NCRC And First Citizens Announce $6.5 Billion Expansion Of Community Commitments In California And Massachusetts
By NCRC
“This agreement is a huge relief for the communities that stood to lose out on new investments and programming when Silicon Valley Bank went into receivership – and a testament to First Citizens’ depth of commitment to the values we share,” said Jesse Van Tol, President and CEO of NCRC. “First Citizens is honoring SVB’s obligations where others might not have. Their eagerness to listen to and learn from our members, backed with this expansion of our previous community benefits agreement in 2021, should be an example to the industry. This is how you show you’re serious about uplifting the most neglected communities in your service area.” [Read more]
Views
The Racial Wealth Divide And Black Billionaires Across The Globe
By Dedrick Asante-Muhammad and Eddie Gray
Twenty-four people of African descent have appeared in the Forbes billionaires list. People of African descent have historically been locked out of such radical accumulation of wealth as the billionaire class represents. The story of the 20th century is defined by a global military, political and economic order dominated by white nations. So far, the 21st century presents a different story – one of a slow emergence from overwhelming white economic supremacy. Part Three in a series on the past, present and future of Black billionaires. [Read more]
Field Notes
Contradictions In The Fair Housing Movement
By Nichole Nelson
“While the National Committee Against Discrimination in Housing (NCDH) supported ending racial discrimination in the housing market by lobbying for state and local fair housing laws and the federal Fair Housing Act of 1968, it also vigorously campaigned against reinvesting in African American communities." [Read more]
Testimony & Regulatory Comments
Comment On SBA Proposed Rule On Criminal Justice Reviews For The SBA Business Loan Programs
By NCRC
Many current restrictions applicable to individuals with a criminal history, including some imposed by the federal government, continue to unfairly punish them long after their sentence has been fully served. Without these revisions, the existing provisions present yet another deterrent to one of the most promising means of employment for many justice-impacted individuals. [Read more]
Events
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]
In the News
First Citizens Unveils Revised SVB Community Plan Worth $6.5 Billion
By Orla McCaffrey, American Banker
National Community Reinvestment Coalition Chief Executive Officer Jesse Van Tol called the agreement a "huge relief" for the communities that stood to benefit from SVB's earlier community benefits plan. NCRC is one of the organizations that signed the deal with First Citizens. "This is how you show you're serious about uplifting the most neglected communities in your service area," Van Tol said in a statement. [Read more]
What’s In The New CRA Rules That Are Intended Finally To End Discriminatory Lending Practices?
By Nigel Roberts, BET
Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, applauded the CRA revision, calling it “ long overdue and essential” in a statement. “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,” the statement read. [Read more]
On Our Radar
‘Silver Dollar Road’ Review: Black Land Loss Is Still Happening
By Nicolas Rapold, The New York Times
By the 2000s, though, the Reels homestead was in jeopardy. Developers had claimed the waterfront property, and Mamie’s two brothers, Melvin Davis and Licurtis Reels, lost eight years in jail for refusing to vacate their houses. Directed by Raoul Peck, “Silver Dollar Road” adapts a 2019 ProPublica feature by Lizzie Presserinto an intimate portrait of the family’s forbearance in the face of dispossession. [Read more]
While All Inflation Feels Bad, Housing Inflation Is the Worst
By Greg Ip, The Wall Street Journal
Housing is an entirely different matter. The Bureau of Labor Statistics, which compiles the CPI, doesn’t measure the cost of homeownership with home prices. Rather, it estimates what a homeowner would pay to rent their own house. This “owners’ equivalent rent” tends to track rents rather than houses andis up 17% since the start of 2021. [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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