federal reserve board

Fed Must Do More to Protect Consumers From Fraud and Mistakes in New P2P Payment System

By / September 9, 2021 / Press Releases

FedNow System Must Not Launch Until it is Safe The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community and legal services groups.  One …

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NCRC Statement on the Release of 2013 Home Mortgage Disclosure Act Data

By / October 31, 2017 / Press Releases

Washington, DC – Today, in reaction to the release of 2013 Home Mortgage Disclosure Act (HMDA) data, NCRC President and CEO John Taylor made the following statement: “The Home Mortgage Disclosure Act data for 2013 makes it clear that there is a closing window of opportunity for low- and moderate-income communities and communities of color. …

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NCRC Applauds Senate Confirmation of Janet Yellen as Chair of the Federal Reserve

By / October 31, 2017 / Press Releases

Washington, DC – Today, in reaction to the Senate’s confirmation of Janet Yellen as Chair of the Federal Reserve, the National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement: “We applaud the confirmation of Janet Yellen as Chair of the Federal Reserve. Not only has she shown a strong commitment …

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NCRC Applauds Nomination of Janet Yellen as Federal Reserve Chair

By / October 31, 2017 / Press Releases

Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the nomination of Federal Reserve Board Governor Janet Yellen to lead the Federal Reserve Board. NCRC President and CEO John Taylor made the following statement: “Janet Yellen is an excellent regulator who is responsive to the needs of consumers. She has been a champion for …

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

By / October 31, 2017 / Press Releases

  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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NCRC Statement on OCC and Federal Reserve Settlement with Servicers

By / October 31, 2017 / Press Releases

Washington, DC — Today, in reaction to the announcement of an $8.5 billion settlement between the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board and ten banks, NCRC President and CEO John Taylor made the following statement: “While compensation for homeowners who have been harmed is a good thing, it is …

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Improving HMDA Data can be the Answer to Averting another Foreclosure Epidemic

By / October 31, 2017 / Press Releases

delinquent bill picWashington, DC–On Friday, September 24th, NCRC will testify before Federal Reserve Board on making critical improvements to HMDA data, so that lenders can be held accountable for the types of loans they are issuing to communities.

“We are in an era of some of the most complicated mortgage products to-date and given the strain that bad mortgage loans have put on our economy, lenders should be examined with a microscope now more than ever. In the era of reckless and corrupt lending, it is crucial that HMDA actually does what it was enacted to do, which is identify discriminatory lending patterns and determine if financial institutions are meeting local housing needs,” said John Taylor, president and CEO of NCRC, in reaction to the Federal Reserve’s 2009 HMDA data report.

The recently enacted Dodd-Frank bill mandates significant improvements to HMDA data. NCRC calls upon the Federal Reserve Board and the new Consumer Financial Protection Bureau to expeditiously implement these improvements. In today’s release, the Federal Reserve Board states that the current HMDA data lacks information on credit scores, property values, and other factors necessary to fully account for disparities in racial access to affordable loans.