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Washington, DC -- Today, in reaction to the incorporation of Senator Richard Shelby’s financial deregulation bill and language submitting the CFPB to annual appropriations into appropriations legislation, NCRC President and CEO John Taylor made the following statement:“It is deeply disturbing that on the week of the fifth anniversary of the Dodd-Frank Act, some members of the Senate are moving to strip away important parts of the law. The Shelby provisions inserted into the appropriations bill roll back key elements of Dodd-Frank that ensure the safety and soundness of the nation's banking system and provide consumer protections. They would undermine key…
Washington, DC – Today, in response to the Office of the Comptroller of the Currency’s (OCC) conditional approval of the merger between OneWest Bank and CIT Bank, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement: “It is a positive sign that the regulator held public hearings on this merger and is now imposing conditions on the approval, in particular on Community Reinvestment Act (CRA) responsibilities. These conditions, which are the most extensive we’ve seen, point to positive signs that regulators are carefully appraising merger evaluations. They have clearly taken seriously the concerns of…
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded 19 U.S. Senators and 13 Members of the House of Representatives Financial Services Committee for sending letters to the Consumer Financial Protection Bureau (CFPB) urging the agency to initiate rulemaking on the collection and release of small business loan data. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires both agencies to improve the quality and availability of small business lending data, in particular the race and gender of the owner of the small business, the revenue of the small business, and the…
Washington, DC – Today, in reaction to the U.S. Department of Housing and Urban Development's release of the final Affirmatively Furthering Fair Housing rule, NCRC President and CEO John Taylor made the following statement: "We are very pleased that HUD has issued a final Affirmatively Furthering Fair Housing rule. This rule is a huge step forward for fair housing and desegregation in this country. We applaud HUD and the Obama Administration for taking these proactive steps to provide state and local governments with tools and data to create integrated communities and meet their fair housing obligations. We believe that the rule will…
Washington, DC – Today, 19 national consumer and civil rights groups led by the National Community Reinvestment Coalition (NCRC) sent letters to members of the U.S. Senate asking them to sign on to Senator Cory Booker’s letter urging the Consumer Financial Protection Bureau (CFPB) to issue rulemaking on small business loan data. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires the CFPB to improve the quality and availability of small business lending data, in particular the race and gender of the owner of the small business, the revenue of the small business, and…
Washington, DC - Today, in response to the U.S. Supreme Court’s decision in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project upholding the use of disparate impact analysis in the enforcement of the Fair Housing Act, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement:“For many years, the application of disparate impact doctrine has helped to expose housing practices that may appear neutral on their face but have discriminatory effects on protected classes. Housing discrimination today often isn’t as blatant as it was in the past, so this is a…
Wilmington, DE – On Tuesday, June 16, the National Community Reinvestment Coalition (NCRC) and other community groups hosted a statewide summit in Wilmington on community reinvestment in Delaware. Community-based organizations, financial institutions, and public officials from across the state gathered at the Delaware Reinvestment Summit to address some of Delaware's biggest economic challenges. The Delaware Reinvestment Summit included workshops on economic revitalization, the Community Reinvestment Act, workforce development, violence prevention, financial opportunity for Delaware’s Latino community, economic security for older adults, and affordable housing. The Summit also featured keynote addresses by Governor Jack Markell and State Attorney General Matthew Denn. “Healthy communities are highly…
Washington, DC – Today, in reaction to the U.S. Senate Banking Committee’s vote on Senator Richard Shelby's bill "The Financial Regulatory Improvement Act of 2015," NCRC President and CEO John Taylor made the following statement: “Chairman Shelby's discussion draft undermines some key provisions enacted as part of the Dodd-Frank law that ensure the safety and soundness of the nation's banking system and extend consumer protections. It also includes a number of stealth provisions on the Government Sponsored Enterprises that limit the paths forward for the housing finance system. As an alternative, Ranking Member Brown has put forth a more measured regulatory…
Washington, DC – Today, in reaction to Senator Richard Shelby's release of a discussion draft of "The Financial Regulatory Improvement Act of 2015," NCRC President and CEO John Taylor made the following statement:"This bill is far from regulatory improvement – it in fact represents regulatory regression. It would strip away key consumer safeguards and sensible protections put in place to prevent another financial crisis.""Recently the nation faced one of the greatest economic crises in its history, with costly consequences for communities across the country. The impact of that crisis is still felt in many neighborhoods today. Dodd-Frank was put in…
Washington, DC –Today, in response to the Federal Housing Administration’s (FHA) announcement about its changes to the Distressed Asset Stabilization Program (DASP), the National Community Reinvestment Coalition’s (NCRC) Chief of Community Development Ed Gorman made the following statement: “We applaud the FHA for taking these significant steps to improve homeownership opportunities in neighborhoods hard hit by the foreclosure crisis. NCRC and its member organizations have advocated to the FHA for improving the number and quality of Neighborhood Stabilization Outcome (NSO) targeted loan pools. We’re pleased that the FHA listened to these concerns and adopted several of our key recommendations. While…
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