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Community Reinvestment Act

Increasing community development financing data a necessary component for CRA reform

By / / Policy, Views / 7 minutes of reading

Data on community development lending and investing is lacking on a census tract level, making the information incomplete and difficult to assess. However, this is not the case for home mortgage lending data and small business loan data. If the federal regulatory agencies truly want to reform CRA, the first place to start is with better data. It would be a win-win for both banks and community organizations by facilitating identification of underserved areas. It would also further CRA’s objectives of directing access to credit and capital where it is needed most.

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Reveal: For people of color, banks are shutting the door to homeownership

By / / On Our Radar / 2 minutes of reading

Reveal exposes modern-day redlining is occurring in at least 61 US cities. In Philadelphia, black applicants there were almost three times as likely to be denied a conventional home purchase loan as white applicants. And this discrimination isn’t just a few banks, nearly two-thirds of mortgage lenders are still discriminating against clients of color.

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Economic justice leaders urge strengthening of the Community Reinvestment Act during Treasury Department review 

By / / Press Releases / 3 minutes of reading

The National Community Reinvestment Coalition, joined by almost 500 national and local organizations, today sent a set of recommendations to Treasury Secretary Steve Mnuchin and Comptroller of the Currency Joseph M. Otting to strengthen the Community Reinvestment Act.

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CNNMoney: Trump may weaken ‘outdated’ rules that force banks to lend to the poor

By / / In the News, On Our Radar / 1 minute of reading

For years, banks have been fighting these requirements to lend to underprivileged people — and President Trump is listening as he continues his war on regulation. The irony is that these rules benefit the same “blue-collar people Donald Trump maintains he represents.

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Would Trump’s CRA Reform Really “Do No Harm?”

By / / Views / 5 minutes of reading

Young doctors entering the medical field take the Hippocratic Oath requiring them to deliver quality and ethical care. This cardinal rule of medicine should be applied as the Trump administration mulls Community Reinvestment Act (CRA) reform. The first rule must be to “do no harm” and enact no “reform” that results in less lending and investing in underserved communities.

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Next City: Three U.S. Banks Make $20 Billion Community Reinvestment Promise

By / / In the News / 1 minute of reading

Three banks in three different regions collectively promised nearly $20 billion in home mortgages, small business loans, community development financing, and charitable contributions, as part of negotiations that included hundreds of community-based organizations in each region that were completed over the past month.

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