New report on culturally significant businesses and our largest-to-date community benefits agreement!

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** Just News
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for April 29, 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]) .


** Reminder
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The Just Economy Conference starts Monday. Register now ([link removed]) to get in on all of the program and networking.


** Announcements
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New Report: Black-Owned Small Businesses Are Keystones In The Cultural Foundation Of Historically Black Neighborhoods In The District Of Columbia And Baltimore.
The pandemic and rapid social changes brought many challenges for a group of Black business owners in Washington, D.C., and Baltimore, but even so they emphasized the role of their businesses in maintaining the cultural vibrancy of their communities. [Read more] ([link removed])

PNC Bank, NCRC Announce $88 Billion Community Investment Commitment
PNC Bank and the National Community Reinvestment Coalition (NCRC) announced today the creation of a four-year, $88 billion community benefits plan that will increase financial resources to low- and moderate-income (LMI) people and communities across the bank’s entire national footprint. [Read more] ([link removed])


** News
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FHFA Announces New Refinance Options For Low-Income Families On GSE-Backed Mortgages
The Federal Housing Finance Agency (FHFA) yesterday approved new refinance options for low-income borrowers, allowing Fannie Mae and Freddie Mac (government sponsored enterprises, or GSEs) to offer new loan products that will bring lower interest rates and lower monthly payments within reach for more lower-income households. [Read more] ([link removed])

Affordable Housing Is The Infrastructure We Need To Ensure A Just Recovery
Infrastructure is not just roads and bridges. Housing is infrastructure. The nation is in the midst of an affordable housing crisis not seen in decades, and the nation’s childcare workers, service providers and other front-line workers will be the first to get shut out. [Read more] ([link removed])


** Views
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The Many Effects Of Housing Discrimination On African Americans
By Anneliese Lederer and Tracy McCracken
Fair housing is a civil right protected by the Fair Housing Act (FHA). And yet, housing discrimination and segregation still persist, causing long-term societal effects in America. Segregation and discrimination in housing harm people’s health, their ability to accumulate wealth and the environment. [Read more] ([link removed])

Women And COVID-19 Financial Recovery: Understanding Stigma And Financial Services Deserts
By Dr. Maura Scott and Martin Mende
Understanding the distinct consumer needs of different consumer segments is fundamental to engaging with individuals who experience financial vulnerability and stigma as they approach a post-pandemic financial recovery. Organizations can help to play an important role in supporting customers with their personal financial recovery. [Read more] ([link removed])


** Field Notes
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How To Take Charge Of Your Finances
By Cindy Hounsell
April is Financial Literacy Month. You might be thinking, who cares? Well, how about using it to take a first financial step to learn something new. [Read more] ([link removed])

How To Run Your Computer Like A Pro
By Monti Taylor
Mari Galloway is the Chief Executive Officer and a founding board member for the Women’s Society of Cyberjutsu (WSC), one of the fastest-growing nonprofits dedicated to women in cybersecurity. DC Women Business Center Resource Coordinator Monti Taylor asked Galloway questions on how to run your computer like a pro and how to best care for your computer and keep your information safe from outside attacks. [Read more] ([link removed])


** Research
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The COVID Pandemic And Its Impacts On Culturally-Significant Businesses
By Sabiyha Prince, Ph.D., Jad Edlebi, Bruce C. Mitchell, Ph.D., and Jason Richardson
In the American public sphere today, there is a lot of talk about culture and its significance in our everyday lives. In U.S. urban centers, the loss of traits that make communities unique and meaningful, particularly to long-term residents, is often due to the impacts of gentrification, redlining, environmental injustices, and the lack of sustained, community-based investment. [Read More] ([link removed])

Racial Wealth Snapshot: Women, Men And The Racial Wealth Divide
By Dedrick Asante-Muhammad and Sally Sim
Women have made great strides in the workplace, comprising nearly half of the workforce, and surpassing men in higher education achievement. Yet, women still make less income, have less wealth and face greater economic instability than their male counterparts. [Read More] ([link removed])


** Resources
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Forum & Hub
NCRC members: Don't forget you have access to our forum ([link removed]) and member hub ([link removed]) ! Learn more about membership here ([link removed]) . You can join as an organization or an individual ([link removed]) .

2021 Fair Lending Tool
This interactive allows users 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] ([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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ZIP Code Matters: Documentary Screening And Panel Discussion
April 29, 6:00 pm EST - 7:30 pm EST
Join NCRC's Director of Research Jason Richardson and other experts for a special virtual screening of a new documentary, followed by a panel discussion to further explore how our life outcomes are shaped by where we live. [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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Behind PNC’s $88 Billion Commitment To Invest In Communities
By Jon Prior, American Banker
Like Truist, KeyCorp, Fifth Third Bancorp and other banks, the $468 billion-asset PNC worked closely with the nonprofit National Community Reinvestment Coalition to draw up its community benefits plan. [Read More] ([link removed])

3 Major Banks Plan More Branch Closings As Thousands Shutter—In U.S. And U.K.—Amid Covid, Digital Growth
By Palash Ghosh, Forbes
According to the National Community Reinvestment Coalition ([link removed]) , a grassroots organization advocating for the underbanked, the number of U.S. bank branches dropped from 85,993 to 81,586, a 5.1% decline, between 2017 and 2020. [Read More] ([link removed])

D.C.’s Explosive Growth Continued Over The Past Decade, Census Data Shows
By Meagan Flynn, The Washington Post
A 2019 report by the National Community Reinvestment Coalition identified Washington as the nation’s most intensely gentrified city between the years 2000 and 2013, finding at least 20,000 Black residents had been displaced. [Read More] ([link removed])

PPP Lending Was Supposed To Help Small Businesses In Kansas City. That’s Not What Happened.
By Jamie Smith Hopkins, Mother Jones
Victoria Orozco at Drexel University’s Nowak Metro Finance Lab, Robert Nelson at the University of Richmond, Brent Never at the University of Missouri-Kansas City and the National Community Reinvestment Coalition’s Bruce Mitchell, Jason Richardson and Jad Edlebi offered feedback and advice at various stages of the analysis. [Read More] ([link removed])


** On Our Radar
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Pending Home Sales Rose Less Than Expected In March As Prices Soared
By Diana Olick, CNBC
Pending home sales rose less than expected in March, as buyers contend with record low supply and higher prices. [Read More] ([link removed])

US Economy Soared In The First Quarter, Growing At A 6.4% Rate
By Anneken Tappe, CNN Business
America is on the path to recovery and economic growth is rampant. But the pandemic recession has been severe and we're still not done growing our way out of it. [Read More] ([link removed])

Opinion: In Our System, Landlords Have Lawyers. Tenants Often Don’t. So Tenants Lose.
By Editorial Board, The Washington Post
In Cleveland, there is a chance for a level playing field in housing court. In the city next door, tenants are more likely to be thrown out of their homes. [Read More] ([link removed])

Support our work

Join the Just Economy Club, the network for individuals who support NCRC’s research, publishing, investigations, training, advocacy and programs.
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