and 10 Tips for Applying for a Business Loan

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Just News

for August 2, 2024

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

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News

Benefits Of Approving $35 Billion Capital One-Discover Merger Are Just 2% Of What Bank Claims, Community Advocates Write To Regulators

By NCRC

The National Community Reinvestment Coalition (NCRC) on July 29 opened applications for a new round of its Field Empowerment Fund ([link removed] ) (FEF), a $2 million grantmaking program to advance racial wealth building?, community health and wellness?, and environmental justice. The FEF empowers NCRC members to level up established service lines through a catalytic injection of grant funding. [Read more ([link removed] ) ]

NCRC Announces 2025 Just Economy Conference Program Committee

By NCRC

The National Community Reinvestment Coalition (NCRC) announced on August 1, 2024, its inaugural Just Economy Conference Program Committee. Every year, leaders from across the country vie for the chance to present new ideas and facilitate cutting-edge conversations at the Just Economy Conference. The program committee will help us identify the best proposals to bring to the 2025 Just Economy Conference. [Read more ([link removed] ) ]

Views

ANALYSIS: Capital One-Discover “Community Benefits Plan” Contains Less Than $5 Billion In New Value

By Kevin Hill

Negotiating community benefits agreements (CBAs) with merging banks is a mainstay of the National Community Reinvestment Coalition’s work over the past decade. The law requires regulators to reject any bank merger that does not benefit the public – which is why NCRC has long insisted that no merger should be approved without a robust, enforceable CBA. Despite the bank’s cosmetic branding efforts and mathematical subterfuge, the Capital One CBP falls miles short of what NCRC and our approximately 700 member organizations nationwide regard as a robust and enforceable CBA commitment to disadvantaged and historically marginalized communities. [Read more ([link removed] ) ]

10 Things To Know Before Applying For A Business Loan

By Daniella Djiogan

As you are thinking about applying for a business loan, whether as a startup or an existing business owner with years of experience running a business, it is important to consider and review the following steps prior to submitting your application to maximize your chances of success in securing capital for your business. [Read more ([link removed] ) ]

Testimonies

NCRC’s Jesse Van Tol Provided Remarks At Capital One – Discover Hearing

By Jesse Van Tol

Capital One is built on luring people into debt that they’ll struggle to pay off. Capital One will often automatically increase credit lines as their customers approach their limits, generating even more interest revenue for Capital One as their customers get deeper into debt. [Read more ([link removed] ) ]

NCRC’s Kevin Hill Provided Remarks At Capital One – Discover Merger Hearing

By Kevin Hill

The OCC and the Federal Reserve must deny Capital One’s application to acquire Discover Bank. This merger would further consolidate the credit card industry, reduce options for customers with lower credit scores, and give Capital One the ability and incentive to raise debit interchange fees. [Read more ([link removed] ) ]

Field Notes

NCRC CDF Entrepreneur Spotlight: Vea Logistics, LLC

By Justin Logan

At Vea Logistics, LLC, our mission is to provide comprehensive and sustainable logistics solutions pertaining to waste management, hauling services and relocation solutions that empower our clients and communities. People and community development are the keys to our success; because of this, we are dedicated to implementing strategies that enhance economic opportunity, build strong neighborhoods and ensure a dynamic framework for career development. [Read more ([link removed] ) ]

Events

Fostering Inclusivity In The Workplace

August 6, 2-3:30pm EDT

Join NCRC’s National Training Academy on August 6 for the webinar, Fostering Inclusivity in the Workplace. Creating an inclusive workplace is essential for fostering a supportive environment where both employees and clients feel valued and respected. [Register here ([link removed] ) ]

NCRC CDF Group Counseling Session: Mastering Design In Minutes With Canva For Business

August 8, 10 am EDT

Join NCRC CDF on August 8 to learn how to create stunning designs efficiently using Canva for Business. Discover tips, tricks, and advanced techniques to elevate your design game and create impactful visuals for your brand. [Register here ([link removed] ) ]

How To Design A Workforce Development Program For Housing Counseling Agencies

August 13, 2-3:30pm EDT

This webinar is designed for non-profit agency staff members who are interested in launching a workforce development program. Participants will learn about the critical steps and considerations necessary before starting a program. [Register here ([link removed] ) ]

Unlocking Opportunities: Winning Strategies For CDFIs In Special Purpose Credit Programs

August 15, 2–3:30 pm EDT

Over the past several years, Special Purpose Credit Programs (“SPCPs”) have emerged as a powerful tool for addressing persistent lending disparities. At the encouragement of regulators, advocates, and others, many institutions have launched SPCPs specifically designed to close lending gaps in communities of color, with very promising results. [Register here ([link removed] ) ]

In The News

Capital One Offers $265 Billion Benefit Plan To Appease Regulators For Its Planned Purchase Of Discover

By Robert Davis, Colorado Times Reporter

The Aztlan Theatre’s struggles are also happening at a time when gentrification continues to disrupt the Denver Hispanic community’s sense of belonging. In 2019, the National Community Reinvestment Coalition ranked Denver as the top city in the country for Hispanic displacement. At the time, the city lost roughly 1,054 Hispanic residents per census tract. That was over twice as much as larger cities with comparable Hispanic populations like New York City, Los Angeles, and Houston. [Read more ([link removed] ) ]

Councilman Richard Starr Says KeyBank Continues To Fail Cleveland's Minority And Poor Residents

By Jala Forest, Cleveland Scene

Cleveland-based KeyBank has for years come under fire with accusations that it has systematically failed minority residents in its own hometown, including last November, when the National Community Reinvestment Coalition released a data report chastising the financial institution for "betraying" Black applicants in search of home loans. In 2022, the report found, just 2.6% of KeyBank's Cleveland lending went to Black borrowers, down from 3% the year prior. [Read more ([link removed] ) ]

On Our Radar

Housing Market Sees Lower Costs, But Buyer Hesitancy Remains

By Emma Pits, Deseret

The housing market in the United States is showing signs of hope for homebuyers, according to a new report. According to real estate company Redfin, monthly housing payments are at their lowest in four months. At the end of July, the typical monthly housing payment for a U.S. home was $2,671, which is the lowest in four months. Decreasing mortgage rates are a direct cause of this. As of July 25, Freddie Mac reported that a 30-year fixed mortgage rate currently sits at 6.78%, down 0.17% from the beginning of the month.

[Read more ([link removed] ) ]

The End Of Banking History? Finishing The Unfinished Business Of Financial Reform

By Graham Steele, Roosevelt Institute

When the Biden administration took office, the United States government had a long to-do list for financial regulation. Part of it entailed reversing the Wall Street–friendly policies instituted by the previous administration (Steele 2019a). Another part consisted of unfinished business from the aftermath of the Global Financial Crisis (GFC) of 2007–09. [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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