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Just News

for March 29, 2024

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

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Announcements

Check Out Our Newest Annual Impact Report For 2023

In 2023 NCRC made a material, life-changing difference to hundreds of individuals and families, reached and informed millions and yielded $11.1 billion in commitments from banks for lending, investments and philanthropy that will strengthen entire communities across the nation. [Read More ([link removed] ) ]

Last Chance To Join Us At The 2024 Just Economy Conference

Next week more than 1,200 community, policy and business leaders from across the nation will gather in Washington for NCRC’s Just Economy Conference. We have room for just a few more participants, so if you put off registering and still want to be there, you should register right now. We expect to sell out and close registrations in the coming days. [Register Now ([link removed] ) ]

News

NCRC Statement: "Huge Step Forward" In New FDIC Merger Review Proposal

By NCRC

“The FDIC’s proposal is a huge step forward. In particular, it recognizes that the regulators obligation is to assess public benefit in a forward-looking way, not just rely on past compliance,” said Van Tol. “It also shifts the burden of proof to the applicant to demonstrate those benefits, along with requiring them to document adverse effects of the merger. That’s a promising start toward fulfilling President Biden’s goal of restoring competition and fairness across all sectors of our economy. I look forward to working with the agency to even further improve upon this strong opening bid.” [Read More ([link removed] ) ]

NCRC Statement: Capital One Merger Filing Is A Polite Way Of Saying 'Please Let Us Exploit More Desperate Americans'

By NCRC

“Capital One is already the largest subprime credit card lender in the country. Its business model is built on using data analysis to identify the people most likely to slip into revolving debt and then pushing products on them that will deepen their financial distress. Credit cards can be an important tool for individuals and families to gain momentum toward building wealth – but only if they are responsibly tailored to promote financial stability. Capital One has been successful because it designs its subprime credit business to do the opposite. That’s why roughly half its net income comes from interest and fee revenue from lower-income cardholders." [Read More ([link removed] ) ]

Views

Empowering Voices: Celebrating Women's Achievements At NCRC For Women's History Month

By Esthefany Pringle

As we celebrate Women’s History Month this March, NCRC would like to acknowledge all the amazing work and accomplishments women have achieved. At NCRC, we are proud to have many strong and hardworking women advocating for a Just Economy for all. Each of them plays a crucial role in creating a more inclusive society. And while we recognize them in March, let’s not forget that they and all women work hard throughout the year. [Read More ([link removed] ) ]

Groups Demand Open, Transparent Process For Capital One-Discover Merger Review

By NCRC

A coalition of 30 community, consumer, civil rights, and public interest groups has called on federal bank and antitrust regulators to follow several critical procedural safeguards that will help ensure proper review of the proposed takeover of Discover by Capital One. The coalition includes Americans for Financial Reform, the National Community Reinvestment Coalition, the American Economic Liberties Project and Public Citizen. [Read More ([link removed] ) ]

Events

2024 Prosperity Indiana Summit

April 9-10

Please join NCRC President and CEO Jesse Van Tol at the 2024 Prosperity Indiana Summit. This in-person summit is the premier community economic development conference in Indiana and your chance to join affordable housing developers, nonprofit service providers, policymakers, local units of government, and financial institutions in creating equitable and attainable housing for all Hoosiers. [Register Here ([link removed] ) ]

NCRC CDF's Navigating Business Financing Webinar Series: Session 2: Understanding Financial Statements: A Comprehensive Guide

April 16, 10 am - 12 pm ET

Join NCRC CDF for an enlightening webinar where we will delve into financial statements and provide you with the tools necessary to comprehend your business’s financial well-being. [Register Here ([link removed] ) ]

Remaking The Economy: How To Change Our Stories About The Economy?

April 17, 2 - 3:30 pm ET

What are the stories that we need to tell to better understand our economy, and lay the groundwork for building a more inclusive, democratic world? Storytelling—the construction of spoken or written accounts of a series of events that we tell each other to understand our world—offers critical tools to build movements, upend myths that hold us back, and construct cultures that can sustain a democratic economy. [Register Here ([link removed] ) ]

In The News

Regulators Rethink Big Bank Deals

By The New York Times

The Discover deal was already poised for tight scrutiny. Rohit Chopra, the director of the Consumer Financial Protection Bureau, told DealBook ([link removed] ) that the credit card market had been consolidating for years, and that “any proposed transaction is going to get a very close look.” Progressive advocacy groups have also pushed for close examination ([link removed] ) of the transaction. [Read More ([link removed] ) ]

Capital One Seeks Community Plan On Discover Deal, Even As Some Activists Balk

By Allissa Kline, Kevin Wack, American Banker

One group that is not active in discussions with Capital One is the National Community Reinvestment Coalition, a fair-lending advocacy group that has negotiated 21 community benefits plans with banks since 2016, according to its website. NCRC, which has more than 700 member organizations, opposes Capital One's pending acquisition of Discover, arguing that much of Capital One's business model takes advantage of lower-income credit card holders, and that the deal would diminish competition. [Read More ([link removed] ) ]

On Our Radar

How To Embed Racial Equity Into Zoning Code Reform

By Jorge González-Hermoso, Mark Treskon, Noah McDaniel, Housing Matters

At a recent Urban Institute event, a panel of researchers, practitioners, and policymakers explored these questions. Their conversation highlighted how throughout the 20th century, zoning was used as a tool to segregate communities of color in the US through redlining, racial covenants, and other discriminatory practices. To help ensure zoning code reforms promote equitable access to housing, the panelists suggested municipalities consider and address the past and present-day legacies of racist zoning policies. [Read More ([link removed] ) ]

A Long-Awaited Black-Led Credit Union Finally Gets The Green Light

By Oscar Perry Abello, Next City

After receiving final approval from regulators on March 18, Arise Community Credit Union — Minnesota’s first Black-led credit union — is out to set an example as a credit union founded in direct response to systemic violence manifested in the form of bodily violence. As my colleague Deonna Anderson reported for Next City nearly six years ago. [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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