News
NCRC Applauds New York Expansion of State Community Reinvestment Act to Cover Non-Banks
New York Gov. Kathy Hochul signed legislation expanding the state’s version of the Community Reinvestment Act to apply the anti-redlining law’s obligations to nonbank mortgage lenders. CRA on a state level works to increase lending and community development activity as shown in a recent NCRC report. New York took an important step forward in expanding their law. [Read more]
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Views
President’s Working Group Calls on Congress to Charter all Stablecoin Issuers
By Adam Rust
The President’s Working Group on Financial Markets (PWG), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) released a report today recommending that Congress require all stablecoins issuers to have traditional bank charters and for those banks to have deposit insurance. [Read more]
How About A ‘Presumption Of “Needs To Improve?’”
By Horacio Mendez
Prioritizing racial equity is the most important CRA reform the Fed can tackle, said CEO Horacio Mendez at the New York City-Based Association For Neighborhood And Housing Development Annual Conference in October. His modest proposals: enforce Equal Credit Opportunity Act and Fair Housing Act better, and flip the ‘Presumption Of Satisfactory’ rule on its head. [Read more]
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Field Notes
NCRC Member Profile: SAGE
By Sydney Kopp-Richardson
SAGE is a national leader in addressing issues related to lesbian, gay, bisexual and transgender (LGBTQ+) aging. In partnership with its constituents and allies, SAGE works to achieve a high quality of life for LGBTQ+ older people, supports and advocates for their rights, fosters a greater understanding of aging in all communities, and promotes positive images of LGBTQ+ life in later years. [Read more]
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Policy
NCRC Comment on FHFA Equitable Housing Finance Plans
The importance of homeownership for people of color, communities of color and LMI communities cannot be understated. Home equity accounts for 69% of American family wealth. [Read more]
NCRC Comment Letter on FHFA Affordable Housing Goals
The FHFA should more consistently push the GSEs to improve their performance in underserved markets in the single family and multifamily goal setting for the years 2022-2024. [Read more]
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Research
Making CRA Relevant For A Changing Financial Services Industry
By Bruce Mitchell and Josh Silver
Because nonbanks have significantly increased their market share in key products, the ability of CRA to ensure access to credit and capital in LMI communities will decline if CRA is not expanded to nonbanks. [Read more]
Racial Wealth Snapshot: Latino Americans
By Dedrick Asante-Muhammad, Alexandra Perez and Jamie Buell
Latinos are the largest community of color and fastest-growing native born demographic in the United States. [Read more]
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Resources
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 more]
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]
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]
Browse Our Collection of Racial Wealth Snapshots
Over the past two years, NCRC has put together a catalog of Racial Wealth Snapshots. [View all]
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]
Forum & Hub
NCRC members: Don't forget you have access to our forum and member hub! Learn more about membership here. You can join as an organization or an individual.
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]
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]
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]
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In the News
Inside Biden’s Hardline Approach to End Redlining
By Robert Davis, The Progressive
Redlining is no longer limited to racist maps used to determine mortgage eligibility. Today, it also includes racially targeted ads to consumers and schools filtering content by restricting Internet search results. Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said, “Clearly the agencies responsible for enforcement of fair lending, fair housing, and consumer protection laws haven’t done enough, and the same can be said for lenders themselves.” [Read more]
Elderly Oak Park Woman Faces Losing her Home
By Antonio Harvey, The Sacramento Observer
The realities of the intense gentrification in one of Sacramento’s oldest neighborhood could effectively put a 71-year-old grandmother and janitorial worker out on the streets. The National Community Reinvestment Coalition’s 2019 report on gentrification and cultural displacement identified a “small group of boomtowns” that have experienced large-scale gentrification and notable displacement of longtime minority communities. [Read More]
Stablecoins Need Legislative Action Now, Regulators Say
By Medora Lee, The Balance
The President's Working Group on Financial Markets (PWG) comprising top financial regulators recommended Congress pass legislation to provide regulators with a framework for bank-like oversight for stablecoin issuers. Even though consumer groups like the National Community Reinvestment Coalition applauded the PWG’s recommendations, others were concerned too much legislation potentially stifling innovation in this burgeoning market. [Read More]
HUD Official Talks Appraisal Bias Task Force
By Georgia Kromrei, Housing Wire
It’s unclear how frequently bias figures in, if it is conscious or introduced inadvertently, and what role historical discrimination plays. An interview with HUD Task Force regional director Melody Taylor discusses the issues with appraisal bias in the housing market. One such issue, reported by NCRC, is that when homeowners seek a second appraisal when they believe the first one was discriminatory, the GSEs only use the first, lower appraisal. [Read More]
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On Our Radar
Virginia Is Not the Nation: Across the U.S., Diverse Candidates Became Mayors of Major Cities
By Mark Summer, Daily Kos
The USA Today reports that people of color won races across the country, including several historic firsts. In Boston, New York, Cincinnati, Pittsburgh, and Dearborn, Michigan, a string of mayoral victories show the Democratic Party filling its ranks with a diverse cast who, in the future, will be prime candidates for roles that go beyond a single city. [Read more]
Glass Half Full: Bank of America Hiring 10,000 Workers from Communities They Do Business With
By Stephone Coward, NASDAQ
Investing in underserved communities is a requirement of all institutions that receive Federal Deposit Insurance Corporation insurance, due to the passage of the Community Reinvestment Act (CRA) of 1977. Banks must meet the credit needs of communities that they do business within, including LMI neighborhoods, required by the CRA. [Read more]
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