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Tuesday, June 13, 2017 02:33 PM

NCRC Statement on the U.S. Treasury's Report

Washington, DC - Today,  in response to the U.S Treasury Department’s report on the financial system, NCRC’s President and CEO John Taylor made the following statement: “Obviously, we are disappointed by the Treasury report’s recommendations to repeal several key consumer protections.” “These recommendations, if adopted, affect the structure and authorities of the Consumer Financial Protection Bureau, eliminate data collection improvements to the Home Mortgage Disclosure Act (HMDA), and repeal Section 1071. These changes recreate an unfair and reckless lending marketplace where vulnerable communities could not protect themselves by weakening legislation designed to ensure greater transparency in mortgage and small business…
Washington, DC - Leaders of the National Community Reinvestment Coalition (NCRC), Community Home Lenders Association (CHLA), Community Mortgage Lenders of America (CMLA), Corporation for Enterprise Development (CFED), Leadership Conference on Civil and Human Rights, Leading Builders of America, League of United Latin American Citizens (LULAC), NAACP and the National Urban League released the following joint statement in anticipation of Treasury Secretary Steve Mnuchin’s testimony before the U.S. Senate Banking Committee tomorrow and in response to FHFA Director Mel Watt’s testimony last week: As representatives for small lenders and affordable housing advocates, we are buoyed by the insistence last Thursday by Director Mel Watt as conservator of Fannie Mae and Freddie Mac that they must…
Washington, DC - Today, in response to Federal Housing Finance Agency (FHFA) Director Mel Watt’s testimony before Congress warning of a possible bailout of the government-sponsored enterprises (GSEs) from the U.S. Department of Treasury and supporting retention of the GSEs' profits rather than turning them over to the U.S. Treasury, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement. “NCRC applauds Director Watt for acknowledging the critical step he must now take as conservator of the GSEs to prevent the foreseeable risk ahead to the housing market and affordable housing should Fannie and Freddie’s…
Washington, DC – Today, National Community Reinvestment Coalition (NCRC) Senior Advisor Josh Silver testified before a Consumer Financial Protection Bureau (CFPB) field hearing regarding small business lending trends. In the testimony, NCRC detailed the difficulties that many women-, minority-owned, and very small businesses experience accessing small business lending. NCRC also discussed the benefits of the CFPB’s enhanced collection of small business lending data as mandated by Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. “A variety of reasons exist for these racial, gender, and regional disparities [in small business lending],” said Josh Silver, Senior Advisor at…
Maryland, Nevada, Georgia experience largest state-level declines in bank branches, NCRC report says. Biggest county-level declines in Baltimore County, Md.; Marion County, Ind.; Philadelphia, Pa. Click here to visit the web tool. Washington, DC – Due to the closure of more than 6,000 bank branches nationwide since the financial crisis, rural communities around the country are experiencing a troubling decline in access to basic financial services, according to a report released today by the National Community Reinvestment Coalition (NCRC), “Bank Branch Closures from 2008-2016: Unequal Impact in America’s Heartland.” Some key findings from the NCRC’s report on the decade-long surge in American communities without access to…
Washington, DC – Today, in response to the release of the Financial CHOICE Act 2.0 by the Chair of the House Financial Services Committee, Jeb Hensarling, NCRC’s President and CEO John Taylor made the following statement. “This bill is a disaster in the making. It should be called the 'The NO-CHOICE Act;' it removes people’s access to secure financial services and protections from banks that won't make loans to certain individuals or that engage in abusive practices. It is clear Chairman Hensarling still hasn’t learned the lessons of the Great Recession and is determined to weaken or strip away the safeguards…
Washington, DC – Today, in response to President Trump’s declaration of April as National Financial Capability Month, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement. “Through this declaration, President Trump has announced his support of financial capability for working Americans, but actions taken by him and some members of Congress to dismantle or weaken the CFPB belie this support. The CFPB is the agency most capable of creating financial security for Americans by ensuring fairness in banking services and products. If it had been in existence 15 years ago, we could have avoided…
Washington, DC – On March 29 at the National Community Reinvestment Coalition's (NCRC) 2017 Annual Conference, “Creating a Just Economy,” NCRC presented its National Achievement Awards and honored leaders in expanding fair access to financial services. The awards ceremony featured remarks from Richard Cordray, Director of the Consumer Financial Protection Bureau, who was also an award winner, and John Taylor, NCRC’s President and CEO. The Master of Ceremonies was Robert Dickerson, Jr., Chair of NCRC’s Board of Directors and Executive Director of the Birmingham Business Resource Center. “NCRC is proud to honor leaders in the field of economic justice with our…
Washington, DC – Today, community groups led by the National Community Reinvestment Coalition (NCRC) sent a letter to Mel Watt, Director of the Federal Housing Finance Agency (FHFA) and Secretary of the U.S. Department of the Treasury Steven Mnuchin expressing concerns about the declining capital buffer at the government-sponsored enterprises Fannie Mae and Freddie Mac. The letter urges the FHFA to suspend dividend payments to the Treasury Department this month and allow the Enterprises to rebuild their capital buffers to avoid a draw on the U.S. Department of the Treasury’s commitment of taxpayer funding for any non-credit related losses. The…
Washington, DC - Today, in response to the release of President Trump’s proposed budget calling for massive spending cuts that would have a devastating effect on low- and moderate-income communities and communities of color, NCRC President and CEO John Taylor made the following statement.  "Across the board, President Trump's budget does not respond to the real needs of working families and communities, and threatens to tear the fabric of American life. The drastic cuts in funding, or elimination altogether, of programs mentioned in the budget will devastate rural and urban communities alike. Notably, many of the areas that voted overwhelmingly…
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