According to the National Community Reinvestment Coalition (NCRC), the 25 largest banks alone generate about $35.6 billion per year in community development loans, equity investments, and grants.
Nonprofit Quarterly: Community Reinvestment Act at Risk: What’s at Stake? Read More »
“If you raise the exemption threshold, you end up in a situation where the vast majority of FDIC banks are exempt from the new system, which begs the question — why sign on to the proposal at all if you’re preserving the way CRA is now for most banks?” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition.
American Banker: Community banks seek broader exemption from CRA changes Read More »
This time, rather than mortgage delinquencies growing over time, it could spike suddenly as people suddenly find themselves without a job, said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition.
Some of the critics of Square’s application include Americans for Financial Reform and The National Community Reinvestment Coalition, both of which wrote letters to the FDIC opposing the application.
Silicon Angle: Square Gains FDIC Conditional Approval For a Banking License Read More »
The U.S. loan servicing industry, easily overlooked during good economic times, is now facing its most challenging moment since the financial crisis of 2008 and 2009.
American Banker: Coronavirus Testing Loan Services’ Mettle Read More »
Families and businesses in southeast Queens are being shunned by the banking system, possibly in violation of federal law. And that makes Rep. Gregory Meeks furious.
As the novel coronavirus hammers the global economy, lawmakers and housing advocates are calling for a national moratorium on evictions and foreclosures while cities on each coast have started taking their own actions.
American Banker: Calls Mount For US to Halt Foreclosures, Eviction Amid Health Crisis Read More »
On March 6, the Student Borrower Protection Center, Americans for Financial Reform Education Fund, the National Community Reinvestment Coalition and the National Consumer Law Center sent a letter to the Alternative Reference Rate Committee (AARC) urging the AARC “to consider the unique risks inherent to the private student loan market and to prioritize the protection of student loan borrowers” in connection with the change from LIBOR to the new Secured Overnight Financing Rate (SOFR) index.
A diverse coalition of community-based organizations called on the OCC and the FDIC to immediately suspend the comment period for the proposed changes to CRA until after the health and financial crisis brought on by the coronavirus global pandemic is over.
National and Community Groups Call on FDIC, OCC to Suspend CRA Rulemaking for COVID-19 Read More »
Executive Summary The proposed changes to the Community Reinvestment Act (CRA) released by the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) would radically reconfigure the testing criteria for banks. A new testing regime would assess low- and moderate-income (LMI) home mortgage and small business lending with a demographic comparison
(Download) The Honorable Mitch McConnell Majority Leader U.S. Senate S-230, The Capitol Washington, DC 20515 The Honorable Chuck Schumer Minority Leader United States Senate S-221, The Capitol Washington, DC 20510 The Honorable Nancy Pelosi Speaker U.S. House of Representatives H-232, The Capitol Washington, DC 20515 The Honorable Kevin McCarthy Minority Leader U.S. House of Representatives
NCRC’s Letter to Congress on COVID-19 Stimulus Provisions Read More »
Today, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement providing guidance to financial institutions on how they can receive credit on their Community Reinvestment Act (CRA) activities to low- and moderate-income people and communities affected by the coronavirus.
Over 6 million children in the United States live with a grandparent.
In the face of a global pandemic, what are food service, retail and hospitality workers supposed to do?
Brookings: America’s Inequitable Housing System Is Completely Unprepared For Coronavirus Read More »
As coronavirus shuts down large parts of the US economy and millions of Americans limit social interaction, the Census Bureau is preparing to send thousands of workers into communities to assist in the decennial headcount.
CNN: Coronavirus Is Already Disrupting The 2020 Census Read More »
