NCRC Applauds President Obama’s Nomination of Julián Castro to Head HUD

Washington, D.C. – Today, in response to President Obama’s nomination of San Antonio Mayor Julián Castro as the next Secretary of the Department of Housing and Urban Development (HUD) NCRC President and CEO John Taylor made the following statement:  “We applaud President Obama for his nomination of Mayor Julián Castro to serve as the next Secretary […]

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NCRC Statement on President Obama’s Arizona Housing Address

Washington, DC – Today, in reaction to President Obama’s speech on housing in Arizona, NCRC President and CEO John Taylor made the following statement: “We applaud the President for stressing the importance of access to homeownership, affordable rental housing, and responsible lending. But we are very concerned that the President didn’t address what is missing from […]

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NCRC Statement on the Renomination of Richard Cordray as Director of the CFPB

Washington, DC – Today, in reaction to the news that President Obama has renominated Richard Cordray to lead to the Consumer Financial Protection Bureau (CFPB), NCRC President and CEO John Taylor made the following statement: “Richard Cordray has done an outstanding job as CFPB Director, and we urge the Senate to confirm his nomination. Under […]

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White House Honors DC Women’s Business Center’s Samira B. Cook-Gaines

Washington, DC –  On Wednesday, March 7, the White House honored Samira B. Cook-Gaines, Director of the National Community Reinvestment Coalition’s Washington, DC Women’s Business Center (DC WBC) as a Champion of Change, a tribute bestowed this week on local community leaders who pave the way for small business growth through entrepreneurial mentoring, counseling, and […]

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NCRC Applauds President Obama’s Leadership on Housing

Washington, DC — Today, the National Community Reinvestment Coalition (NCRC) applauded President Obama for announcing new steps allowing homeowners to refinance FHA insured loans at lower rates, and an agreement with lenders which would provide financial restitution for veterans who were improperly foreclosed upon. NCRC President & CEO John Taylor called upon Edward DeMarco, Acting Director […]

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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.”

 

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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.

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