News
NCRC Statement On FHFA Final Rule For Enterprise (GSEs) Regulatory Capital Framework
On Wednesday, the Federal Housing Finance Agency (FHFA) released a final Capital rule for the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The rule requires the GSEs to maintain tier 1 capital in excess of 4%. [Read More]
OCC Announces Final Rule To Amend Licensing Procedures
Monday, the Office of the Comptroller of Currency (OCC) published a final rule amending its licensing and merger procedures that will make it more difficult for community groups to comment on bank merger applications. [Read More]
More Tests And More Signs of Discrimination In PPP Lending By Banks
Despite published evidence and widespread media coverage of discrimination in the Paycheck Protection Program (PPP) bank loan application process, a second round of tests over the summer showed discrimination continued. [Read More]
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Views
Small Businesses Of Color Matter Too
By Jerome D. Williams, Sterling Bone, Glenn Christensen and Anneliese Lederer
Minority-owned businesses are vital to economic growth, but discriminatory lending hinders access to credit.
The death of George Floyd while in police custody has ignited long developing and smoldering embers of rage and frustration with systemic inequalities in criminal legal systems. [Read More]
COVID-19 Is Speeding Up White Flight: Now Is The Time To Invest In Affordable Housing
By Sabrina Terry and Jason Richardson
While a lot remains unclear about the long-term impact of COVID-19 — like the efficacy and access to a vaccine, the implications of shifting to more permanent remote work, and the prospect of permanent job losses — however, one thing is certain: There will be permanent changes to how people work and where they live. Some more than others. [Read More]
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Policy
NCRC Initial Analysis Of Federal Reserve’s ANPR On The Community Reinvestment Act: A Step Forward But Needs To Be More Rigorous
By Josh Silver
The Federal Reserve Board has issued an Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). The ANPR proposes to build upon the existing CRA exam structure of separate tests for retail and community development activity. The board is exploring how to create assessment areas, geographical areas on CRA exams that receive ratings, that will capture lending and deposit-taking activity outside of branch networks. [Read More]
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Research
Lending Discrimination During COVID-19: Black and Hispanic Women-Owned Businesses
NCRC, in collaboration with our academic partners, conducted 60 pre-application mystery shopper tests by telephone with 47 different financial institutions in the Los Angeles, California, metropolitan statistical area (MSA) from July 27 to August 7, 2020, during the last two weeks that federal Paycheck Protection Program (PPP) loans were available to businesses impacted by the coronavirus pandemic. [Read More]
Racial Wealth Snapshot: Immigration and The Racial Wealth Divide
By Dedrick Asante-Muhammad and Sally Sim
The United States has more immigrants than any country in the world. In 2018, approximately 44.7 million immigrants lived in the United States, accounting for 13.7% of the country’s population. Although immigration has always played a key role in the history and the making of the United States, from the colonial era to the California gold rush and Ellis island, the United States recently saw immigration slow down during the Great Recession. [Read More]
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Field Notes
With COVID-19 Taking A New Toll, A Poor Black Community In Alabama Awaits Justice For A 2008 Industrial Disaster
By Rose Ramirez and Brad Blower
More than three years after the National Community Reinvestment Coalition (NCRC) and the South Alabama Center for Fair Housing (SACFH) filed a housing discrimination complaint with the Deparment of Housing and Urban Development (HUD) for the treatment of Black residents in an area known as Eight Mile, just north of Mobile, Alabama, there is still no resolution. [Read More]
Overcoming Barriers To A Just Economy: Nikole Hannah-Jones On Reparations And White Discomfort
By Maxim Applegate
What is owed to Black Americans for slavery, racial violence, segregation and the denial of rights and resources? Unfortunately, that’s a conversation White Americans largely won’t entertain. A Reuters/Ipsos poll earlier this year found only one in five respondents agreed the United States should use “taxpayer money to pay damages to descendants of enslaved people in the United States.” [Read More]
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Resources
Resources To Help Support The Black Lives Matter Movement
