“Today’s new rules expand CRA to reflect society’s broader understanding of the nature of economic injustice. Discrimination not only made non-White America poorer – it shortened lifespans, raised rates of serious disease and left communities more vulnerable to the mounting climate crisis. Banks will now be encouraged to invest in projects that address these aspects of American inequality as well," said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition. [Read more]
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]
National Association Of Affordable Housing Lenders: 2023 Annual Policy & Practice Conference
November 8, 3:45 am ET - 4:30 pm ET
NCRC President and CEO Jesse Van Tol will participate on a panel entitled “CRA Stakeholder Perspectives” at the NAAHL/CCL Policy & Practice Conference. NAAHL is the only national alliance of banks, CDFIs, and other capital providers dedicated to expanding economic opportunity by financing affordable housing and neighborhood revitalization. [Register]
In the News
Banks Face Shake-Up Of Low-Income Lending Rules
By Andrew Ackerman, The Wall Street Journal
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a fair-lending advocacy group, said Tuesday’s plan would boost bank requirements in a way that would “drive billions of additional loans and investments to underserved communities.” CRA, he said, was much larger than other federal programs aimed at community development. [Read more]
Community Reinvestment Act Rule Finally Crosses The Finish Line
By Ebrima Santos Sanneh, American Banker
"This update is both long overdue and essential," NCRC President and CEO Jesse Van Tol said in a release. "Marginalized communities still suffer from a variety of inequities in mortgage and small-business lending, and from the enduring effects of historic financial discrimination [and] CRA is one of the most powerful and important tools the government has to ensure that banks meet the credit needs of all Americans and in all communities." [Read more]
On Our Radar
Equitable Recovery In The United States
By US Department of the Treasury
In early 2021, the American economy faced a grim outlook due to the COVID-19 pandemic, with forecasts of high unemployment rates and reduced GDP. However, these predictions were proven wrong as the economy rebounded. Black and Hispanic households, historically more vulnerable during economic downturns, saw significant improvements, including reduced unemployment and increased wealth. This equitable recovery was driven by a strong overall economic rebound and targeted policies from the Biden-Harris Administration, emphasizing the importance of equity and inclusion in promoting economic well-being for all Americans. [Read more]
New York City Has A Bold Plan To Fix Its Housing Crisis. Will It Work?
By Mihir Zaveri, The New York Times
Last month, Mayor Eric Adams unveiled a big plan to tackle New York City’s housing shortage and make the city more affordable, with a goal to create 100,000 additional homes over the next 15 years, mainly through changes to the city’s zoning code. Whether it will work is less clear. [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]
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