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]
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]
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]
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]
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. [Read more]
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]
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]
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]
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]
Events
NCRC CDF Series II: Session 6: Financial Reporting for Informed Decision-Making
October 31, 10 - 11 amET
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]
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]
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]
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]
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]
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]
Resources
Work And Meet At The Just Economy Club It's aDC hubfor 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]
Learning & Training Hub Register for NCRC's catalog of professional development courses for community development leaders. [Learn more]
Research And Reports We have an extensive library of research and reports that dates back many years! [View all]
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]
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]
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