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** Just News
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for November 18, 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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NCRC and Bank Trade Groups Urge Congress to Review Credit Union Rules
This week, the National Community Reinvestment Coalition, the American Bankers Association and the Independent Community Bankers Association submitted a joint letter to Congress, calling on the House Financial Services Committee to exercise its oversight function over the National Credit Union Administration and enact new legislation that subjects credit unions to the Community Reinvestment Act. [Read more ([link removed]) ]

NCRC Calls on Congress to Confirm Professor Saule Omarova as Next Comptroller of the Currency
Professor Omarova believes that financial institutions should be held accountable to serve the needs of the public, and she has a steadfast commitment to protecting our economy from reckless risk-taking,” said Jesse Van Tol, President and CEO of NCRC. “She will be a strong advocate for the public interest.” [Read more ([link removed]) ]


** Views

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NCRC Applauds the CFPB’s Decision to Assess the Effectiveness of the HMDA Rule, but More Immediate Action Is Required
By Brad Blower
The CFPB’s decision to take a closer look at the effectiveness of the current HMDA rule and its amendments is worthwhile and important. However, the CFPB can also take more immediate action. In particular, the CFPB should take steps to rescind its 2020 amendment which raised the minimum threshold for determining which mortgage lenders are required to make disclosures. [Read more ([link removed]) ]

It’s Time for Policymakers and Mortgage Lenders to Promote Special Purpose Credit Programs to Help Close the Racial Wealth Gap
By Brad Blower
With Congress on the brink of passing once-in-a-generation support to extend homeownership to a greater cross-section of our population, the mortgage lending community and HUD should seize the opportunity to close the wealth gap even further through SPCP homeownership assistance in the private sector. [Read more] ([link removed])


** Field Notes

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How Kim Alfonso Is Creating a Diverse, Inclusive and Accessible World for People with Disabilities
By Monti Taylor
As an advocate for people with disabilities and inclusiveness and with a desire to control her own schedule, in 2018 Alfonso co-founded Results One LLC, a training firm that works with organizations to help them create a culture of diversity, equity, inclusion (DEI) and accessibility for everyone. [Read more ([link removed]) ]


** Policy

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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 ([link removed]) ]

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 ([link removed]) ]


** Research

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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 ([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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Community Groups Demand Hearings on US Bank-Union Bank deal
By Sarah Chaney Cambon, American Banker
The California Reinvestment Coalition, the National Community Reinvestment Coalition and the Greenlining Institute were among 50 groups that sent a letter to the Fed on Nov. 8 opposing the merger unless “major investments” are made, and public hearings are held in Los Angeles, San Francisco and Fresno, California. [Read more ([link removed]) ]

Panel to Question Controversial Biden Nominee for Top Bank Regulator
By Sylvan Lane, The Hill
Saule Omarova, nominated to lead the Office of the Comptroller of the Currency (OCC) is facing backlash due to her background as a a scholar educated in the USSR. “There are a great many people by happenstance of their births who grew up in a context that’s a little different, and, historically, bringing that kind of perspective has been a hallmark of American democracy,” said Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, who endorsed Omarova’s nomination. [Read more ([link removed]) ]

Q&A: Exploring CDFI’s Role i Solving Some of Society’s Biggest Challenges
By Los Angeles Times
To take a closer look at the CDFI landscape and what is needed to move the critical concept forward, we have turned to some of the region’s leading experts – in community finance, corporate equity and diversity, investing and governance, who graciously weighed in for a discussion and shared insights on the state of CDFIs in 2021 and moving forward. [Read more ([link removed]) ]


** On Our Radar
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A Look into the Ugly and Incredibly Personal Fight Over Biden's Pick to Oversee Banks
By David Gura, NPR
Biden's nomination of Saule Omarova has garnered quite a bit of controversy. Democrats applauded that announcement, believing she would bring a tougher approach to banks at an agency that has been criticized for being too friendly with he sector. But Republican critics, including Sen. Patrick Toomey, R-Pa., see someone else: a "radical" nominee who wants to nationalize banking. [Read more ([link removed]) ]

This Company Wants to Turn Your Mortgage Into an NFT
By Kamran Rosen, Forbes
Indeed, mortgage lender LoanSnap recently announced they had minted the first NFT mortgages in existence, using their Bacon Protocol to wrap seven mortgage liens into tokens collectively worth $1.5 million. The benefits of such tokens, according to LoanSnap, are lower mortgage rates, faster loan approvals, and greater flexibility around repayment terms. [Read more ([link removed]) ] ([link removed])

Racial Equity in Infrastructure, a US Goal, Is Left to States
By Zolan Kanno-Youngs and Madeleine Ngo, The New York Times
President Biden’s $1 trillion plan to rebuild America’s infrastructure comes with a built-in promise: No longer will roads, bridges and railways be instruments of bias or racism. But the decision about how to spend the money falls largely to the states, not all of which are likely to put as high a priority on that promise as Mr. Biden does, raising questions about whether the legislation will deliver on his goal. [Read more ([link removed]) ]

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