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** Just News
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for September 2, 2021
News and views from the National Community Reinvestment Coalition. Find more at ncrc.org. For continuous updates, follow us on Twitter ([link removed]) , Facebook ([link removed]) and Instagram ([link removed]) .
** Announcements
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Browse Our Collection of Research and Reports
We have an extensive library of research and reports that dates back many years; now available in one convenient location! [View all ([link removed]) ]
Browse Our Collection of Racial Wealth Snapshots
Over the past two years, NCRC has put together a catalog of Racial Wealth Snapshots. [View all ([link removed]) ]
The Just Economy Pledge
Our economic and social fractures were devastating before COVID, and the pandemic was a painful reminder that inequality isn’t simply about how much stuff you have. It’s about life and death. [Read more ([link removed]) ]
** News
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Fair Lending Advocates Applaud CFPB’s Plan To Shine A Light On Small Business Lending Through Section 1071 Loan Data Collection
Underserved communities have waited long enough – more than a decade after passage of Dodd-Frank. We urge the CFPB to expeditiously finalize its proposed rule. [Read more ([link removed]) ]
** Views
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The FDIC Should Prevent Rakuten From Getting A Banking Charter
By Adam Rust
If the Federal Deposit Insurance Corporation (FDIC) approves Rakuten Bank America’s application for an industrial loan company (ILC) charter, it would trigger a cascading series of problems that would add risk to our banking system at a time when all federal agencies should focus on reorienting the country toward an equitable recovery and a just economy. [Read more ([link removed]) ]
** Policy
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Fact Sheet On Section 1071 Small Business Loan Data
By Josh Silver
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included Section 1071, which[1] mandated the collection and dissemination of data on applicants for loans to small businesses and women- and minority-owned firms. [Read more ([link removed]) ]
** Research
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2020 HMDA Preliminary Analysis
In 2020, the HMDA data included over 25 million Loan Application Records (LAR). These applications resulted in 14.5 million loan originations, 5.2 million more loan originations than were reported in 2019. [Read more ([link removed]) ]
Massachusetts CRA for Mortgage Companies: A Good Starting Point for Federal Policy
By Josh Silver
Several affordable housing and civil rights organizations engaged in a multi-year advocacy campaign for expanding Massachusetts’ statewide Community Reinvestment Act (CRA) to include mortgage companies. [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])
TreasureCRA Page
CRA will be essential for COVID-19 economic recovery in the communities hardest hit by the pandemic. Use the tools on this page to reach your friends and local leaders. [Read more] ([link removed])
** In the News
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CT to Dole Out More Mortgage Aid to Prevent Foreclosures Amid Pandemic
By Ginny Monk, CT Insider
“A lot of homeowners didn’t understand they were still responsible for the taxes because they were in forbearance,” said Ibijoke Akinbowale, director of the Housing Counseling Network at the National Community Reinvestment Coalition. [Read more ([link removed]) ]
Cadence (CADE) to Settle Redlining Probes by the DOJ & OCC
By Zacks Equity Research
To continue ensuring that the minority communities are well served, the bank also entered into a five-year $2.5-billion Community Benefits Plan in 2019. Inaugurated with inputs from the National Community Reinvestment Coalition, the plan comprised provisions for mortgage lending, small business lending, and community development lending and investments across its six-state footprint. [Read more ([link removed]) ]
Regulators Are Rethinking Bank M&A Rules. It's About Time.
By John M. Pachkowski, American Banker
Since 2016, the National Community Reinvestment Coalition has facilitated the creation of CBAs worth $338 billion with 15 banking groups. The largest-to-date plan, finalized in April 2021, was a four-year, $88 billion agreement between community groups and PNC Bank. [Read more ([link removed]) ]
'Night and Day': FHFA's Priorities Rapidly Changing Under New Leader
By Hannah Lang, National Mortgage News
“Broadly speaking," Thompson "is clearly troubled by and trying to find ways to address the fact that the enterprises are not purchasing very many loans to Black borrowers, and I think that's been expressed in a variety of ways,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition. [Read more ([link removed]) ]
** On Our Radar
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Enforcing Vaccine Mandates Is Messy Business
By Chip Cutter and Lauren Weber, The Wall Street Journal
Companies find that setting vaccine policies is only the first step: ‘There’s 101 questions’ when it comes to implementing new rules. [Read more ([link removed]) ]
Climate Change Is Bankrupting America’s Small Towns
By Christopher Flavelle, The New York Times
Repeated shocks from hurricanes, fires and floods are pushing some rural communities, already struggling economically, to the brink of financial collapse. [Read more ([link removed]) ]
EPA Just Detailed All the Ways Climate Change Will Hit US Racial Minorities the Hardest. It’s a Long List.
By Darryl Fears and Dino Grandoni, The Washington Post
If the planet warms 2 degrees Celsius, new report warns, Black people are 40% more likely to currently live in places where extreme temperatures will cause more deaths. [Read more ([link removed]) ]
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