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** Just News
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for October 7, 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]) .


** News
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Monzo USA Withdraws National Bank Charter Application Opposed by NCRC
Monzo USA has withdrawn its application for a national bank charter. In May 2019, the National Community Reinvestment Coalition (NCRC) filed a comment opposing the application and noted then that the company had not provided a complete plan to meet its community reinvestment obligations. [Read more ([link removed]) ]

Civil Rights, Consumer Protection, And Housing Policy Organizations Applaud Senator Raphael Warnock’s Introduction of the $100 Billion Downpayment Toward Equity Act, Call for Its Immediate Passage
“There is no racial equality without economic equity. Congress must vote to increase support for down payment assistance programs and begin undoing years of systemic and structural racism and discrimination.” [Read more ([link removed]) ]

NCRC Applauds Confirmation of Rohit Chopra to Lead CFPB
“American families and small businesses still face unprecedented challenges and hardships from the pandemic. Under Chopra’s leadership the CFPB can get back to work strengthening the oversight of financial institutions and restore protections that were diminished or ignored under Trump.” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition. [Read more ([link removed]) ]


** Views

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Closing the Racial Wealth Divide: A Plan to Boost Black Homeownership
By Dedrick Asante-Muhammad and Joshua Devine
Homeownership is an essential pillar of wealth-building for the African American community. To be sure, closing the racial wealth gap between White and Black Americans will require more than promoting Black homeownership. It is, however, hard to imagine closing the racial wealth gap without also ensuring that the benefits of homeownership are broadly accessible to all Americans. [Read more ([link removed]) ]


** Field Notes

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COVID Creative Placemaking
By Karen Kali
As entire communities across the country process significant loss and community-level trauma, purposeful public art, which is the essence of responsive creative placemaking, is popping up all around the country, even in the age of social distancing. [Read more ([link removed]) ]


** Research

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Racial Wealth Snapshot: Latino Americans
By Dedrick Asante-Muhammad, Alexandra Perez and Jamie Buell
Latinos have the lowest attainment of bachelor’s degrees or higher of the major racial/ethnic groups in the United States. According to US Census Bureau 2020 Current Population Survey’s Annual Social and Economic Supplements, only about 20% of Latinos aged 25 years or older had a bachelor’s degree or higher. In contrast, 41% of Whites, 28% of African Americans and 61% of Asian Americans had a bachelor’s degree or higher. [Read more ([link removed]) ] [View Infographic ([link removed]) ]


** Events

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Fair Lending Tool Webinar
October 28, 2:00 Pm ET – 3:00 Pm ET
Join us to learn how to use NCRC’s interactive Fair Lending Tool to produce a report on mortgages, small business lending and bank branch networks for any city, county or metro area in the nation. [Register here ([link removed]) ]


** Resources
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New Learning & Training Hub
Our new learning management system is live! It is designed with you in mind, offering a more robust experience for every kind of learner. [Learn ([link removed]) more ([link removed]) ]

A DC Hub for Nonprofits, Events and Work
The new Just Economy Club in DC, housed on the 3rd floor of NCRC’s headquarters at 740 15th St. NW, is designed for social sector nonprofits and events. It’s in the historic Union Trust building at 15th and H Streets, just around the corner from The White House. [Read more ([link removed]) ]

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]) ]

Sign and Share 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]) ]

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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End of the Road for Monzo Charter Isn’t End of the Road for US Unit
By Steve Cocheo, The Financial Brand
The National Community Reinvestment Coalition opposed the Monzo application because it felt the neobank was not demonstrating a significant enough commitment to serving community needs. “Monzo is seeking a designation as a limited purpose bank, which would only need to engage in community development financing, not retail lending,” the group stated. [Read more ([link removed]) ]

The Challenge of Defeating Illiteracy in America
By Jonathan Beatty, Newsweek
Unequal community wealth ensured unequal funding for schools and libraries, the key institutions to address illiteracy. That pattern still exists. The National Community Reinvestment Coalition reported in 2018 that 74 percent of neighborhoods redlined by the federal government eight decades earlier are low- to moderate-income communities today. [Read more ([link removed]) ]

House Financial Services Subcommittee Issues Testimony from California Reinvestment Coalition Executive Director Brito
By Advisor News
In his testimony, Brito cites a report by the National Community Reinvestment Coalition which found that 14% of all bank branches closed between 2008 and 2020, a process that disproportionately affects BIPOC communities. [Read more ([link removed]) ]


** On Our Radar
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Closing the Wealth Gap and Bolstering Latino Homeownership
By Liz Dominguez, RisMedia
Latinos are on track to reach the goal set by the Hispanic Wealth Project (HWP) of a median $45,450 household wealth by 2024, further narrowing the non-Hispanic White/Latino wealth gap. [Read more ([link removed]) ]

The Communities Are Side by Side. They Have Wildly Different Education Outcomes – by Design.
By Alia Wong, Yahoo News
In Philadelphia, schools receive vastly different sums of funding based on which districts they fall under. Districts with expensive housing are able to generate higher property taxes which they direct towards building better schools. Alternatively, districts with more affordable housing generally have less well-equipped facilities and consequently, a less educated student body. [Read more ([link removed]) ]

Ozy Shows That Serious Black Media Needs a New Business Model
By Lauren Williams, New York Times
Once a Black-run media darling among investors and advertisers, it’s now at least temporarily shuttered after a New York Times column exposed its inflated audience metrics, a fraud allegation and other concerning business practices. [Read more ([link removed]) ]

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