The Consumer Financial Protection Bureau (CFPB) is the only federal agency tasked with protecting consumers from financial abuses, and it is under attack on multiple fronts. Efforts to dismantle the agency as we know it are before the Supreme Court, and the Republican-held House is waging a battle on the CFPB’s vital new small business lending data rule. [Sign The Petition]
Just Economy Regional: Mountain West Summit Schedule
September 26-27, 9 am ET - 6 pm ET
The draft schedule for the upcoming Just Economy Regional: Mountain West Summit is now available! Come and discover which sessions you can't miss. [Read more]
News
Lawsuit Alleging KeyBank Misled Investors Should Not Surprise Anyone Who’s Paid Attention To The Bank’s Broken Promises To Communities
By NCRC
KeyBank allegedly “made materially false and misleading statements” about its liquidity that harmed investors when the truth came out and caused abrupt major drops in Key’s stock price, attorneys from Brager Eagel & Squire claimed Tuesday in a class action lawsuit. [Read more]
Views
Victory: Figure Bank’s Withdrawn Charter Application Shows The Uninsured National Bank Idea Is Dead
By Adam Rust, NCRC
Figure Bank has withdrawn its application for a national banking charter, the Office of the Comptroller of the Currency (OCC) revealed last week in a notice on its corporate applications portal. It marked a quiet ending to what could have been a dangerous and significant event in banking history. If Figure’s application to become an uninsured nationally-chartered bank had been granted, it would have upended legal precedent – and created a blueprint for evading community reinvestment responsibilities. [Read more]
Events
Your Membership, Your Benefits: A Closer Look at NCRC Membership
August 15 , 2:00 pm EDT – 3:00 pm EDT
Join us to learn what resources, services, content and networking opportunities your membership includes and how being an NCRC member can help you in your fight for a #JustEconomy. Members will share their tips for making the most of your membership and NCRC Membership staff will walk through NCRC’s newest member features. [Register here]
Vote For Our SXSW Panel!
August 20
Want to see positive change in business funding? Vote by August 20 for the NCRC CDF and Working Solutions’ session at SXSW 2024! The fireside chat with NCRC Chief of Community Finance and Mobility Marisa Calderon and Working Solutions' CEO Sara Razavi will examine how we're empowering communities of color to overcome financial obstacles and build sustainable businesses. Let's make a lasting impact![Vote now]
In the News
Feds Investigate HSBC Over Lending Discrimination Claims
By Abraham Jewett, Top Class Action
HSBC Bank USA disclosed it is under investigation by the U.S. Department of Housing and Urban Development over claims filed against it by the National Community Reinvestment Coalition, a major fair-lending advocacy group. HSBC Bank has been accused of engaging in discriminatory lending practices in majority Black and Hispanic neighborhoods located in six cities across the US.
What Is Redlining? A Look At The History Of Racism In American Real Estate
by Eric J. Martin, Fort Worth Star-Telegram
Though redlining is now illegal, its legacy persists, with ongoing impact on home values, homeownership and individuals' net worth. Discrimination and inequities in housing practices and home financing still exist. [Read more]
On Our Radar
Group Behind Affirmative Action Cases Sues Venture Fund Backing Black Female Founders For Racial Bias, A Potential Precursor To Attacks On Corporate DEI
By Emma Hinchliffe and Joseph Abrams, Fortune
When the Supreme Court issued its affirmative action decision in June, diversity and inclusion experts warned that the corporate world could soon see similar challenges come its way. “Everyone’s been waiting for the other shoe to drop,” says Susan Lyne, managing partner at BBG Ventures, another early-stage fund that invests in diverse founders. Now, it has. [Read more]
First American City To Tame Inflation Owes Its Success To Affordable Housing
By Mark Niquette and Augusta Saraiva, Bloomberg
In May, the Twin Cities became the first major metropolitan area to see annual inflation fall below the Federal Reserve’s target of 2%. Its 1.8% pace of price increases was the lowest of any region that month. That’s largely due to a region-wide push to address one of the most intractable issues for both the Fed and American consumers: rising housing costs. [Read more]
Resources
Work And Meet At The Just Economy Club It's aDC hubfor 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]
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]
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]
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