Efforts to kill the CFPB's small business data rule and the Fed's new FedNow payment system

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Just News

for July 28, 2023

News and views from the National Community Reinvestment Coalition. Find more at ncrc.org ([link removed] ) .

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News

NCRC Statement On Latest Partisan Attack On CFPB’s Section 1071 Small Business Lending Rules

By NCRC

Republican members of the House Financial Services Committee voted through a resolution of disapproval seeking to void CFPB’s recently finalized rules for tracking data on who is and is not approved for small business loans. NCRC President and CEO Jesse Van Tol rightly referred to it as "an act of political theater."[Read more ([link removed] ) ]

Views

Congressional Republicans Are Trying To Kill CFPB’s Section 1071 Small Business Lending Rules Before They Take Effect

By Joseph Reed, NCRC

Community advocates are rightly excited about new efforts to track small business lending data to help identify and combat potential discrimination. But that work faces one more short-term hurdle: Political opponents of the Consumer Financial Protection Bureau (CFPB) are trying to stymie the implementation of Section 1071 lending data rules through an arcane process in Congress. [Read more ([link removed] ) ]

How The Government’s New “FedNow” Immediate-Payment System Will Benefit Consumers And Banks Alike

By Adam Rust, NCRC

The Federal Reserve’s new FedNow real-time payments system, launched July 20, represents the most significant improvement to the Fed’s payments services since the introduction of the automated clearing house system in the 1970s. Our national payments system will reap immediate gains when FedNow brings new banks and credit unions online. [Read more ([link removed] ) ]

Comments

NCRC And Over 150 Organizations Unite In Support Of Section 1071 Of Dodd-Frank, Rejecting Congressional Repeal Efforts

By NCRC

The implementation of the final rule recently announced by the CFPB will have widespread benefits. By increasing transparency of pricing, terms and conditions, and action taken on applications, 1071 data is likely to curb excessive pricing, reduce abusive terms, and increase access to credit for traditionally underserved small businesses. [Read more ([link removed] ) ]

Field Notes

DCWBC Women Entrepreneur Profile: Melissa A. Little Consulting & Mediation Services LLC

By NCRC

This is part of a series of profiles showcasing the talented entrepreneurs of NCRC’s DC Women’s Business Center. Melissa A. Little Consulting & Mediation Services LLC is a women-owned business, started by Melissa Little, that is committed to creating safe and inclusive environments. [Read more ([link removed] ) ]

Events

Celebration Of Home

August 4, 7:30 pm ET - August 5, 12 am ET

Join NCRC’s Chief of Organizing, Policy and Equity Dedrick Asante-Muhammad as he provides the keynote address at NeighborWorks of Southern Colorado’s Celebration of Home 2023: Building Our Future in Pueblo, CO on August 4.

[Register here ([link removed] ) ]

Build “Big Company” Mobile Marketing Strategies On Small Budgets

August 8, 2 pm ET - 3:30 pm ET

Over 97% of adults in the US own a cell phone. But unlike desktops, iPads, and tablets, cell phones are almost always with them. Big companies often use mobile marketing – a common form of digital marketing – to leverage this unprecedented access to engage their audiences when they would be most receptive. Your organization can use many of the same mobile strategies with a budget you can afford. [Register here ([link removed] ) ]

In the News

Homelessness Is Not An Unsolvable Problem

By Clayton Collins and Sarah Wheeler, Housing Wire

Homelessness is often seen as an intractable problem that defies the amount of money and effort that has been deployed to solve it. However, some cities have made real progress in reducing homelessness, including the Dallas/Fort Worth metroplex, where Housing Forward, formerly Metro Dallas Homeless Alliance (MDHA), is proving that a housing-first approach can work. [Read more ([link removed] ) ]

Containing Gentrification: A Story from the Nation’s Capital

By Javier Rivas, NonProfit Quarterly

In Washington, DC, the gentrification process has been extraordinarily pronounced—with metro neighborhoods showing among the greatest level of resident displacement of any US city. A 2019 study by NCRC found ([link removed] ) that between 2000 and 2013 at least 20,000 Black residents had been displaced from the city’s neighborhoods. [Read more ([link removed] ) ]

On Our Radar

Biden Administration Taking New Actions To Boost Housing Affordability And Availability

By Betsy Klein, CNN

The Biden administration announced further steps to lower housing costs and boost supply, part of the economic agenda that President Joe Biden will highlight as he seeks a second term. [Read more ([link removed] ) ]

From Redlining To Blacklining: Englewood Organization To Fix Up Abandoned Home, Sell To First-Time Homebuyers

By Shardaa Gray, CBS News

Butler said that a different generation was forced into neighborhoods through redlining. Now, she wants to welcome homebuyers in Englewood through a blacklining grant. The grant aims to help 10 Black families in Englewood who are first-time homebuyers receive $1,000 to go towards their down payment.

[Read more ([link removed] ) ]

Resources

Work And Meet At The Just Economy Club

It's a DC hub for nonprofits and the social sector, around the corner from the White House. Move your team into a private office or host your meetings and events or hang out in the lounge. [Read more ([link removed] ) ]

Learning & Training Hub

Register for NCRC's catalog of professional development courses for community development leaders. [Learn ([link removed] ) more ([link removed] ) ]

Research And Reports

We have an extensive library of research and reports that dates back many years! [View all ([link removed] ) ]

Racial Wealth Snapshots

Browse our catalog of socioeconomic briefs. [View all ([link removed] ) ]

Sign And Share The Just Economy Pledge

America should not only promise but deliver to all Americans opportunities to build wealth and live well. Sign and share the pledge to help us expand the movement for a Just Economy. [Sign and Share ([link removed] ) ]

Member Hub

NCRC members: Don't forget you have access to our member hub ([link removed] ) ! Learn more about membership here ([link removed] ) . You can join as an organization or an individual ([link removed] ) .

Fair Lending Tool

Use our interactive tool to produce a report on mortgages, small business lending and bank branch networks for any city, county or metro area in the nation. [Access the tool here ([link removed] ) ]

TreasureCRA

Keep up and catch up on plans to strengthen the Community Reinvestment Act. [Read more ([link removed] ) ]

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