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Press Releases
Tuesday, October 08, 2013 09:43 AM

NCRC Releases Analysis of Bank Account Complaints

Washington, DC – Today, the National Community Reinvestment Coalition released an analysis of bank account complaints from the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database. This analysis reveals that predominantly minority communities were more likely to submit complaints about poor service related to bank accounts than predominantly white communities. For example, predominantly African-American zip codes account for 5.9 percent of households, but accounted for 9.1 percent of the complaints to the CFPB. Poor service could deter consumers from seeking banking relationships and/or could be indicative of a reluctance on the part of some banks to offer bank accounts to…
Washington, DC – Today, in reaction to the Minneapolis City Council’s passage of a local responsible banking ordinance, National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement: “We applaud the passage of a local responsible banking ordinance in Minneapolis. We congratulate NCRC member organizations Jewish Community Action and Northside Community Reinvestment Coalition, NCRC board member and Minnesota Asset Building Coalition Coordinator Dave Snyder, and everyone who played a role in getting this ordinance passed. Local responsible banking ordinances empower local governments to hold banks accountable and help to ensure that banks are investing in our…
Washington, DC - Today, in reaction to the release of 2012 Home Mortgage Disclosure Act (HMDA) data, NCRC President and CEO John Taylor made the following statement: “Today, the federal government released Home Mortgage Disclosure Act data for 2012. The data shows a recovering housing market but also illustrates the prevalence of persistent racial disparities in lending. NCRC calculates that nationwide, African Americans experienced a denial rate of 40 percent for conventional home purchase lending in contrast to a denial rate of 15 percent for whites. African Americans were 2.7 times more likely to be denied a conventional home mortgage…
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the Boston City Council's unanimous passage of a local responsible banking ordinance. "We are very pleased that the Boston City Council has passed a local responsible banking ordinance," said NCRC President and CEO John Taylor. "Local responsible banking ordinances empower local governments to hold banks accountable and help to ensure that they are investing in our communities in a responsible way. NCRC is proud to support the efforts of communities and our members across the county to get these ordinances passed at a local level." NCRC believes that Boston's bill…
Wednesday, August 28, 2013 02:01 PM

NCRC Statement on Revised Proposed QRM Rule

Washington, DC – Today, in reaction to the release of a revised proposed Qualified Residential Mortgage (QRM) rule by federal regulators, NCRC President and CEO John Taylor made the following statement: "We are pleased that federal regulators have proposed a revised Qualified Residential Mortgage (QRM) rule that removes the unnecessary downpayment requirement that was previously proposed and aligns with the Qualified Mortgage (QM) definition. The alignment between QRM and QM will help to ensure that credit is not unnecessarily constricted by QRM, and that creditworthy borrowers will have safe access to mortgage credit." "However, the "alternative" included in the proposed rule,…
Washington, DC – Today, the National Community Reinvestment Coalition reacted to the Federal Deposit Insurance Corporation (FDIC) issuing a conditional approval of a merger between the holding companies for Renasant Bank and M&F Bank. As a condition of the merger, the newly merged Renasant Bank must conduct additional marketing to small businesses and qualified home loan borrowers, partner with community organizations to advertise its products in underserved communities, expand its team of mortgage lenders, and set a goal of meeting the lending levels of its peers in home lending and small business lending. This rare conditional approval comes as a…
Wednesday, August 21, 2013 12:35 PM

NCRC Releases GSE Reform Access White Paper

Washington, DC – Today, the National Community Reinvestment Coalition released a new white paper, "A Guarantee for the Guarantee: Two Proposals to Ensure that the Future Secondary Mortgage Market Serves All Creditworthy Borrowers." The paper introduces two policy proposals designed to promote access and ensure that the future secondary mortgage market serves all creditworthy borrowers through conventional lending. The first proposal is called the "Status Quo Access Model," and applies the existing requirements of GSE affordable housing goals to any future secondary market entity. Alternatively, the second proposal, the "Incentive Model," introduces a sliding-cost scale tied to a secondary market entity's…
Washington, DC – Today, the National Community Reinvestment Coalition applauded remarks from Senate Majority Leader Harry Reid on GSE reform. In a recent interview that addressed GSE reform, Senator Reid expressed the need to "protect homeownership." "We are very glad to hear Senator Reid voice the need to protect homeownership and proceed carefully with GSE reform," said NCRC President and CEO John Taylor. "For some time now, NCRC has been sounding the alarm that the current set of GSE reform bills would greatly compromise opportunities for working Americans to become homeowners and have access to affordable housing. Senator Reid is quite…
Washington, DC – Today, in reaction to President Obama's speech on housing in Arizona, NCRC President and CEO John Taylor made the following statement: "We applaud the President for stressing the importance of access to homeownership, affordable rental housing, and responsible lending. But we are very concerned that the President didn't address what is missing from the current legislative proposals on GSE reform. The missing critical ingredient in current proposals before Congress is an affirmative obligation for the market to serve creditworthy low- and moderate-income borrowers with conventional mortgage products. Without that, we will have a bifurcated mortgage system – one…
  Washington, DC – Today, in reaction to the news that President Obama has nominated Federal Reserve Board Governor Sarah Bloom Raskin to serve as Deputy Treasury Secretary, NCRC President and CEO John Taylor made the following statement:  "Sarah Bloom Raskin is sure to be an excellent Deputy Treasury Secretary, and we urge her prompt confirmation. Governor Raskin has an outstanding record in consumer protection and financial regulation. As a Federal Reserve Board Governor, she has shown an exceptional sensitivity to the needs of consumers and low- and moderate-income communities. Her voice and presence on the Federal Reserve Board will be…