“We’ve surveyed housing counselors from the front lines of the foreclosure crisis, and they tell us that the battle is being lost.” said John Taylor, president & CEO of the National Community Reinvestment Coalition. “While this administration has been more proactive than the last, Making Home Affordable is simply failing to make enough of a difference relative to the size of the problem. It’s not for lack of good ideas, including more aggressive principal reductions that this crisis has been allowed to continue mostly unabated. The end result, if we don’t get ahead of this problem now, is the ongoing loss of wealth from America’s communities.”

Washington, DC—The National Community Reinvestment Coalition (NCRC) is pleased to announce the official launch of the Washington, DC Women’s Business Center (WBC) on March 23 at 3 p.m. at the John A. Wilson Building, located at 1350 Pennsylvania Ave NW (room 412). The event will be hosted by the Small Business Administration, the Washington, DC City Council, and NCRC. It will feature remarks from Karen Mills, Administrator of the U.S. Small Business Administration; Kwame Brown, At-large Member of the Washington, DC City Council; and Christina Tchen, Director of the White House Council on Women and Girls.

Seven Community Leaders Are Honored with the National Community Reinvestment Coalition’s

National Achievement Awards

Washington, DC – Hundreds of people from community organizations around the country attended the National Community Reinvestment Coalition’s national conference, March 10-13 in Washington, DC. Attendees heard exciting speeches from Rep. Elijah Cummings, Del. Eleanor Holmes Norton and HUD Assistant Secretary John Trasviña and FHA Commissioner Dave Stevens, among other administration officials. NCRC also announced the winners of its esteemed National Achievement Awards. Rev. Jesse Jackson, Sr. presented the awards to seven community leaders during NCRC’s 20^th anniversary conference on March 12, in Washington, DC. Detailed information about the winners and the awards follows below:

Consumer Financial Protection Agency would be beholden to existing regulators 

Washington, DC – The financial reform proposal that will be introduced by Senator Dodd today creates a weak Consumer Financial Protection Agency (CFPA) that will not provide the consumer protection needed in the wake of the financial crisis. NCRC president & CEO, John Taylor, made the following statement relative to the consumer protections in the bill:

“Senator Dodd’s bill fails to ensure a regulatory framework that will provide strong protections for consumers. In particular, placing the CFPA at the Federal Reserve and giving existing financial regulators veto power undermines the goal of protecting consumers. This proposal gives the appearance of providing consumer protection, while leaving the real power in the hands the bank regulatory agencies that failed to protect American consumers because they were too busy listening to Wall Street.”

Current & Former Federal Reserve Consumer Advisory Council Proposes Standalone Consumer Protection Agency

Group of Experts Federal Reserve Relied on for Consumer Advice Says Strong Consumer Protection Won’t Happen Without Independent Agency

Washington, DC – Nineteen current and former members of the Federal Reserve’s Consumer Advisory Council (CAC) today sent a letter to Senator Dodd calling for a standalone Consumer Financial Protection Agency not housed at the Federal Reserve or any other banking regulatory agency. Considering the failure of the agencies, "We think it would be imprudent to give the Federal Reserve or any other existing agency primary consumer protection responsibilities," says the letter. "The Federal Reserve has its hands full with responsibilities relating to safety and soundness and monetary policy. Consumers will be served only by having the CFPA as an independent agency where the primary responsibility is consumer protection. We urge you reconsider your proposal for the CFPA to be within any other agency."

Burden To Borrower Is Modest & Ensures Access To Responsible Credit

Washington DC — David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition, issued the following statement today about the Federal Housing Administration’s changes to its mortgage program:

“The changes announced today by the FHA represent an attempt to navigate a prudent course without negatively impacting access to credit or contributing to a further slowing of the housing market in communities of color. While borrowers will bear more of the costs of the government insurance program through higher premium charges, the additional revenue will help ensure that FHA stays solvent. The burden to the individual borrower is modest and should ensure, overall, that borrowers have access to responsible credit. While some less credit worthy borrowers will need higher down payments, this is a necessary move in markets where a decline in home value can wipe out a new buyer’s equity within weeks after the settlement.  

Washington, DC – Today, John Taylor, president & CEO of the National Community Reinvestment Coalition made the following statement in reaction to the news that key senators are considering housing the Consumer Financial Protection Agency at the Federal Reserve:

“The Federal Reserve is the last place an agency designed to protect consumers should be housed. It will be more waste of taxpayers’ money because we’ll have to pay for the appearance of protection without getting any."

Washington, DC – Last Friday, President Obama announced a $1.5 billion commitment to help alleviate some of the foreclosure and housing problems facing five states, Arizona, California, Florida, Michigan and Nevada.

John Taylor, President & CEO of the National Community Reinvestment Coalition, applauded the Administration for focusing on these states, which have each experienced major declines in home values due to massive numbers of foreclosures. “The American people should be pleased that TARP funds are being put to use to help homeowners, not just to bail out Wall Street.”

Washington, DC – Yesterday, President Obama announced a tougher stance on financial reform. John Taylor, President & CEO of the National Community Reinvestment Coalition, made this statement:

“President Obama is to be commended for taking a tough stand with the financial industry. This is change the American people can get behind. The President has poked a hole in the bubble of denial that seems to be enveloping Washington; we need stronger financial reform measures. A banking lobbyist expressed concern today with the President’s ‘turn in tone’ but Americans are concerned with Washington’s ‘bankers know best’ mentality. It’s time for Congress to follow the President’s lead and stand up for working people, instead of taking their cues from the banks’ highly-paid lobbyists. It won’t be easy. The financial services lobby will expand its efforts to kill legislation and regulatory changes favorable to consumers. Consumer and community advocates must redouble their efforts to win meaningful financial reform.”