Press Releases
Washington, DC -- Tomorrow, in honor of Older Americans month, the National Community Reinvestment Coalition (NCRC) will hold a senior services fair in Washington, DC. At this event, NCRC will provide information to older Americans about loan modifications, changes to modification programs, housing scams and fraud specifically targeting seniors. Attendees will also be provided with a benefits checkup. "We need to ensure that older Americans are well informed about both the resources that are available to them and the scams that are out there," said NCRC President and CEO John Taylor. "NCRC is dedicated to empowering older Americans and making sure…
Washington, DC -- Today, the National Community Reinvestment Coalition (NCRC) applauded the passage of responsible banking ordinances in New York City and Los Angeles, and commended the Association for Neighborhood and Housing Development (ANHD), an NCRC member organization, and Los Angeles City Councilmember Richard Alarcón for their efforts advancing the initiatives. “This is a beacon of things to come,” said NCRC President and CEO John Taylor. “Local governments are becoming empowered to hold banks accountable to investing in our communities in a responsible way. In effect they are saying if you want to do business with our city, you have…
Washington, DC -- In the wake of a troubling new report from SNL Financial showing major banks pulling out from low-income areas, the National Community Reinvestment Coalition (NCRC) has called for banking regulators to investigate the trend and take action. The SNL Financial report, entitled "Banks follow the money and exit lower-income areas," finds that the major banks have primarily built bank branches in higher income areas since 2006, while pulling out of low- and moderate-income communities. NCRC President and CEO John Taylor made the following statement: "This is a highly disturbing trend. Bank branches are critical to building wealth…
Washington, DC -- The National Community Reinvestment Coalition (NCRC) has filed complaints with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) against Adrian Cronauer and the Cronauer Law Center. Mr. Cronauer, who is best known as the radio disc jockey who inspired Robin Williams' character in the film Good Morning Vietnam, now runs Cronauer Law Center, a Washington, D.C. based law firm. NCRC's complaints allege that Mr. Cronauer and Cronauer Law Center have intentionally misled consumers through misrepresentations and deceptive and fraudulent loan modification and foreclosure prevention practices. NCRC President and CEO John Taylor made the following…
Washington, DC -- Today, at the National Community Reinvestment Coalition's (NCRC) annual conference, a panel of top experts will discuss and debate how best to reach equitable, workable solutions to the foreclosure crisis. The plenary will feature Joseph Smith Jr., monitor for the national mortgage settlement, Franklin Raines, former Fannie Mae Chairman and CEO, Marc Morial, President of the National Urban League, Mark Calabria, Director of Financial Regulation Studies at the Cato Institute, Diane Thompson, Of Counsel at the National Consumer Law Center, and Hubert Van Tol, Director for Economic Justice at Pathstone. The panel will discuss the measures necessary to…
Washington, DC -- Today, in a keynote address at the National Community Reinvestment Coalition's (NCRC) annual conference, Consumer Financial Protection Board (CFPB) Director Richard Cordray announced that the agency will use all available legal avenues, including disparate impact, to pursue discriminatory lenders. "We want consumers to avoid the marketplace's silent pickpocket -- discrimination," said CFPB Director Richard Cordray. "We cannot afford to tolerate practices, intentional or not, that unlawfully price out or cut off segments of the population from the credit markets. That's why the CFPB is educating consumers about their fair lending rights and pursuing lenders whose practices are…
Washington, DC -- Today, Owen Jackson, Vice President of Business Development at the National Community Reinvestment Coalition (NCRC) will give testimony before the Congressional Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies and will call upon Congress to reverse proposed cuts to the Department of Commerce’s Minority Business Development Agency (MBDA). MBDA supports Business Centers across the nation. These centers help minority-owned small businesses gain access to capital, contracts and financing. The current budget proposal reduces the MBDA’s funding by $1.5 million in 2013. “Less funding for MBDA Business Centers means fewer resources for small businesses,” said Jackson. “A…
Washington, DC –  On Wednesday, March 7, the White House honored Samira B. Cook-Gaines, Director of the National Community Reinvestment Coalition's Washington, DC Women’s Business Center (DC WBC) as a Champion of Change, a tribute bestowed this week on local community leaders who pave the way for small business growth through entrepreneurial mentoring, counseling, and training. John Taylor, President and CEO of NCRC, made the following statement: “In her work providing valuable mentoring services to small businesses, Samira contributes to an important nationwide effort to sustain and advance opportunity for women and minority-owned businesses across America. We congratulate Samira for…
Washington, DC -- Today, the National Community Reinvestment Coalition (NCRC) applauded President Obama for announcing new steps allowing homeowners to refinance FHA insured loans at lower rates, and an agreement with lenders which would provide financial restitution for veterans who were improperly foreclosed upon. NCRC President & CEO John Taylor called upon Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) –the regulator of Fannie Mae and Freddie Mac– to follow President Obama's lead and allow principal reductions on Fannie Mae and Freddie Mac loans. "President Obama's plan to allow FHA insured borrowers to refinance their loans at a…
Wednesday, February 15, 2012 09:25 AM

Federal Reserve Approves Capital One Acquisition Deal

Federal Reserve Approves Capital One Acquisition of ING Direct USA Washington, DC -- The Federal Reserve today approved Capital One's bid to purchase ING Direct with no meaningful conditions. The National Community Reinvestment Coalition (NCRC) and hundreds of organizations nationwide opposed the acquisition because it will make Capital One more systemically risky, while not creating a clear benefit to the public. "Today's decision is a historic one, since this deal is the first major merger since the passage of Dodd-Frank. We changed the laws governing the financial system, but the real question is whether or not regulators have learned from…