Expanding financial access for working
families and communities since 1990.
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.
News and Events
Current & Former Federal Reserve CAC Members Call on Senator Dodd to Not House CFPA at Fed
Current & Former Federal Reserve Consumer Advisory Council Proposes Standalone Consumer Protection Agency
Group of Experts Federal Reserve Relied on for Consumer Advice Says Strong Consumer Protection Won't Happen Without Independent Agency
Washington, DC – Nineteen current and former members of the Federal Reserve's Consumer Advisory Council (CAC) today sent a letter to Senator Dodd calling for a standalone Consumer Financial Protection Agency not housed at the Federal Reserve or any other banking regulatory agency. Considering the failure of the agencies, "We think it would be imprudent to give the Federal Reserve or any other existing agency primary consumer protection responsibilities," says the letter. "The Federal Reserve has its hands full with responsibilities relating to safety and soundness and monetary policy. Consumers will be served only by having the CFPA as an independent agency where the primary responsibility is consumer protection. We urge you reconsider your proposal for the CFPA to be within any other agency."
FHA Changes Offer Prudent Course Without Negative Impact On Minority Borrowers
Burden
To Borrower Is Modest & Ensures Access To Responsible Credit
Washington DC — David Berenbaum, Chief Program
Officer, National Community Reinvestment Coalition, issued the following
statement today about the Federal Housing Administration’s changes to its
mortgage program:
“The changes announced today by the FHA represent an attempt to navigate
a prudent course without negatively impacting access to credit or
contributing to a further slowing of the housing market in communities of
color. While borrowers will bear more of the costs of the government insurance
program through higher premium charges, the additional revenue will help ensure
that FHA stays solvent. The burden to the individual borrower is modest and
should ensure, overall, that borrowers have access to responsible credit. While
some less credit worthy borrowers will need higher down payments, this is a
necessary move in markets where a decline in home value can wipe out a new
buyer's equity within weeks after the settlement.
Housing the Consumer Financial Protection Agency at the Federal Reserve Would Be a Grave Mistake
Advocates speak out about proposal to axe independent consumer protection agency
Washington, DC – Today, John Taylor, president & CEO of the National Community Reinvestment Coalition made the following statement in reaction to the news that key senators are considering housing the Consumer Financial Protection Agency at the Federal Reserve:
“The Federal Reserve is the last place an agency designed to protect consumers should be housed. It will be more waste of taxpayers’ money because we’ll have to pay for the appearance of protection without getting any."
President Obama Announces Additional Help for Homeowners
Washington, DC – Last Friday, President Obama announced a $1.5 billion commitment to help alleviate some of the foreclosure and housing problems facing five states, Arizona, California, Florida, Michigan and Nevada.
John Taylor, President & CEO of the National Community Reinvestment Coalition, applauded the Administration for focusing on these states, which have each experienced major declines in home values due to massive numbers of foreclosures. “The American people should be pleased that TARP funds are being put to use to help homeowners, not just to bail out Wall Street.”
