NCRC, Fintechs call on CFPB for DI in AI
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** Just News
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for July 1, 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]) .
** News
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NCRC, Fintechs Call On CFPB To Clarify Applying Fair Lending Rules To Artificial Intelligence
NCRC and six financial technology firms today asked the CFPB to provide guidance on how it will apply disparate impact rules to any systems that use artificial intelligence (AI), machine learning (ML), algorithms, or alternative data to make lending decisions. [Read more ([link removed]) ]
NCRC Applauds HUD’s Reinstatement of Critical Fair Housing Rule
HUD published a rule reinstating its Discriminatory Effects Standard, which ensures that housing practices that appear neutral in their design do not create or perpetuate discrimination on the basis of race, ethnicity, religion and other groups protected under the Fair Housing Act. [Read more ([link removed]) ]
** Views
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Your Zip Code Is More Important Than Your Genetic Code
By Emily Orminski
Where you live is one of the most significant components of overall health outcomes and life expectancy. [Read More ([link removed]) ]
** Policy
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Support for the Greater Supervision In Banking Act (H.R. 3948)
We are writing to urge your support for H.R. 3948, the Greater Supervision in Banking Act. The bill creates an important way to consolidate and make public information about bank governance and regulatory records, diversity and environmental efforts and other key practices at the nation’s most financially sophisticated and complex financial institutions. [Read more ([link removed]) ]
** Research
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Whites And The Racial Wealth Divide Snapshot
By Dedrick Asante-Muhammad, Sally Sim, and Kathy Ramirez
The Naturalization Act of 1790 offers an insight into the foundational relationship between white identity and America: it restricted citizenship to only free white men, leaving out women, indentured servants, slaves and indigenous people. [Read More ([link removed]) ]
Addressing the Needs of Black-Owned Businesses and Entrepreneurs
By Jamie Buell, Dedrick Asante-Muhammad, Talib Graves-Manns, Wilson Lester, Napoleon Wallace
Despite growth of Black entrepreneurship over the last decade, existing disparities between Black businesses and non-Black businesses is narrowing the pathway to greater employee and revenue growth for these firms. [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
Use our interactive tool 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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NCRC Legislative/Regulatory Call
July 14,1:30 pm ET - 2:30 pm ET
Join NCRC in our monthly call to share major updates on NCRC policy work around the CRA, CFPB, mergers, and other news affecting our coalition of members. [Register now ([link removed]) ]
Member Benefits Webinar
July 21, 1:00 pm ET - 2:00 pm ET
Join NCRC to learn what resources, services, content, and networking opportunities your membership includes and how being an NCRC member can help you in your fight for a #JustEconomy. [Register now ([link removed]) ]
** In the News
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Fintechs Seek CFPB Guidance on Making AI-Based Lending Fair
By Kate Berry, American Banker
Six fintech companies and the National Community Reinvestment Coalition are asking the Consumer Financial Protection Bureau to provide guidance on how to use artificial intelligence in lending decisions without running afoul of fair-lending laws. [Read More ([link removed]) ]
What Does Systemic Racism Mean to You?
By Noelle Swan, The Christian Science Monitor
But a 2018 study by the National Community Reinvestment Coalition found that 74% of redlined communities of the 1930s remain low-to-moderate income today. [Read More ([link removed]) ]
New Affordable Housing Project Underway in Ensley
By Jake Chapman, CBS
The city has partnered up with the NCRC Housing Rehab Fund, LLC (NCRC HRF), known as GROWTH by NCRC, for the Oak Hill project, a multi-million dollar development to help low to moderate-income families become homeowners. [Read More ([link removed]) ]
** On Our Radar
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Biden’s Push for Equity in Government Hits Legal and Political Roadblocks
By By Michael D. Shear, Stacy Cowley and Alan Rappeport, The New York Times
No part of President Biden’s agenda has been as ambitious as his attempt to place concerns about equity squarely at the center of the federal government’s decision-making. [Read More ([link removed]) ]
Can the Fintech Revolution Build a Better Economy?
By Admin, Black Tech Daily
Fintech and P2P lending have been around for almost a decade now, but in the context of Covid-19 and mass unemployment in the USA, their impact is being felt more than ever. [Read More ([link removed]) ]
Bad Zoning Rules are Supercharging America's Affordable Housing Crisis
By Ryan Cooper, Yahoo News
Cities across the country are struggling with skyrocketing home prices. As I have previously written, the problem is rooted in the collapse of home construction after the Great Recession — for over a decade, there were not nearly enough homes built to accommodate the growing population, and now many cities are suffering a dire housing shortage. [Read More ([link removed]) ]
Support our work
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