New Fair Lending Tool and Director of Organizing, Juan Leyton! 

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** Just News
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for March 12, 2021

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


** Announcements
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NCRC Launches Interactive Tool To Explore Local Lending Patterns
The new tool will be available to the general public for a month, then become an exclusive service for NCRC members. [Read more] ([link removed])

NCRC Hires Juan Leyton As New Director Of Organizing
The National Community Reinvestment Coalition has hired Juan Leyton as Director of Organizing. He will lead teams responsible for local campaigns and collaborations with NCRC members in communities nationwide. [Read more] ([link removed])


** News
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NCRC Receives $1 Million From W.K. Kellogg Foundation To Support Data Transparency, Research And Private Sector Training To Expand Racial Equity In Small Business Lending
NCRC has been awarded $1 million from the W.K. Kellogg Foundation to support racial equity research and training for lenders to expand access to credit and capital for small businesses owned by people of color. [Read more] ([link removed])

NCRC Applauds CFPB For Landmark Action To Prevent Lending Discrimination Based On Gender Identity And Sexual Orientation
The Consumer Financial Protection Bureau (CFPB) announced this week that the principles from the landmark U.S. Supreme Court case Bostock v. Clayton County that provide protection against discrimination based on sexual orientation or gender identity also apply to the Equal Credit Opportunity Act (ECOA). [Read more] ([link removed])

NCRC Applauds Confirmation Of Marcia L. Fudge To Head Of HUD
The U.S. Senate this week confirmed Marcia L. Fudge as Secretary of the U.S. Department of Housing and Urban Development (HUD). [Read more] ([link removed])

NCRC Applauds Passage Of The American Rescue Plan
The U.S. House of Representatives passed the American Rescue Plan – the new $1.9 trillion stimulus package passed earlier this week in the Senate, and championed by President Biden, who signed it earlier today. [Read more] ([link removed])


** Views
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CRA Overhaul Comments To The Federal Reserve: Banks Say, “No, We Can’t” And Community Groups Say “Yes, You Can”
By Josh Silver
Reading the comment letters from industry and community groups regarding the Federal Reserve Board’s (board) Advanced Notice of Proposed Rulemaking on the Community Reinvestment Act (CRA), I am reminded of the childhood tale of the “Little Engine that Could.” [Read more] ([link removed])

The Scale Of The Nation’s Affordable Housing Challenge Requires Enterprises Ready To Meet It
By Gerron Levi
Even with a conservatorship that has constrained many of the key functions of these institutions, Fannie Mae and Freddie Mac remain vital participants in the nation’s affordable housing ecosystem. [Read More] ([link removed])


** Research
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60% Black Homeownership: A Radical Goal For Black Wealth Development
By Dedrick Asante-Muhammad, Jamie Buell, Joshua Devine
To reach a 60% Black homeownership rate in the next 20 years, the number of new Black homeowners each year will need to more than triple, a new NCRC report shows. [Read More] ([link removed])


** 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])

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])


** Events
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GWBCC – Fireside Chat With Mrs. Virginia Ali
March 12, 10:00 am EST - 11:00 am EST
Join the Greater Washington Black Chamber of Commerce for a conversation Featuring trailblazer Virginia Ali, co-founder and owner of Ben's Chili Bowl for reflections about the past, present and future of women in business and the community. [Register now] ([link removed])

NCRC And The Fair Lending Report
March 16, 12:00 pm EST - 1:00 pm EST
Join NCRC's research team for a walk through of NCRC's new interactive tool that allows users to create a Fair Lending Report. [Register now] ([link removed])

Nonprofit Strategies to Demonstrating Outcomes for Greater Impact
March 29, 10:00 am EST - March 31, 3:00 pm EST
Join NCRC's Training Academy for a two-day training on how nonprofits can demonstrate outcomes for greater impact. [Register now] ([link removed])

2021 Just Economy Conference
May 3-4
Come to the national online event for community, policy, government, business and foundation leaders who work for fairness in lending, housing and business, and to make all Americans equal parts of the formula for national success. [Register now] ([link removed])


** In the News
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Black Homeownership Rate Hits Lowest Level Since The 1960s — That’s Unlikely To Change In Pandemic Year 2
By Jacob Passy, Market Watch
Asante-Muhammad: One thing again about the 60% number -- and highlighting that we would need to triple the amount of new Black homeowners every year for 20 years in order to get to 60% Black homeownership -- I'm hoping that can be a signal to major lenders about the level of [increased lending] they need to do if they do want to make sure that African Americans are strongly majority homeowners. [Read More] ([link removed])

Addressing The Pandemic’s Impact On Women And Girls Around The World
By The National Herald
Through a partnership with the National Community Reinvestment Coalition, the SNF Small Business Growth & Recovery Fund will provide grant funding and guidance to help small businesses, including those owned by women, people of color, and veterans, adapt to the new socioeconomic realities of the pandemic and find new ways to thrive. [Read More] ([link removed])

Are Minority-Owned Boston Businesses Getting Their Share Of COVID Relief Money?
By Angela Yang, Kami Rieck and Shaun Robinson, CBS Boston
These findings come after a study by the National Community Reinvestment Coalition showed Black female and Hispanic male testers, who posed as applicants in the Los Angeles region, received less information about PPP loan products than white, male testers. Banks gave Black applicants different “levels of encouragement” and information to apply for loans, according to the study. [Read More] ([link removed])

Constellation Brands Announces Commitment to Invest $10 Million in ‘Clear Vision Impact Fund’ to Support Black and Minority-Owned Businesses
By Constellation Brands, Global Newswire
Minority-owned firms often face lending discrimination. The National Community Reinvestment Coalition, an organization that works to champion fairness and end discrimination in lending, housing and business, found that in 44% of tests, Black business lending applicants received disparate treatment from lenders, including discouraging Black firms from applying for a loan and requiring additional information of Black firms compared to White firms. [Read More] ([link removed])


** On Our Radar
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Asian American And Pacific Islander Women’s Equal Pay Day: The Numbers Only Tell Part Of Real Story
By Chabeli Carrazana, The 19TH, Ms. Magazine
Incomplete data on Asian and Pacific Islander women failed to capture the nuance of the economic disparities within that community. The Biden administration may change that. [Read More] ([link removed])

The Legacy Of The Lost Year Will Be Devastating Inequality
By Peter Coy, Bloomberg
COVID-19 amplified every structural bias that exists. [Read More] ([link removed])

FHA Officially Drops LIBOR For Adjustable-Rate Reverse Mortgages, Adopts SOFR
By Chris Clow, Reverse Mortgage Daily
FHA has handed down long-awaited guidance to the reverse mortgage industry, moving away from the LIBOR index and adopting the industry-preferred SOFR index. [Read More] ([link removed])

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Donate to support NCRC's independent, nonprofit research, publishing, investigations, training, advocacy and programs.
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