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** Just News
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for June 10, 2022
News and views from the National Community Reinvestment Coalition. Find more at ncrc.org.
For continuous updates, follow us on Twitter ([link removed]) , FB ([link removed]) , LinkedIn ([link removed]) and I ([link removed]) G ([link removed]) .
** Announcements
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2022 Just Economy Conference
June 13-14
We're just a few days away from the 2022 Just Economy Conference, the national event for community, policy, government, business and foundation leaders working toward a just economy that not only promises but delivers to all Americans opportunities to build wealth and live well. We want to see you there! [Register here ([link removed]) ]
** News
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NCRC To Regulators: Reject Bank Mergers That Do Not Show Benefits To The Public
“The increase in the number of ‘too big to fail” banks and their incredible profitability demonstrates that mergers have benefited the banks,” said Adam Rust, Senior Policy Advisor for NCRC. “But on-the-ground evidence shows that mergers lead to branch closures and more fees and do not reduce interest rates on loans. For too long, bank reviews have ignored Congress’ directive that mergers must benefit the public. We applaud the Administration for its efforts to reform the merger process.” [Read more ([link removed]) ]
** Views
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Overturning Roe And The Increased Economic Hardship To Come
By Alishah Khan
As abortion access increased across the nation after Roe, so too did women’s participation in the labor force, which allowed them to increase their wealth. Now, in a country that lacks national paid leave and affordable childcare, women’s workforce participation, health and wealth are at risk. [Read more ([link removed]) ]
** Field Notes
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NCRC Member Profile: City of Dayton Human Relations Council
By Joann Mawasha
NCRC’s membership includes more than 600 community-focused organizations in 44 states. Here’s an introduction to one of them, City of Dayton Human Relations Council, from their Deputy Director, Joann Mawasha. [Read more ([link removed]) ]
DCWBC ShopHer Profile: Kelem
By Briana Shelton
This is part of a series of profiles showcasing the talented entrepreneurs of NCRC’s DC Women’s Business Center’s ShopHER, a pop-up incubator for women-owned small businesses in the DC Metro Region. Kelem is a women-owned business that sells clothing, jewelry, and accessories from Ethiopia. Co-founded by Tensae Haile and Winta Teferi. [Read more ([link removed]) ]
** In the News
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Supporting The Engine Of Small Businesses
By Nancy Huntington Stager, Boston Business Journal
The National Community Reinvestment Coalition has found that this is in large part due to the systemic barriers that these owners face—the markets they operate in, the business types they tend to run, the lack of initial wealth to start the business, and the reduced access to capital. We also know that these same barriers discourage people of color from starting businesses. [Read more ([link removed]) ]
Movement Mortgage Agrees To Resolve Discrimination Claims
By Spencer Lee, National Mortgage News
Movement Mortgage agreed to resolve racial discrimination and disparate treatment claims by allocating $75,000 to organizations working toward equitable housing solutions. In October, the National Community Reinvestment Coalition filed a complaint with the Department of Housing and Urban Development, claiming a Movement loan officer engaged in discriminatory practices in two separate testing scenarios conducted months apart by the Washington, D.C.-based nonprofit. [Read more ([link removed]) ]
Detroit Program Helps Connect Black Business Owners With Capital
By TheGrio Staff, The Grio
For example, the National Community Reinvestment Coalition found that banks treated applicants differently based on race as businesses sought pandemic-related Paycheck Protection Program loans. According to a 2021 report in Nerd Wallet, small white firms receive about $30,000 more in funding than similar small Black-owned businesses, which also paid higher interest rates. Startups owned by Black people received about $500 in outside equity versus $18,500 for white companies, the report also found. [Read more ([link removed]) ]
As Mortgage Market Cools, Fraud Risk Heats Up
By Kyle Campbell, American Banker
Jason Richardson, the senior director of research for the National Community Reinvestment Coalition, said it is difficult to quantify the distortionary effects of mortgage fraud on the overall housing market given the myriad issues limiting affordability and attainability. [Read more ([link removed]) ]
** On Our Radar
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Racial Disparity Crisis
By Chris Anstey, Bloomberg
More than half a century after the US Civil Rights Act barred racial discrimination in the job market, new analysis shows that wealth disparities between Blacks and Whites has been getting worse, not better. On the eve of the pandemic, Black Americans had one-sixth the wealth of White ones on a per-capita basis, a panel of economists wrote in a paper circulated by the National Bureau of Economic Research.That’s wider than in the 1980s, Catarina Saraiva reports here. [Read more ([link removed]) ]
Waters Asks Top US Banks For Details On Profits From American Slavery
By Brendan Pedersen, American Banker
“We are writing to inquire about what, if any, research and disclosure your bank has conducted with regard to its, or any of its predecessor institutions’, involvement in the financing of chattel slavery in the United States,” the lawmakers wrote, according to an example letter addressed to banks that was included in the press release. [Read more ([link removed]) ]
Amazon Urges Consultant To ‘Push’ Message From Minority Groups
By Emily Birnbaum, Politico
In an email exchange mistakenly forwarded to POLITICO, Amazon spokesperson Julia Lawless asked a consultant with FTI Consulting to press media outlets to report on a letter from a minority group criticizing the American Choice and Innovation Online Act, S. 2992 (117), a bill moving through Congress that would block the largest tech companies from giving preference to their own products over their competitors. [Read more ([link removed]) ]
** Resources
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A DC Hub for Nonprofits, Events and Work
For nonprofits and social sector ventures in DC: Do your work and meetings at the new Just Economy Club in DC. It’s hosted by NCRC in the historic Union Trust building at 15th and H Streets, just around the corner from The White House. [Read more ([link removed]) ]
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]) ]
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
America should not only promise but deliver to all Americans opportunities to build wealth and live well. Sign the pledge and share it to help us expand the movement for a Just Economy. [Sign and Share ([link removed]) ]
Member Hub
NCRC members: Don't forget you have access to our member hub ([link removed]) ! Learn more about membership here ([link removed]) . You can join as an organization or an individual ([link removed]) .
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])
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])
Support our work
Join the Just Economy Club, the network for individuals who support NCRC’s research, publishing, investigations, training, advocacy and programs.
Join Here ([link removed])
Jobs
We are always looking for talented people.
Click here to see job openings. ([link removed])
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