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Just News

for April 5, 2024

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

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Announcements

Jesse Van Tol’s Keynote Speech At The 2024 Just Economy Conference

"So I stand before you today to make an announcement, right here at the conference – an agreement to resolve our concerns with KeyBank. And this is a big deal. Today, NCRC and KeyBank are announcing a $25 million agreement to work together to ensure greater levels of investment in minority and underserved communities." [Read more ([link removed] ) ]

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] ) ]

News

NCRC And KeyBank To Renew Their Relationship

By NCRC

NCRC and KeyBank have a long history of working together to promote access to credit. However, in recent years, NCRC has raised concerns about KeyBank’s lending in minority and underserved communities and whether it has kept its promise to be a leader in inclusive home mortgage lending. NCRC’s reports have focused on certain metropolitan areas, including Philadelphia, New York, Hartford, Bridgeport, and New Haven. KeyBank disputes NCRC’s reports, but values its relationship with NCRC and is committed to serving all communities within its footprint. [Read more ([link removed] ) ]

Views

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

CFPB's Rohit Chopra warns of 'creep of consolidation' in bank M&A

By Catherine Leffert, American Banker

Consumer Financial Protection Bureau Director Rohit Chopra said banks' mergers should go beyond meeting regulatory requirements by also proving that they're filling unmet needs in the communities they serve. Chopra touted recent efforts by federal regulators to enhance scrutiny of bank mergers in a speech at the National Community Reinvestment Coalition's conference Wednesday. [Read more ([link removed] ) ]

Bank Stress From Empty Offices a ‘Slow Moving Train,’ Barr Says

By Benjamin Bain, Bloomberg

“There are pockets of risks in the system,” Barr said at an event hosted by the National Community Reinvestment Coalition in Washington. “We’re looking at things like, what’s the level on unrealized losses on the balance sheet from securities? We’re looking at banks that have particular kinds of concentration in commercial real estate.” [Read more ([link removed] ) ]

KeyBank Diffuses Community Tensions With New Agreement

By Allissa Kline, American Banker

On Wednesday, NCRC President and CEO Jesse Van Tol announced that Cleveland-based Key has pledged $25 million as part of an "agreement" between the two parties that could open the door to a new community benefits plan. The two sides have been at odds since late 2022 when the NCRC published a report blasting Key's mortgage lending record to Black borrowers. [Read more ([link removed] ) ]

KeyBank, NCRC Team Up On $25M Pledge

By Rajashree Chakravarty, Banking Dive

KeyBank and the National Community Reinvestment Coalition announced Wednesday a collaborative effort to improve the bank’s lending in nonwhite communities, a year after the fair-lending advocacy group raised concerns about KeyBank’s mortgage lending practices. [Read more ([link removed] ) ]

On Our Radar

Book On Slavery's Wealth Touches Prominent Pittsburgh Philanthropists

By Bill O'Driscoll, 90.5 WESA

Montero said his goal is to show that most of the wealth generated by slavery traveled from the South to the North, to Wall Street banks and other enterprises, on whose profits the growing nation was built. The book continues the ongoing national conversation about reparations and the legacy of slavery. [Read More ([link removed] ) ]

Florida Housing Market Warning Issued

By Giulia Carbonaro, Newsweek

While home prices in the Sunshine State remain high compared to the country level, the vertigo-inducing growth that characterized the pandemic year has lost pace, presenting a good opportunity for aspiring homebuyers waiting for the right time to buy. [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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