NCRC Releases GSE Reform Access White Paper

Washington, DC – Today, the National Community Reinvestment Coalition released a new white paper, “A Guarantee for the Guarantee: Two Proposals to Ensure that the Future Secondary Mortgage Market Serves All Creditworthy Borrowers.” The paper introduces two policy proposals designed to promote access and ensure that the future secondary mortgage market serves all creditworthy borrowers through […]

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NCRC Applauds Senator Reid’s Remarks on GSE Reform

Washington, DC – Today, the National Community Reinvestment Coalition applauded remarks from Senate Majority Leader Harry Reid on GSE reform. In a recent interview that addressed GSE reform, Senator Reid expressed the need to “protect homeownership.” “We are very glad to hear Senator Reid voice the need to protect homeownership and proceed carefully with GSE reform,” […]

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NCRC Statement on the Nomination of Sarah Bloom Raskin as Deputy Treasury Secretary

  Washington, DC – Today, in reaction to the news that President Obama has nominated Federal Reserve Board Governor Sarah Bloom Raskin to serve as Deputy Treasury Secretary, NCRC President and CEO John Taylor made the following statement:  “Sarah Bloom Raskin is sure to be an excellent Deputy Treasury Secretary, and we urge her prompt confirmation. […]

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Issue Brief: The Consumer Financial Protection Bureau’s Amendments to the Ability-to-Repay Rule

The Consumer Financial Protection Bureau (CFPB) recently issued a series of amendments to the Ability-to-Repay rule, which is set to go into effect January 10, 2014. The rule, originally issued in January of this year, holds lenders legally responsible for acting in good faith and making a reasonable determination, before closing, that a homebuyer has […]

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NCRC Supports Richard Cordray to Head the Consumer Financial Protection Bureau

 Washington, DC — President Obama is expected today to nominate the former Ohio state Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In 2010, the National Community Reinvestment Coalition (NCRC) gave Cordray its prestigious Henry B. Gonzalez Award for outstanding public service, noting that he was a “shining example for state […]

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White Paper: Impact of QRM on Home Opportunity in America

The Impact of the Proposed Qualified Residential Mortgage Definition on Home Opportunity in America Financial institutions will be exempt from the 5 percent risk retention requirement on certain types of mortgages, known as Qualified Residential Mortgages (QRMs). QRMs contain loan terms and practices that the regulatory agencies have determined are less likely to end up […]

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Financial Regulatory Reform Passed by Conference Committee

US Capitol

Washington, DC- Early this morning, the Conference Committee passed the Financial Regulatory Reform Bill.  John Taylor, NCRC’s president and CEO, made this statement regarding its passing:

“NCRC is very pleased to see some major steps being taken to overhaul the banking system. The bill offers major consumer protections that did not exist prior to President Obama’s and Barney Frank’s call for reform. The creation of the Consumer Finance Protection Bureau (CFPB) as a independent agency should be able to create rules and regulations and protect consumers from future abuses. It is critical however that this independence not be undermined by the fact that the Federal Reserve Bank will house, pay for and be part of the oversight agency that has the authority to veto decisions of the CFPB. Only time will tell as to how much influence the banking regulators and others have over this new important agency.”

Major components of the bill include:

Consumer Agency:

  • A strong consumer agency was created to protect consumers and enforce regulations on mortgages, credit cards and other financial products.
  • Independent Funding.
  • Director appointed by the President and Confirmed by the Senate.
  • Enforcement of pay day lenders, and check cashiers.

Help for Homeowners:

  • Assistance to unemployed borrowers facing foreclosure.
  • Money provided for the neighborhood stabilization fund which helps with assistance to borrowers for foreclosed or abandoned properties.
  • Funds provided for counseling (Legal Aid).


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