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Just News

for October 25, 2024

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

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News

NCRC Statement On NY AG Filing On Capital One-Discover Merger

By NCRC

“New York’s interest in this bad merger proposal is encouraging and welcome. At the same time, the responsibility to stop the merger remains with federal banking regulators and the Department of Justice. The merger review process should be transparent, not a back-room deal between bankers and their regulators," said NCRC President and CEO Jesse Van Tol. [Read more ([link removed] ) ]

CFPB Adapts NCRC Suggestions In Strong, Sensible Section 1033 Financial Data Privacy Rule

By NCRC

Consumer advocates had one major suggestion for the CFPB’s Section 1033 financial data privacy rule — and the agency listened. [Read more ([link removed] ) ]

Citadel FCU Redlining Settlement Proves It’s Time To Bring Credit Unions Under Community Reinvestment Act Enforcement

By NCRC

“It no longer makes sense to let credit unions out of the common-sense obligations that CRA puts on traditional banks,” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition. “Citadel’s alleged conduct in the case it just paid $6.5 million to settle is a timely demonstration of the problem and the need to enhance fair lending protections for credit union customers. [Read more ([link removed] ) ]

Views

NCRC Urges Overhaul Of Banking-As-A-Service Regulations In Wake Of Synapse Collapse

By Bakari Levy

The complex and under-supervised “banking as a service” sector (BaaS) has developed beyond regulators ability to keep up — leaving customers and communities exposed. The agencies are pushing for action on bank-fintech partnerships following the recent collapse of prominent BaaS firm Synapse, which resulted in about $85 million in customer funds irretrievably lost. [Read more ([link removed] ) ]

Credit Card Monopolies Are Exploiting Small Businesses. Here’s What The Feds Are Doing About It.

By Manan Shah and Lauren Wolters

Credit card processing fees have been a problem for small businesses for many years. These fees, also known as interchange fees or swipe fees, are paid by the merchant’s bank to a cardholder’s bank when a customer uses their card to make a purchase. Small businesses are especially affected by credit and debit card swipe fees that cut deep into their costs due to their small volume of sales ([link removed] .) . [Read more ([link removed] ) ]

Regulatory Comments

NCRC Comment On Third Party Guidance for Bank-Fintech Arrangements

By NCRC

Lending that is abusive and predatory fails to meet the convenience and needs of communities. Likewise, abuses in deposit services and other functions that partner fintechs perform for banks must result in failed CRA ratings. The agencies must clearly warn banks about this risk. Furthermore, the agencies must support CRA modernization necessitated by the partnerships banks establish with non-banks. [Read more ([link removed] ) ]

NCRC Comment On Proposed Affordable Housing Goals For 2025-2027

By NCRC

Enterprise Housing Goals To Whom it May Concern: The National Community Reinvestment Coalition appreciates the opportunity to comment on the Federal Housing Finance Agency’s (FHFA) proposed affordable housing goals for 2025 through 2027. NCRC applauds some of the goals as pushing the Government Sponsored Enterprises (GSEs) to consistently serve traditionally neglected populations, particularly the minority tract goal. However, other goals are set too low and could be feasibly increased. In addition, NCRC opposes the proposal that would likely decrease the frequency of GSE housing plans that address deficiencies in goal attainment. [Read more ([link removed] ) ]

NCRC Comments On Charles Schwab CRA Strategic Plan

By NCRC

We are ready and willing to partner with both banks in hosting listening sessions, forming a national community advisory board and in developing a fair lending plan for the Dallas-Fort Worth community, where we have many members who are active community-based organizations serving a diverse range of clients in the market. [Read more ([link removed] ) ]

NCRC Comments On Square’s Proposed CRA Strategic Plan Outline how Square Exploits The ILC Charter To Avoid Reinvestment Obligations

By NCRC

Square's CRA proposal represents layer upon layer of avoidance: avoiding the new CRA regulations, avoiding disclosing loan prices transparently to customers, avoiding protecting customers from fraud, avoiding their geographic CRA responsibilities, avoiding community input on the CRA plan, avoiding reinvestment appropriate to their size, and avoiding regulatory oversight. Square can do better. [Read more ([link removed] ) ]

Events

NCRC CDF Series II: Session 6: Financial Reporting for Informed Decision-Making

October 31, 10 - 11 am ET

Join NCRC's Community Development Fund and learn to leverage financial reports to assess business performance, identify trends, and inform strategic choices. We'll cover key metrics and reporting tools to keep your business on the path to success. [Register here ([link removed] ) ]

Just Economy Conversations: Preserving Homeownership and Wealth Creation by Addressing Heirs’ Property and Tangled Titles

November 7, 2-3 pm ET

Join NCRC for Just Economy Conversations, a series of online discussions addressing America’s racial and socio-economic divides. This webinar will provide an overview of residential heirs’ property in urban and rural areas, describing the risks they pose for long-term homeownership and the limits they place on family wealth building. Presenters will discuss proposed housing finance solutions needed to support heirs’ property owners and successful efforts in New York City, with a focus on lending programs that include eligibility for heirs’ property owners. [Register here ([link removed] ) ]

In The News

On A Deep South Housing Board, A Clash Over Seats Reserved For Minorities

By Julian Mark, Washington Post

Segregation in housing was a critical element of the racist regime. According to a 2018 study by the National Community Reinvestment Coalition, a national advocacy group, Birmingham and Montgomery were two of the most redlined cities in America, with nearly two-thirds of Birmingham marked red or “hazardous” for lending. [Read more ([link removed] ) ]

NCRC Concerned About Investors Encroaching On LMI Borrowers

By Katie Jensen, National Mortgage Professional

According to the NCRC report, low interest rates spurred an investor gold rush that eventually caused a power shift from traditional owner-occupant borrowers toward medium- and large-scale landlord operations, creating unmet demand for affordable options like manufactured homes or smaller mortgages. [Read more ([link removed] ) ]

On Our Radar

Mayors Urge Feds To Increase Affordable Housing Funding

By Jeremy Duda, Axios Phoenix

The U.S. Conference of Mayors is traveling the country to urge the next president to ramp up federal funding to cities for affordable housing projects. Why it matters: The lack of housing supply in the Valley has driven up prices and exacerbated the state's homelessness problem. [Read more ([link removed] ) ]

Crackdown On Homeless Encampments Raises Public Health Questions

By Angela Hart, KFF Health News

As states turn to the health-care system to help address homelessness, experiments with housing and other social services aimed at getting people healthier and off the streets are running up against new, aggressive crackdowns — with some cities ratcheting up enforcement of existing anticamping laws and others passing new restrictions. [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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