John Taylor Testifies on the role of PMI & Housing Finance (July 29, 2010)
John Taylor Testifies on the role of PMI & Housing Finance (July 29, 2010) Read More »
NCRC
Wall Street Reform Passes the House
Wall Street Reform Bill Passes the House
Washington, DC – Reacting to news that the House has passed the Wall Street reform bill this evening, John Taylor, president & CEO of the National Community Reinvestment Coalition (NCRC), made this statement regarding its passage:
“NCRC is very pleased to see some major steps taken to overhaul the banking system. The bill offers necessary consumer protections that would not have been passed without President Obama’s leadership. The Senate needs to act quickly to send this legislation to the President’s desk. While it’s been distressing to see the outsize influence that the Wall Street banks have on Congress, it’s time now to get this done, and to move forward with other necessary measures to clean up the mess caused by the reckless and irresponsible behavior of Wall Street.”
“The creation of the Consumer Finance Protection Bureau (CFPB) as an independent agency that will be able to create and enforce rules of the road will 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. We will be paying close attention to the implementation of the agency, to ensure it is set up in a way that maximizes its ability to protect consumers.”
Wall Street Reform Passes the House Read More »
Financial Regulatory Reform Passed by Conference Committee
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).
Financial Regulatory Reform Passed by Conference Committee Read More »
Financial Reform Cannot Happen Without Removing Monetary Incentives
CONFERENCE WATCH:
NCRC Urges Committee Withstand Pressure to Remove Independent Appraisals, Sounds Concern on Rating Agencies’ Conflict of Interest But Praises Senate Vote on Homeowner Advocate in HAMP Program
Washington, DC (June 16, 2010) — Today John Taylor, CEO and President of the National Community Reinvestment Coalition, urged the conference committee to withstand pressure to remove independent appraisal requirements on mortgages in the financial reform bill and expressed disappointment with its failure to resolve the troubling conflict of interest between credit rating agencies and Wall Street. Taylor also urged inclusion of an Office of the Homeowner Advocate in HAMP to conduct loan modification appeals brought by homeowners and serve as a policy voice for homeowners.
Taylor said: “Financial reform cannot happen with removing the existing monetary incentives we have allowed the financial industry to build into financial products, including mortgages and the services rating agencies provide. We took a step backward yesterday by refusing to deal with the rating agencies’ conflict of interest. We cannot afford to take another step backwards by caving to pressure from the brokers and Realtors to remove independent appraisals on mortgages. Inflated valuations on homes helped blow the housing bubble bigger and bigger until it burst. To prevent another crisis, we need to remove the financial incentives to do more harm than good.”
Financial Reform Cannot Happen Without Removing Monetary Incentives Read More »
Wall Street Reform Passes Senate
Senate bill weaker on consumer protections than House bill will need to get strengthened in conference committee
Washington, DC– Today, the United States Senate passed a financial reform bill . A last minute managers amendment from Senator Dodd has not been made public yet, but based on the details of the bill known earlier today, John Taylor, president and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:
The Senate has today passed a promising financial reform bill: necessary financial reforms will become law. But this legislative victory came at a great cost. More than 8 million Americans lost their livelihood, and millions are losing their homes. Families and whole neighborhoods have been torn apart. Unfortunately, this is more than lost decade for many Americans; this has been the destruction of the American Dream.
Wall Street Reform Passes Senate Read More »
Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy
Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy and Avoid Accountability Brought by Financial Reform Bill
Senate bill needs to get stronger to protect consumers
Washington, DC — As the Wall Street reform debate opens in the Senate, the financial services lobby is pulling out all the stops to weaken or even kill the financial reform bill. On a mission to fight off oversight and accountability, Wall Street banks have already poured in millions of dollars, deployed over a thousand lobbyists, including former members of congress, all in efforts to fight off the bill and guard their lofty profits. The National Community Reinvestment Coalition urged the Senate today to fight on behalf of the American people for strong reform that ensures that the financial system is fair, transparent, and accountable.
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Foreclosure In The Nation’s Capital: How Unfair and Reckless Lending Undermines Homeownership
Click here to download a PDF of the Full Study Click here to download PDF of Executive Summary
Foreclosure Rescue Scams: A Nightmare Complicating the American Dream
The report addresses the concerns surrounding foreclosure prevention rescue scams. The research study was conducted for a period of three months in mid-2009 using “fair lending matched pair testing” or mystery shopping” to assess the extent of the problem. Findings of the study demonstrate that an aggressive legislative solution and added public and private oversights
Foreclosure Rescue Scams: A Nightmare Complicating the American Dream Read More »
David Berenbaum | American Banker Op-Ed 060210
David Berenbaum | American Banker Op-Ed
David Berenbaum | American Banker Op-Ed 060210 Read More »
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