Senators Vote for Wall Street, Against the American People

Senate Blocks Qualified Nominee

Washington, DC — The National Community Reinvestment Coalition (NCRC) today issued the following statement after the Senate failed to secure cloture on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau.

NCRC President & CEO John Taylor:

“Shame on those Senators who have blocked Richard Cordray’s nomination. The financial crisis nearly brought this country to its knees, and at its epicenter were reckless and abusive lending practices by lenders. It is appalling to me that elected officials – even those who depend on Wall Street to get elected – can take this position, because it is a slap to the face of the American people. This is a vote against the millions of Americans who have lost a home. This is a vote against the tens of millions of Americans who have lost a job or can’t find one. This is a vote against all Americans who have seen their retirement savings hurt, their equity reduced and their wealth damaged by the recession and the aftermath of the financial crisis. Voting against Richard Cordray is a vote for the 1% against the interests of the 99%”

About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.  

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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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