ABC News: Asian Americans face coronavirus ‘double whammy’: Skyrocketing unemployment and discrimination
Some Asian American business owners question how they will survive the crisis.
The Hill: Bank regulator unveils new anti-redlining rules ahead of expected departure
Democrats and consumer advocates were also fiercely critical of the OCC’s original proposal with the FDIC, which would replace the current, more-subjective CRA framework used to rate banks’ compliance with a single ratio meant to capture the volume and frequency of loans to low-income areas.
The Hill: Bank regulator unveils new anti-redlining rules ahead of expected departure Read More »
Bloomberg Law: Coronavirus Could Be New Housing Crisis for Communities of Color
“We’re already in crisis and then this came around. And we’re like walking zombies,” Lopez said in an interview with Bloomberg Law. “We don’t know whether to pay rent, to eat or go homeless.”
Bloomberg Law: Coronavirus Could Be New Housing Crisis for Communities of Color Read More »
ProPublica: The Black American Amputation Epidemic
Black patients were losing limbs at triple the rate of others. The doctor put up billboards in the Mississippi Delta. Amputation Prevention Institute, they read. He could save their limbs, if it wasn’t too late.
ProPublica: The Black American Amputation Epidemic Read More »
CNBC: Magic Johnson offering $100 million in loans to minority-owned businesses left out of PPP loans
KEY POINTS
– Magic Johnson, the CEO of Magic Johnson Enterprises, partnered with MBE Capital Partners to offer $100 million in loans to minority- and women-owned companies.
– The funds will be distributed through the Small Business Administration’s Paycheck Protection Program.
ProPublica: 100,000 Lives Lost to COVID-19. What Did They Teach Us?
Each person who has died of COVID-19 was somebody’s everything. Even as we mourn for those we knew, cry for those we loved and consider those who have died uncounted, the full tragedy of the pandemic hinges on one question: How do we stop the next 100,000?
ProPublica: 100,000 Lives Lost to COVID-19. What Did They Teach Us? Read More »
NPR: Treasury’s Mnuchin, Fed’s Powell Defend Coronavirus Relief Measures
“I do think we need to take a step back and ask, over time, ‘Is it enough?’ And we need to be prepared to act further. And I would say we are if the need is there,” Powell added.
NPR: Treasury’s Mnuchin, Fed’s Powell Defend Coronavirus Relief Measures Read More »
Washington Post: North Dakota businesses dominated the PPP. Their secret weapon? A century-old bank founded by radical progressives.
After the rocky rollout of the PPP, BND’s Hardmeyer said, “the federal government figured out what we knew for years: The best way to deliver these disaster programs is through community banks.”
We need the protests, and we need solutions
This is a painful moment for America, but especially and uniquely for African Americans who live with the threat of violence, injustice and police brutality every day, for communities where systemic racism undermines everything, and for a nation that has talked about these issues for too long and yet has been incapable of facing or correcting inequality that began with slavery.
We need the protests, and we need solutions Read More »
COVID-19 and Mortgage Forbearance
Forbearance is an option available to borrowers where they can stop making payments on their home mortgage loan and then repay that amount at a later date. This rarely used option has taken on new significance since the onset of the COVID-19 pandemic.
COVID-19 and Mortgage Forbearance Read More »
WDIY: Jesse Van Tol and David Bradley on Low Income Neighborhoods and Fighting Poverty | LV Discourse
Host Alan Jennings speaks to the leaders of two national groups who are working to reinvest funds into low-income neighborhoods and fight poverty.
Maryland Reporter: A decade after the Great Recession, home values in some communities remain underwater
Richardson at the National Community Reinvestment Coalition, a nonprofit that promotes access to banking services in traditionally underserved communities, contends that bank lending practices are part of the problem.
“If no one is getting loans, you will see home values remain low,” he said. “The reason that (banks) can’t lend to these communities is because there isn’t equity to lend on. It’s a chicken and egg scenario.”
Housing Wire: OCC going it alone on Community Reinvestment Act reform, with Otting reportedly set to step down
“This is an awkward, disjointed and rushed move by a single agency that couldn’t get agreement from the two other agencies that regulate banks within the same administration,” National Community Reinvestment Coalition CEO Jesse Van Tol said. “The OCC should have been able to agree and work with the other two agencies that oversee enforcement of the same law. It couldn’t. It failed. That’s an administrative fiasco.”
Van Tol added: “The timing is shocking, in the middle of a pandemic that has been hardest on lower-income communities this law is supposed to protect. What an insulting and cruel moment to unleash new rules that will in some cases help banks to do less for some poor communities and communities of color. Those are the communities hit hardest by COVID-19.”
American Banker: Where OCC bent and where it held firm in final CRA rule
“This is an awkward, disjointed and rushed move by a single agency that couldn’t get agreement from the two other agencies that regulate banks within the same administration,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition. “The OCC should have been able to agree and work with the other two agencies that oversee enforcement of the same law. It couldn’t. It failed. That’s an administrative fiasco.”
American Banker: Where OCC bent and where it held firm in final CRA rule Read More »
Politico: Regulator moves to overhaul historic anti-redlining law, sparking complaints
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said the rule would likely face a legal challenge, though he did not specify if his own group would sue.
“This is an awkward, disjointed and rushed move by a single agency that couldn’t get agreement from the two other agencies that regulate banks,” he said in a separate statement.
Politico: Regulator moves to overhaul historic anti-redlining law, sparking complaints Read More »