If you are interested in supporting Black Lives Matter, these resources may be helpful for you. [Read more]
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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Upcoming Events
Navigating Foreclosure: Preparation And Response – Part I: Establishing A Foreclosure Ready Agency
December 1, 2:00 pm EST - 3:30 pm EST
Join NCRC's Training Academy for to help you establish a foreclosure ready agency. [Register now]
Your Membership, Your Benefits: A Closer Look At NCRC Membership
December 3, 1:00 pm EST - 2:00 pm EST
Join NCRC to learn what resources, services, and networking opportunities your membership includes and how being a NCRC member can help you in your fight for a #JustEconomy. [Learn more]
Navigating Foreclosure: Preparation And Response – Part II: Fundamentals Of Foreclosure Counseling
December 8, 2:00 pm EST - 3:30 pm EST
Join NCRC's Training Academy to learn the fundamentals of foreclosure counseling. [Register now]
FinTech And Consumer Finance: Agenda For 2021
December 9, 12:00 pm EST - December 10, 4:30 pm EST
Join NCRC's General Counsel Brad Blower for a webinar to discuss the next chapter for fair lending. [Register now]
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In the News
White Paycheck Protection Program Borrowers Were Treated Better than Black Borrowers in Two Cities
By Anagha Srikanth, The Hill
“The tests show that old patterns of systemic discrimination in lending didn’t magically disappear when banks made PPP loans,” Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said in a statement after the initial results were published. “Banks still have a long way to go to root out discrimination, and clearly they need better training for their employees and more testing to create internal checks and internal pressure to drive out racist practices.” [Read More]
In U.S. Cities, The Health Effects Of Past Housing Discrimination Are Plain To See
By Maria Godoy, NPR
Researchers from the National Community Reinvestment Coalition, the University of Richmond and the University of Wisconsin-Milwaukee analyzed historic redlining maps from 142 urban areas across the U.S. — these maps, created in the 1930s, classified Black and immigrant communities as risky places to make home loans. [Read More]
Preserving Community and Neighborhood Choice?
By Megan Russo, The Regulatory Review
Advocates also raise concerns about the lack of requirements in the new rule. Jesse Van Tol, CEO of the National Community Reinvestment Coalition, explains that because the new rule imposes no requirements to further fair housing, local governments can “do nothing but talk … and claim they furthered fair housing.” [Read More]
Fintech Works to Elevate Minority Leaders as Users Diversify
By Press From
Change Machine’s Grote appeared virtually at DC Fintech Week last month, presenting her paper that cited banking regulators and a 2016 study by the National Community Reinvestment Coalition, or NCRC, that investigated lasting impacts from a legacy of discrimination and deprived access. [Read More]
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On Our Radar
D.C. Launches $100 Million Grant Program For Hard-Hit Businesses
By Emily Davies, The Washington Post
The D.C. government has launched a new program that will allocate $100 million in grant funding to local businesses, a fresh injection of cash officials hope will help carry the city’s hardest-hit industries through the coronavirus pandemic. The Business Support Grants Emergency Amendment Act of 2020, passed by the D.C. Council in July, authorized the city to draw as much as $100 million of Cares Act funding to support local businesses. [Read More]
First Ever Housing Building Devoted To Black Trans Community Opens In Woodhaven
By Angélica Acevedo, QNS
Queens is now the home of the first ever multiple dwelling housing complex dedicated to the Black transgender community. G.L.I.T.S Inc., a grassroots organization dedicated to supporting the LGBTQIA community internationally, hosted a ribbon cutting to celebrate the new home in Woodhaven on Friday, Nov. 13. The celebration coincides with the start of this year’s national Transgender Awareness Week. [Read More]
Cash Cards For Kids: Digital Banks Race To Capture The Next Generation
By Anna Irrera and Iain Withers, Reuters
Starling’s Kite card allows parents to transfer money to their children’s account, set spending limits and receive notifications of their purchases. It rivals similar products from gohenry and Monzo in Britain while in the U.S. fintechs Greenlight, Step and Copper are trying to capture the youth market. [Read More]
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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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