Just News

for August 4, 2023

News and views from the National Community Reinvestment Coalition. Find more at ncrc.org.

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News

NCRC STATEMENT: Figure Bank’s Decision To Abandon Pursuit Of A Federal Banking Charter Is Good News For Communities And Consumers

By NCRC

This is good news for anyone who thinks we should have a stable, safe and appropriately supervised financial system. Bank charters are not just any old business license. They are a privilege that comes with serious obligations to serve the public interest. Had Figure not withdrawn its application, both law and common sense would have dictated that regulators reject it. Now, they have one less distraction from their vital work across the country. [Read more]

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

By NCRC

“This is an act of political theater from a group of people who oppose the CFPB’s very existence, not an earnest or thoughtful disagreement over policy," said Jesse Van Tol. "The CFPB worked hard for a long time to deliver a final rule that is attentive to reasonable industry concerns but vigorous enough to fulfill the mission Congress set for the agency back in 2010. The politicians trying to void that work six elections later do not have the American people’s best interests at heart.” [Read more]

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]

Comments

Letter to the FHFA on Tenant Protections for Enterprise-Backed Multifamily Properties

By NCRC

FHFA should institutionalize new and robust requirements that protect tenants and should do so by exercising the full set of regulatory and oversight tools available. This includes requiring standard lease terms for Enterprise-backed loans; establishing a landlord registry that tracks performance with regard to housing quality, fair housing and tenants’ rights; audits and monitoring; and setting stronger criteria for eligibility for Affordable Housing Goals and Duty to Serve performance [Read more]

Field Notes

Give A Warm Welcome To NCRC’s Newest Members

By NCRC

With more than 750 local, state and regional nonprofits, educational and faith-based institutions and government entities making up the National Community Reinvestment Coalitions’ (NCRC) membership, it can be hard for new members to feel instantly connected. Let’s fix that by giving them a warm NCRC welcome!

[Read more]

Events

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]

Just Economy Regional: Mountain West Summit

September 26-27, 9 am ET - 6 pm ET

Discuss and discover ways to reinvest and make a Just Economy a reality in communities across The Mountain West Region: Arizona, Colorado, New Mexico, Utah and Indian Country. [Register here]

In the News

HSBC's U.S. Arm Faces HUD Probe Over Redlining Allegations

By Jordan Stutts, American Banker

HSBC's U.S. division is under federal investigation for potentially engaging in discrimination against minority borrowers in six metropolitan areas. The U.S. Department of Housing and Urban Development is reviewing the bank's lending practices in majority Black and Hispanic neighborhoods within the six regions, HSBC disclosed in a regulatory filing Tuesday.

[Read more]

NCRC’S Van Tol On How Technology Can Change Consumer Finance

By Jo Ann Barefoot, Alliance For Innovative Regulation

Jesse describes how he thinks about both the upside and downside of the new technologies that are transforming consumer finance, including the trends that worry him the most. He talks about the importance of focusing not just tactically on the availability of services, but also strategically, on the underlying goal of helping more people, and especially people of color, build wealth.

[Read more]

In Mapping Future For Security Square Mall, Demo Decision May Be The Easy Part

By Taylor DeVille, The Baltimore Banner

The county will have to reckon with Woodlawn’s stark income inequality while it seeks to draw new homeowners with a “revitalized” town center and by capitalizing on well-paid jobs at nearby federal offices. Those plans could further erode a historic gathering space for Black residents in Baltimore County and Baltimore City.

[Read more]

CFPB Small Business Loan Rule Partially Blocked

By Evan Weinberger, Bloomberg Law

“It’s a ludicrous and retrograde position to take, in effect asserting a right to discriminate in secret to illegally deprive marginalized communities of economic opportunity,” Jesse Van Tol, the president and CEO of the National Community Reinvestment Coalition, said in a statement to Bloomberg Law. [Read more]

Listen: Why Covid-19 Wasn’t The ‘Great Equalizer’

by Nicholas St. Fleur, Stat

When the Covid-19 pandemic began in 2020, some experts assumed the virus would affect everyone even-handedly, regardless of their race or socioeconomic background. But the reality of Covid proved to be far from the “great equalizer” — Black and brown communities had higher rates of infection and death.

[Read more]

On Our Radar

What Happens When New York’s Shelters Run Out of Room?

By Nicole Hong, NYT

This week, Mayor Eric Adams declared, in dire terms, that there was no more room left for migrants. His administration was coming up with a plan, Mr. Adams said, so that “we don’t have what’s in other municipalities where you have tent cities all over the city".

[Read more]

Deteriorating Household Finances Will Not Support Strong Spending

By Wendy Edelberg, Brookings

The trends of strong spending that we see bear watching. If trends in real income and wealth remain roughly unchanged, households would have to moderate the pace of consumer spending to maintain healthy balance sheets. But if households were to sustain their current spending trends and increasingly finance spending with borrowing, financial health could deteriorate in a worrying way.

[Read more]

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]

Learning & Training Hub
Register for NCRC's catalog of professional development courses for community development leaders. [Learn more]

Research And Reports
We have an extensive library of research and reports that dates back many years! [View all]

Racial Wealth Snapshots
Browse our catalog of socioeconomic briefs. [View all]

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]

Member Hub
NCRC members: Don't forget you have access to our member hub! Learn more about membership here. You can join as an organization or an individual.

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]

TreasureCRA
Keep up and catch up on plans to strengthen the Community Reinvestment Act. [Read more]