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CFPB

NCRC Fact Sheet: Three Bills Would Significantly Weaken Section 1071 Small Business Loan Disclosures

The philosophy behind Section 1071 is similar to that of the Home Mortgage Disclosure Act (HMDA) data: the public release of data will identify which lenders are making good faith efforts to serve small businesses and which lenders lag their peers, encouraging the laggards through public accountability to increase their lending to traditionally underserved businesses. We expect a similar benefit from Section 1071 in narrowing the significant racial and gender disparities present in small business lending.

NCRC Applauds the CFPB’s Decision to Assess the Effectiveness of the HMDA Rule, But More Immediate Action is Required

The CFPB’s request for information this week is a promising first step, but the agency should complete the work to implement the Congressionally-mandated requirements for a HMDA that will shed light on lending activity in all communities and with the robust data points that the public needs to investigate financial institutions for fair lending concerns.

NCRC applauds confirmation of Rohit Chopra to lead CFPB

Rohit Chopra’s prior experience as an Associate Director and Student Loan Ombudsman at the CFPB and most recently as a Federal Trade Commissioner demonstrates his strong commitment to the CFPB’s core mission to protect American consumers from unfair, abusive or deceptive financial practices and products.

NCRC applauds CFPB for landmark action to prevent lending discrimination based on gender identity and sexual orientation

Today, the Consumer Financial Protection Bureau (CFPB) announced that the principles from the landmark U.S. Supreme Court case Bostock v. Clayton County that provide protection against discrimination based on sexual orientation or gender identity also apply to the Equal Credit Opportunity Act (ECOA).

NCRC receives $1 million from W.K. Kellogg Foundation to support data transparency, research and private sector training to expand racial equity in small business lending

The National Community Reinvestment Coalition (NCRC) has been awarded $1 million from the W.K. Kellogg Foundation to support racial equity research and training for lenders to expand access to credit and capital for small businesses owned by people of color. 

NCRC Initial Analysis of the CFPB SBREFA Panel Outline: A Step in the Right Direction but Improvements Sought

The CFPB’s initial proposals for the small business lending data take some steps in the right direction such as including a broad range of institutions from banks to non-bank financial technology companies that would be required to report data. However, some proposals would keep lending activity in the dark such as the proposal to not report Merchant Cash Advances, a form of credit that is higher cost and has been subject to abuses. 

Joint Comment: Final Qualified Mortgage (QM) Rule Must Effectively Protect Consumers and Promote Access to Responsible Mortgage Credit

(Download) Thank you for the opportunity to comment on the Consumer Financial Protection Bureau’s (CFPB’s) qualified mortgage (QM) proposed rule. Given CFPB’s decision to end the GSE patch, we believe that a price-based approach is an appropriate and effective method to determine QM status. However, additional safeguards are necessary to ensure that the final rule …

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