News
Community Orgs To Trump Administration On CRA Rule: “We’ll See You In Court”
The National Community Reinvestment Coalition (NCRC), the California Reinvestment Coalition (CRC) and legal oversight group Democracy Forward announced last week they intend to sue the Office of the Comptroller of the Currency (OCC) for unlawfully gutting the Community Reinvestment Act (CRA). [Read more]
Joint Statement On CRA Rule Changes From OCC
A group of 17 civil rights, consumer protection and industry leaders issued the following joint statement. [Read more]
OCC Announces Final CRA Rule Changes, Moves Alone, Without FDIC Or Federal Reserve
The Office of the Comptroller of the Currency (OCC) announced long-anticipated changes to rules that enforce the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corporation (FDIC) had previously joined the OCC in the rule-making effort, but it did not join in the final rule released last week. [Read more]
New HMDA Data Reveals Racial Disparities In Older Adult Lending
NCRC’s new report, Mortgages and Older Adults After COVID-19, used new information to highlight trends in homebuying, aging in place and use of home equity. [Read more]
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Research
Summary Fact Sheet On The OCC’s Final CRA Rule
The core of the final rule is the same as the proposal: a flawed CRA evaluation measure, a limited retail lending test and confusing procedures regarding test components such as multipliers. [Read more]
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Field Notes
The Tightening Of The Credit Market And The Perpetuation Of The Recession
The government’s emergency spending to help businesses stay afloat isn’t enough to save the economy. Businesses need credit to manage day-to-day operations and to grow – and business lending from banks has dried up during the pandemic. If it doesn’t resume quickly, we’ll likely face a long and deep recession. [Read more]
The Economic Reality Of Asian Americans, Including Intra-group Differences
Demystifying blanket assumptions regarding the economic status of Asian Americans is key in understanding the large disparities that live within the group, and can help reduce intra-group inequalities. [Read more]
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Resource
NCRC COVID-19 Resource Page
We've compiled and are updating an index of COVID-19 resources for communities, small businesses, individuals and organizations that serve them, such as housing counseling agencies. [Read more]
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Webinars
Making Paid Leave Happen During A Pandemic And Beyond
May 26
Join us for a discussion on paid leave policies and whether the focus on them during the current crisis will have a lasting impact. [Register now]
Financial Triage During Challenging Times - Part I: Assess the Situation
May 27
This webinar will help housing counselors assess their client’s financial health and help them effectively budget through a crisis. [Register now]
Funding Strategies for Nonprofits Part II: What Is Your Story?
May 28
This webinar will focus on gaining a greater understanding of what mental health disorders are and what effect they have on overall well-being. [Register now]
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In the News
Top Banking Regulator, Joseph Otting, Announces Departure During Pandemic
The OCC “introduced new, gaping loopholes into the rules that will allow banks to reduce their focus on lower-income borrowers and communities,” said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition. “It’s an administrative fiasco. We’ll see you in court." [Washington Post]
Regulator Moves To Overhaul Historic Anti-redlining Law, Sparking Complaints
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said the rule would likely face a legal challenge, though he did not specify if his own group would sue. [Politico]
Jesse Van Tol and David Bradley on Low-Income Neighborhoods and Fighting Poverty
A 2019 study by the National Community Reinvestment Coalition (NCRC) found that D.C. had the largest percentage of gentrifying neighborhoods of any city in the U.S., a shift that displaced more than 20,000 Black residents between 2000 and 2013. [LV Discourse]
OCC Going It Alone On Community Reinvestment Act Reform, With Otting Reportedly Set To Step Down
“This is an awkward, disjointed and rushed move by a single agency that couldn’t get agreement from the two other agencies that regulate banks within the same administration,” National Community Reinvestment Coalition CEO Jesse Van Tol said. [HousingWire]
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On Our Radar
Vast Majority of Forbearances Going to Those Who Don't Need Them
With the number of homeowners under forbearance plans nearing 10% of all of those having a mortgage, a Lending Tree survey indicates that most of those borrowers did not actually need the help. [Mortgage News Daily]
Asian Americans face coronavirus 'double whammy': Skyrocketing unemployment and discrimination
Some Asian American business owners question how they will survive the crisis. [ABC News]
The Striking Racial Divide in How Covid-19 Has Hit Nursing Homes
Homes with a significant number of Black and Latino residents have been twice as likely to be hit by the coronavirus as those where the population is overwhelmingly White. [New York Times]
Coronavirus Hits Minority-Owned Small Businesses Harder
Structural barriers and narrower cash buffers had put many minority-owned small businesses at a disadvantage. [Axios]
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#AfterThis: A Virtual Hug
Here's something new and different from NCRC to encourage hope, creativity and a Just Economy: afterth.is.
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