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Just News

for October 20, 2023

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

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Announcements

Call For 2024 Just Economy Conference Session Ideas

Today, October 20, is the last day to submit your session ideas for the 2024 Just Economy Conference! What do you want to talk about? Whose voices do you want to include? What new ideas, best practices or insights can you share? [Submit now ([link removed] ) ]

Press Releases

New Federal Datasets Are An Important Step Forward In Understanding Appraisal Bias

By NCRC

“Nobody should have to worry that decades of hard work to set their children up for a better life might get derailed by one unaccountable actor erroneously undervaluing their home when it’s time to sell,” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition. [Read more ([link removed] ) ]

NCRC, CRL And AFR Blast Senate Democrats For Betraying Small Business Owners With Vote To Rescind Section 1071

By NCRC

From NCRC President and CEO Jesse Van Tol: “It’s disturbing to see Senators Tester, King, Hickenlooper, Sinema and Manchin betray small business borrowers by putting their names on this cynical and absurd maneuver. The only people on earth who benefit from killing Section 1071 are bankers who would rather not get caught discriminating against non-White, non-male small business owners." [Read more ([link removed] ) ]

Views

The CFPB Wants To Put You Back In Charge Of Your Personal Financial Data

By Adam Rust

The Consumer Financial Protection Bureau on Thursday proposed its new Section 1033 data rule. When finalized, the proposed rule will return power to consumers by giving them control over the use of their personal financial data. By clarifying how consumers can assert their rights over the collection, use and sharing of their personal financial data, Section 1033 will level the playing field between American households, banks and Big Tech. [Read more ([link removed] ) ]

TransUnion Faces Big Fine As Regulators Heed NCRC Call For Fairness In Tenant Screening

By NCRC

NCRC and other groups have urged regulators to take action against unjust tenant screening practices. A $20 million enforcement action against TransUnion is a good start. [Read more ([link removed] ) ]

The Racial Wealth Divide And The First Black Billionaires

By Dedrick Asante-Muhammad and Eddie Gray

The beginning of a new millennium was also the year that the Forbes list first had Black billionaires. In 2001, Robert L. Johnson and Michael Lee-Chin became the first people of African descent to clear the billion-dollar wealth mark. Out of 538 total persons or families to make the magazine’s much-watched annual list that year, Johnson ranked #312 with a net worth of $1.6 billion and Lee-Chin ranked #490 with a net worth of $1 billion. Each man’s story provides some insight into the types of assets that build and maintain wealth. [Read more ([link removed] ) ]

Field Notes

Give A Warm Welcome To NCRC’s Newest Members

By NCRC

New organizational members in September were: Atlanta Land Trust, Atlanta, Georgia; Amplify Equity, Inc., Elmira, New York; and Minorities Allied Lenders, Inc., Pennsauken, New Jersey. [Read more ([link removed] ) ]

What California Is Doing To Address Its Housing Needs

By Benjamin Selman

California is currently facing an affordable housing crisis. According to a recent report by the California Housing Partnership, the state needs to build 1.2 million affordable homes to meet the needs of low-income renters. To address the housing crisis, various policies have been enacted to either increase the supply of new housing or preserve the existing affordable housing. [Read more ([link removed] ) ]

Events

Casita Coalition: 2023 Build The Middle National Housing Convening

November 2-4

NCRC’s Chief of Community Finance and Mobility Marisa Calderon will be speaking at Casita Coalition’s inaugural policy convening. Calderon will be speaking in the session titled “Creating the Financial Ecosystem: Breaking Down the Barriers Necessary to Ensure Liquidity and Wide Availability of Financial Products for Everyday Families.” [Register ([link removed] ) ]

Wolters Kluwer: CRA And Fair Lending Colloquium

November 12, 8 am ET – November 15, 5 pm ET

Join NCRC President and CEO Jesse Van Tol as he provides the keynote address for Wolters Kluwer’s 27th Annual CRA and Fair Lending Colloquium, to be held in Austin, TX, at the JW Marriott. [Register ([link removed] ) ]

In the News

New York Faces Bank Branch Exodus: Major Institutions Continue Closures

By Ash Jurberg, Newsbreak

Major banks continue to push customers toward online banking as they close locations across the United States. CNBC reports that "according to the National Community Reinvestment Coalition, one-third of the branches closed from 2017 to 2021 occurred in areas that were predominately lower-income and minority areas." [Read more ([link removed] ) ]

On Our Radar

Home Sales On Track For Slowest Year Since Housing Bust

By Nicole Friedman, Wall Street Journal

The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period.

Sales of previously owned homes in 2023 are expected to dwindle to a rate not seen since at least 2011, when the US population was smaller and the country was still recovering from one of the worst housing crises ever, according to many economist forecasts. [Read more ([link removed] ) ]

Impacts Of Housing Discrimination On Economic Opportunity

By Nathan Denzin, PBS Wisconsin

Historical and current housing discrimination by race in rental and real estate markets have diminished opportunities for Black Wisconsinites to build generational wealth and create new businesses. [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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