New PPP Analysis, CRA & Race, Women Entrepreneurs

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** Just News
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for December 11, 2020

News and views from the National Community Reinvestment Coalition. Find more at ncrc.org. For continuous updates, follow us on Twitter ([link removed][UNIQID]) and Facebook ([link removed][UNIQID]) .


** Just Released
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PPP Data Shows Loans Flowed Mostly To Businesses In Wealthy White Communities
The government's flawed COVID relief program underscored the need for equity in small business financing, and for stronger enforcement of fair lending laws. [Read More] ([link removed][UNIQID])


** Support NCRC and our work for a Just Economy
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Donate to support NCRC's independent, nonprofit research, publishing, investigations, training, advocacy and programs.

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** News
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NCRC Statement On OCC’s Proposed CRA Thresholds
Last week, the Office of the Comptroller of the Currency (OCC) released a proposed rule for establishing the Community Reinvestment Act (CRA) evaluation measure thresholds, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the agency’s 2020 final rule. [Read More] ([link removed][UNIQID])

Home Lending Data Reveals Discrepancies In Latino Mortgage Lending
Latino borrowers paid substantially higher closing costs and interest rates for home purchase loans compared to non-Hispanic White borrowers, according to a new report from the National Community Reinvestment Coalition (NCRC) and UnidosUS. [Read More] ([link removed][UNIQID])


** Views
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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] ([link removed][UNIQID])

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] ([link removed][UNIQID])


** Policy
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CRA & Race: The Federal Reserve’s Proposal On The Community Reinvestment Act (CRA)
By Gerron S. Levi
The board’s question invites a dialogue about whether and where the Federal Reserve’s framework might affirmatively consider race more explicitly. [Read More] ([link removed][UNIQID]#_ftn2)


** Research
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NCRC Paycheck Protection Plan Preliminary Analysis
The analysis adds to the evidence that business owners of color and businesses in lower-income communities faced a multitude of obstacles that cut them off from the government’s COVID relief program for small businesses. [Read More] ([link removed][UNIQID])

Hispanic Mortgage Lending 2019 Analysis
The report revealed dramatic differences in the costs and lending patterns for different subgroups of Hispanic borrowers, such as Cuban, Mexican and Puerto Rican borrowers. It also found that most Latino borrowers get their mortgages from non-bank mortgage companies and not from banks. [Read More] ([link removed][UNIQID])

Redlining and Neighborhood Health
NCRC report shows that there is a higher prevalence of COVID-19 risk factors in historically “redlined” neighborhoods. This paper is one of the first of its kind to examine historical redlining in cities across the nation on numerous present-day neighborhood health outcomes. [Read more] ([link removed][UNIQID])


** Field Notes
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What Do Women Entrepreneurs Need In Today’s Business Climate?
By Monti Taylor
Women entrepreneurs have always faced many challenges, including access to capital, technical training, work-life balance and discrimination in pay. Black entrepreneurs face an even greater disparity. [Read More] ([link removed][UNIQID])

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] ([link removed][UNIQID])


** Resources
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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] ([link removed][UNIQID])

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] ([link removed][UNIQID])


** Upcoming Events
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Navigating Foreclosure: Preparation and Response - Part III: Rebuilding After Foreclosure
December 15, 2:00 pm EST - 3:30 pm EST
Join NCRC's Training Academy to learn the how to create a road map that will ultimately help clients accomplish their housing and financial goals. [Register now] ([link removed][UNIQID])


** In the News
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PPP Loans Were Supposed to Prioritize Low-income Areas During the Pandemic. They Didn’t.
By Jamie Smith Hopkins, Taylor Johnston, Pratheek Rebala, Center for Public Integrity
The National Community Reinvestment Coalition said it found unequal treatment during its “mystery shopper” tests of national and regional banks, in which pairs of testers with similar financial profiles but different races asked for small-business assistance. [Read More] ([link removed][UNIQID])

How Has Boston Gotten Away with Being Segregated for So Long?
By Catherine Elton, Boston Magazine
A recently released study by the National Community Reinvestment Coalition found that nationwide, between 2013 and 2017, Boston ranked third for gentrification. [Read More] ([link removed][UNIQID])

Minority Groups Organizing in Dallas to Open Dialogue with Banks, Increase Lending
By David Schechter, Jason Trahan, Chance Horner, T. Nicole Waivers, WFAA
The National Community Reinvestment Coalition has successfully organized communities across the country and is now focusing on Dallas. It provides data, experience and guidance in how to take advantage of CRA and encourage banks to lend more money in underserved communities. [Read More] ([link removed][UNIQID])

Sandra Pierce: Investing in the Community is Top Priority
By Jordyn Grzelewski, The Detroit News
Most recently, Pierce has acted on this by helping to orchestrate a new $20 billion, five-year lending initiative across Huntington's seven-state footprint. The initiative was hailed by state government officials as well as the National Community Reinvestment Coalition. [Read More] ([link removed][UNIQID])

The Debate on ‘Systemic Racism’ and Why It Matters
By Maria Eloisa Capurro, Bloomber
The Reference Shelf: A study by the National Community Reinvestment Coalition on the legacy of redlining. [Read More] ([link removed][UNIQID])


** On Our Radar
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How a New Minority Business Accelerator Grant Program Can Close the Racial Entrepreneurship Gap
By Joseph Parilla and Darrin Redus, Brookings
This brief proposes a five-year, $125 million Minority Business Accelerator grant program to channel and support the groundswell of local energy and investment in minority-owned business acceleration efforts. [Read More] ([link removed][UNIQID])

To Reverse Inequality, We Need to Expose the Myth of the ‘Free Market’
By Robert Reich, The Guardian
We need an informed public that sees through the poisonous myth billionaires want us to believe: that income is a measure of your market worth.[link removed][Read More] ([link removed][UNIQID])

Amid History of Mistreatment, Doctors Struggle to Sell Black Americans on Coronavirus Vaccine
By Lola Fadulu, The Washington Post
Black doctors, scientists ramp up campaign with U.S. government as vaccine distribution draws near. [Read More] ([link removed][UNIQID])

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