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Just News

for November 10, 2023

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

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Announcements

#FairHousingMatters Social Storm

NCRC and HUD have teamed up for a social media campaign to raise awareness of housing discrimination and highlight the importance of fair housing across the country. NCRC will lead a #FairHousingMatters #WelcomeME Social Storm on November 14, during National Hunger and Homelessness Awareness Week. We have a toolkit available to encourage your participation! [Join Social Storm ([link removed] ) ]

News

New Report On Federal Home Loan Banks Can Be Springboard To Much-Needed Reforms

By NCRC

“Government support is crucial in closing the racial homeownership divide, but the dollars deployed through the FHLB system are too often captured on private investor balance sheets,” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition (NCRC). “I applaud the Federal Housing Finance Administration for its work on this report, which is a major milestone in the FHLB reforms to which FHFA has committed itself.” [Read more ([link removed] ) ]

Views

KeyBank’s Betrayal Of Black And Low-Income Homebuyers Continued In 2022

By Jason Richardson

KeyBank continued its years-long retreat from promoting Black and low-income homeownership in 2022. Black borrowers made up just 2.6% of the Cleveland-based bank’s home purchase mortgage lending in 2022, down from 3% the year prior. [Read more ([link removed] ) ]

The Racial Wealth Divide And US Black Billionaires

By Dedrick Asante-Muhammad and Eddie Gray

While the number of Black billionaires in the US has increased, this growth hasn't addressed wealth inequality. In 2001, when the first Black billionaires emerged, the median wealth of Black families was $15,000, compared to white families' $150,000. By 2019, the wealth gap had increased, with median white wealth reaching $160,000 and Black household wealth decreasing to $9,000, resulting in an 18-to-one median wealth advantage for whites in under two decades. [Read more ([link removed] ) ]

Low Unemployment and Labor Victories Unlikely To Bridge Racial Wealth Inequality

By Joseph Dean and Dedrick Asante-Muhammad

In this edition of our Race, Jobs and the Economy series, we give an overview of the most recent Bureau of Labor Statistics employment report and place the new October numbers in their proper context: inflation and housing cost trends, Federal Reserve policy decisions, and the most consequential organized labor action in decades. [Read more ([link removed] ) ]

Events

Fintech Innovations For Entrepreneurs

November 14, 11:30 – 12:30 pm ET

Can smart applications of financial technology give small businesses a competitive edge? Hear from the entrepreneurs behind these products directly, and consider how they might help the businesses you serve. [Register ([link removed] ) ]

Community Reinvestment Act Final Rule Deep Dive

December 7, 1:30 pm EST – 3:00 pm EST

Join NCRC for a members-only deep dive on the recently released Community Reinvestment Act (CRA) rule. We will discuss the most important CRA issues to you, the aspects of the rule with the most significant impact on the communities you serve, the parts of the rule requiring clarification, and how the rule will influence your work. [Register ([link removed] ) ]

In the News

Frustrated With New Rules, Bank Lobbyists Are Making Their Fight Public

By Emily Flitter, The New York Times

“The Trump administration really changed the tone and dialogue around regulations,” said Jesse Van Tol, president of the National Community Reinvestment Coalition, a group that pushes banks to do business in poor and minority communities and generally supports tougher regulations. [Read more ([link removed] ) ]

Small Business Lending Looks Unequal. Getting The Data Has Been A Battle.

By Jamie Smith Hopkins, Center for Public Integrity

Secret-shopper tests of lenders by the National Community Reinvestment Coalition have found unequal treatment of Black and Hispanic testers compared with less qualified white testers. The tests also found disparities in treatment of women compared with men, particularly Black women. [Read more ([link removed] ) ]

On Our Radar

The Future of Community Development Isn’t Neutral

By Evelyn Burnett, Next City

When it comes to anti-racist community development work, neutrality isn’t an option, but there is another clear path forward. [Read more ([link removed] ) ]

Citigroup Discriminated Against Armenian Americans, Regulator Says

By Emily Flitter, The New York Times

Citigroup agreed to pay nearly $26 million to settle a case brought by the consumer bureau under the Equal Credit Opportunity Act, that employees denied Armenians in Southern California fair access to the bank’s credit card products. [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] ) ]

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