Opposing Capital One-Discover Merger and the #JustEconomy Spirit Contest!
NCRC ([link removed] )
Just News
for February 23, 2024
News and views from the National Community Reinvestment Coalition. Find more at ncrc.org ([link removed] ) .
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Announcements
Join NCRC's #JustEconomy Spirit Contest And Win Exclusive Conference Access!
By NCRC
From February 20-29, post a memorable story from a past Just Economy Conference or a photo of Just Economy or NCRC logo merchandise* (aka swag) on social media with the hashtag #JustEconomy, and it could result in free Just Economy Conference tickets. [Read More ([link removed] ) ]
News
NCRC Opposes Capital One-Discover Merger
By NCRC
“It is very difficult to imagine how federal regulators could allow Capital One to buy Discover given the requirement that mergers benefit the public as well as insiders,” Van Tol said. “I oppose this deal and will recommend NCRC members challenge it as well. Capital One has a pattern of making deals that benefit the bank, but not customers and communities. Their terrible track record on compliance – including numerous BSA/AML violations – should give the regulators pause. The deal also poses massive antitrust concerns, given the vertical integration of Capital One’s credit card lending with Discover’s credit card network.” [Read More ([link removed] ) ]
Research
An Initial Overview of Banking Institutions’ Racial Economic Equity Commitments
By NCRC
Three years after George Floyd was murdered, in an attempt to assess the fulfillment and impact of some of the promises made, the NCRC reviewed pledges by the nation’s 25 largest banking institutions and the commitments of leading fintech organizations. [Read More ([link removed] ) ]
Views
The Banking Lobby's Cynical And Hollow Challenge To The Community Reinvestment Act Rule
By Brad Blower, NCRC
In an all too familiar scenario, some of the largest players in the banking industry are using the federal courts as a means to delay or completely kill a federal rule intended to benefit consumers and ensure safe, sound and non-discriminatory lending. On February 5, 2024, a group of the largest bank lobbying trade associations filed a complaint in Texas district federal court challenging a newly issued regulatory rule intended to update the standards for examining banks’ compliance with the Community Reinvestment Act. The trade associations, which include the American Bankers Association, the Independent Community Bankers of America, the Chamber of Commerce of the United States and three Texas-based banking lobbying groups argue in their complaint that three agencies charged by Congress to oversee the CRA violated the Administrative Procedures Act by exceeding the authority that Congress had provided and acted “arbitrarily and capriciously” in issuing the rule. The complaint seeks to stop the CRA rule from ever being implemented. [Read More ([link removed] ) ]
Events
Fast Track To Certification
February 26 through March 1, 6 to 9 pm ET
Embark on an exciting journey to conquer the HUD Housing Counseling Exam! Say goodbye to mundane study sessions and hello to a vibrant virtual experience designed to make learning engaging and effective. Join a community of housing counselors for a collaborative exploration of the six core exam topics, where peer discussions and interactive activities will turn your exam preparation into an exhilarating adventure. Don't just study – immerse yourself in a dynamic learning environment that sparks curiosity and fuels success! [Register Here ([link removed] ) ]
Habitat for Humanity's 2024 Affiliate Conference
March 6, 8 am - 5 pm ET
Habitat for Humanity’s 2024 Affiliate Conference is March 4-7 in Atlanta, Georgia. NCRC’s Senior Policy Advisor Kevin Hill will be speaking on the panel, “The Community Reinvestment Act (CRA): What is it? How Can Affiliates Use It to Increase Production?” [Register Here ([link removed] ) ]
In The News
Capital One Will Buy Discover For $35 Billion In Deal That Combines Major US Credit Card Companies
By Ken Sweet, AP News
In the United States, Boston is the third-most-expensive city for renters, according to January data from the rental platform Zumper. In 2020, Boston was ranked the third-most-gentrified city, according to a study by the National Community Reinvestment Coalition. As housing prices rise, shelters across the state say they are at or over capacity. [Read More ([link removed] ) ]
Why Banks Are Fighting Changes To An Anti-Redlining Program
By Adrian Ma and Darian Woods, NPR
This is Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a group that advocates for equitable housing policy. He says not only did the FHA discourage banks from lending in neighborhoods where mostly people of color lived. It also discouraged them from lending to Black people or people of color who wanted to move to mostly white areas. [Read More ([link removed] ) ]
On Our Radar
Proposal Would Amend Metro Nashville Charter To Protect Affordable Housing At Fairgrounds
By Nate Rau, Axios Nashville
A new proposal would change the Metro charter by swapping out auto racing for affordable housing on the list of required programming at the fairgrounds property. Why it matters: The proposal tests the popularity of auto racing at the fairgrounds and bets that voters would prefer the city focus on the hot-button issue of affordable housing. [Read More ([link removed] ) ]
20 Landlords, Property Companies Sued For Discrimination By Housing Watchdog
By Katie Cole and Amy Gorel, WBUR
A nonprofit housing watchdog group is suing 20 Boston-area property companies and real estate brokers for allegedly discriminating against low-income tenants. The lawsuit, brought by the Lawyers for Civil Rights and Handley Farah & Anderson on behalf of the group Housing Rights Initiative, alleges landlords and brokers refused to rent to tenants with government-subsidized housing vouchers. [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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