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Just News

for December 22, 2023

This is our last Just News newsletter of 2023. We wish you a joyous holiday season and a happy New Year! See you in January.

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

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News

NCRC Statement On President Biden’s Veto Of Section 1071 Repeal

By NCRC

“This is how a doomed and dishonest attack on small businesses ends: not with a bang, but with a veto. It is of course good that President Biden defended the principle that lending discrimination is wrong. It’s just a shame that the financial industry’s favorite elected officials wasted everyone’s time with this nonsense. I look forward to the day we can all reap the economy-wide rewards of fairer, clearer credit for entrepreneurs – and hope industry cynics will drop their ill-considered lawsuits and embrace the future.” [Read more ([link removed] ) ]

Views

Case Study: How Catapult Greater Pittsburgh’s Storefront Incubation Programs Are Supporting Women Entrepreneurs Of Color

By Joshua Devine, NCRC

Accounting for 42% of all women who opened new businesses, the number of Black-women-owned firms grew by nearly 50% between 2014-2019. Even so, the devastating impact of the COVID-19 pandemic falling disproportionately on Black business owners did not deter Black women entrepreneurial growth. The National Association of Women Business Owners reported that of the 5% of women who started businesses, about half (47%) were Black women. [Read more ([link removed] ) ]

Case Study: How The El Paso Hispanic Chamber Of Commerce Is Ensuring Capital Readiness For Rural Hispanic Entrepreneurs

By Joshua Devine, NCRC

Latino-owned businesses (LOBs) are the fastest growing segment of the US business population and are becoming a major economic engine, according to the Annual State of Latino Entrepreneurship report. In recent years, LOBs have outpaced the growth rates of both White-owned businesses (WOBs) and US businesses in general, as measured by both number of businesses and amount of revenue. [Read more ([link removed] ) ]

Case Study: How Black Businesses Can Build Competitive Advantage For Anchor Procurement With The Atlanta Wealth Building Initiative

By Joshua Devine, NCRC

Across industries, the majority of African American-owned small businesses are concentrated in healthcare and social assistance. Despite the nearly threefold increase in Black entrepreneurship, the proportion of Black revenue decreased from 1% to 0.5% ([link removed] ) . In fact, Pew Research notes that most Black-owned businesses have relatively small payrolls and limited revenue generation. [Read more ([link removed] ) ]

Research

NCRC’s Guide To The 2023 Community Reinvestment Act Final Rule

By Kevin Hill, NCRC

The Retail Lending Test is much more objective and transparent thanks to these changes. The expansion of the test’s reach and reformulation of its scoring process for large banks should make this CRA component’s incentives much stronger. [Read more ([link removed] ) ]

REDLINING THE RESERVATION: The Brutal Cost Of Financial Services Inaccessibility In Native Communities

By Dave Castillo, Bruce C. Mitchell, PhD, Jason Richardson, and Jad Edlebi, NCRC

Citizens on tribal lands live starkly different lives from Americans living in other areas: Tribal areas face infrastructure challenges not only in transportation connectivity and internet access, but in basic quality-of-life necessities like electricity, fresh water, sanitation and heating/cooling systems. [Read more ([link removed] ) ]

Events

2024 Just Economy Conference: Registration Now Open

By NCRC

We are so excited to invite you to join us in person from April 2-4 in Washington, DC. The super early bird tickets won't last much longer. Register today and save! [Register here ([link removed] ) ]

In the News

Borrowers Turned To Nonbank Lenders For Mortgages — And It’s Costing Them

By Ann Choi, Caleb Melby, Raeedah Wahid, Polly Mosendz, and Nadia Lopez, Bloomberg

Whatever the reasons for the disparities, higher fees can be a burden. “Closing costs are one of the biggest barriers to new homeowners,” says Jesse Van Tol, president of the National Community Reinvestment Coalition, a nonprofit group based in Washington. “Saving for a house is hard enough. When you are paying $5,000 more than other borrowers, it is a massive barrier.” [Read more ([link removed] ) ]

HUD To Modernize Indian Home Loan Program With Rule Update

By Chez Oxendine, Navajo-Hopi Observer

Direct funding isn’t the only issue. Lender participation in the Section 184 program has been “negligible” and none of the three largest mortgage lenders in the country participate in the Section 184 program according to a new report by the National Community Reinvestment Coalition. Just 2,200 loans each year have been made under the program, the report on financial inaccessibility called “Redlining the Reservation." [Read more ([link removed] ) ]

On Our Radar

‘Never Thought I’d Be In This Situation’: US Readers On Their Housing Realities

By Raksha Vasudevan, The Guardian

Williams is among the hundreds of people who shared with the Guardian their hopes for the homes they’d like to have, versus their housing realities. Taken together, they portray an America where even modest housing dreams are increasingly out of reach for many, and especially for certain groups like seniors. [Read more ([link removed] ) ]

BankThink The Federal Home Loan Banks Should Embrace Their Housing Mission

By Barry Zigas, American Banker

The US faces a widespread and persistent lack of affordable housing. This broad crisis is affecting the well-being and welfare of households of all incomes and ages. If the government is to continue providing extraordinary advantages to an ostensibly housing-related system of banks, as well as to its private shareholders, should regulators explore ways to put those benefits to the best use of Americans in a time of great need? [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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