Legislative and Regulatory
Local community groups and leaders often do not have the resources to maintain regular oversight and provide input to policymakers in Washington, DC. Through personal visits, mailings, telephone conference calls, a members-only listserv, and other initiatives, NCRC members are regularly able to communicate their opinions to Capitol Hill. It is this nationwide collaboration that empowers NCRC before legislative and regulatory agencies.
NCRC and its members have succeeded in:
Changing the system that holds banks accountable under the fair lending laws and the Community Reinvestment Act (CRA).
Preserving CRA from continuous efforts to weaken it.
Lowering the threshold by which bank regulators declare a lender to be engaged in predatory lending practices.
Increasing the availability and usability of lending data made available by bank regulatory agencies.
Helping establish the creation of statewide and local anti-predatory lending ordinances and laws.
NCRC’s policy positions are determined via consultation with its membership and a vote of the NCRC Board. The NCRC 2012 Policy Agenda addresses the following issues:
Priorities of A Just Economy:
Fairness
Extend the income tax exemption for forgiven mortgage debt (principal reductions). If Congress fails to act, the exemption will expire on December 31, 2012.
Opportunity
Push the Consumer Financial Protection Bureau to start requiring banks to report lending to small businesses, women-owned businesses, and minority-owned businesses in 2012. More transparency will lead to more opportunity.
Accountability
Pressure the Federal Financial Institutions Examination Council to release updated regulations governing the enforcement of the Community Reinvestment Act.
Access
Urge regulators to enforce the Community Reinvestment Act by ensuring that bank branches remain open in underserved communities.
Stability
Support Project Rebuild as the right tool to jumpstart the nation’s economy by rehabilitating properties in communities across all 50 states and creating nearly 200,000 new jobs.
Security
Fight to reauthorize the Older Americans Act and protect the economic security of America’s seniors by making it easier and more affordable to age in place.
Knowledge
Advocate to fully restore funding for HUD’s housing counseling program back to the 2010 level of $87.5 million. Access to information is the cheapest and most effective way to prevent another housing crisis.
For more information, please click this link to read NCRC’s 2012 Policy Agenda .
Fannie Mae and Freddie Mac are known as Government-Sponsored Enterprises (GSEs) because of considerable benefits, such as tax exemptions, that they receive from the Federal government. The GSEs serve a critical function as they buy loans from banks, enabling banks to make more loans. With GSE reform as a major priority for Congress, NCRC will
Government Sponsored Enterprises Reform Read More »
Enacted by Congress in 1975, the Home Mortgage Disclosure Act (HMDA) requires banks, savings and loan associations and other financial institutions to publicly report detailed data on their home lending activity. Over the years, community organizations and concerned citizens have used HMDA data as a tool to determine which banks are lending in their community.
HMDA Data Enhancements Read More »
Data disclosures must be enhanced for small business lending so that the public can thoroughly assess financial institutions’ lending practices to women, minorities, and working-class Americans. With enhanced data disclosure, regulatory agencies can more effectively enforce fair lending laws and banks are generally more motivated to serve overlooked small businesses. NCRC applauds Congress for passing
Small Business Data Read More »
The Community Reinvestment Act (CRA) is a law that requires banks to serve the credit needs of communities where they are chartered, including low- and moderate-income communities. The law promotes neighborhood revitalization and equity building by creating access to responsible homeownership opportunities, basic banking services and capital for small businesses. The CRA also calls on
Community Reinvestment Act Organizing Read More »
Since the last review of the Home Ownership and Equity Protection Act (HOEPA) by the Federal Reserve Board, the home mortgage market has changed considerably. Subprime lending has become a dominant force, unregulated mortgage brokers now originate a large part of the mortgages, and exotic mortgages with exploding interest rates have become a common occurrence.
Anti-Predatory Lending and Sustainable Homeownership Read More »
