgage Lending 2019 Analysis Read More »
n Wayne County, which includes Detroit, census tracts where more than half of the people are minorities contain 26% of the county’s bank branches while housing 45% of the county population, according to the National Community Reinvestment Coalition, a nonprofit focused on community wealth-building.
The Wall Street Journal: Death of Credit Starves Detroit’s Housing Market Read More »
Industry critics say that reflects the need for banking agencies to toughen CRA standards. Bank examiners should expect the institutions they oversee to make strong commitments to help underserved communities during the pandemic, suggested Josh Silver, a senior adviser at the National Community Reinvestment Coalition, which focuses on ending discrimination in lending.
S&P Global: Fed’s Focus On Racial Inequalities Could sharpen Under Dem Sweep Read More »
Despite published evidence and widespread media coverage of discrimination in the Paycheck Protection Program (PPP) bank loan application process, a second round of tests over the summer showed discrimination continued.Â
More tests and more signs of discrimination in PPP lending by banks Read More »
Minority-owned businesses are vital to economic growth, but discriminatory lending hinders access to credit.
Small Businesses of Color Matter Too Read More »
The pandemic has triggered the start of what might become a new round of “white flight” in some of the highest cost cities.
COVID-19 is speeding up white flight: Now is the time to invest in affordable housing Read More »
Even after troubling findings from previous mystery shopper tests were published and in the news, financial institutions continued to create barriers for minorities and women business owners to access PPP loans.
Lending Discrimination During Covid-19: Black and Hispanic Women-Owned Businesses Read More »
Some bank executives claim a limited pool of Black talent to recruit from, but the problem is in large part due to insular recruitment practices.
Why BLM Solidarity Requires Banks To Address Diversity And Inclusion Issues Read More »
COVID-19 Small Business Resource The coronavirus has quickly spread into a global pandemic. Governments have taken drastic measures to encourage social distancing. Along with anxieties about contracting and spreading disease, millions of people who were already struggling or living paycheck-to-paycheck face new uncertainties about their financial security. Many organizations and governments have responded with resources
COVID-19 Small Business Resource Read More »
Sabrina Terry is the Director of Strategy and Development at the National Community Reinvestment Coalition, Jason Richardson is Director of Research at the National Community Reinvestment Coalition.
The OCC also addressed concerns that the National Community Reinvestment Coalition, acommunity advocacy organization, raised about SoFi’s plan for compliance with the low-incomelending requirements of the Community Reinvestment Act. While a comment letter signed by NCRC and other community groups had argued that this plan was insufficiently comprehensive,the agency said it “does not expect a bank to have a fully developed plan at this stage.”
Law 360: SoFi Clears Initial OCC Hurdle In Quest To Launch Bank Read More »
