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Wednesday, October 24, 2012 02:12 PM

NCRC Statement on CFPB Oversight of Debt Collectors

Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) newly published rule allowing the agency to regulate the debt collection industry, NCRC President and CEO John Taylor made the following statement: “The CFPB should be commended for taking steps to reign in the debt collection industry and protect consumers from unsavory and unfair practices. By moving to clean up this industry, the new cop on the regulatory beat has again shown that they are serious about ensuring that consumers have the protections they need in the financial marketplace." “The CFPB should take the following additional measures…
  Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) announced that the NCRC Community Development Fund has received certification from the Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI). “We are very excited to receive CDFI certification,” said NCRC President and CEO John Taylor. “This certification will allow NCRC to further build out our financial and technical assistance services for small businesses and minority- and women-owned small businesses.” The National Community Reinvestment Coalition operates three U.S. Department of Commerce-sponsored Minority Business Centers (in Washington, DC, New York, NY, and Houston, TX), a Women’s Business…
  Washington, DC -- Today, the National Community Reinvestment Coalition (NCRC) applauded the passage of a local responsible banking ordinance in San Diego, California. “Local governments across the nation are continuing to pass measures to induce banks to invest in our communities in a responsible way,” said NCRC President and CEO John Taylor. “This is a burgeoning movement at the local level that is empowering our communities, and we expect it will expand and continue. NCRC is proud to play a role in this effort.” “We congratulate San Diego Council President Anthony Young, and NCRC members the California Reinvestment Coalition…
  Washington, DC -- Today, the National Community Reinvestment Coalition (NCRC) said that new data released by the Federal Financial Institutions Examination Council showed continued constriction of credit, particularly for low- and moderate income communities and communities of color, and significant disparities in lending by race. The volume of home lending was 7.1 million loans in 2011, the lowest since 1995, according to the Federal Reserve Board. Lower income borrowers, borrowers purchasing homes in lower income tracts, and borrowers purchasing homes in predominantly minority tracts experienced large drops in home purchase lending. Credit scores for borrowers are the highest in…
  Washington, DC – On September 13, dozens of members of the National Community Reinvestment Coalition (NCRC) came to Washington DC for the White House American Economic Competitiveness Forum on Housing. At this forum, over a hundred community advocates came together with administration officials at the White House to discuss solutions to America’s housing crisis.  “This was an encouraging discussion on the necessary steps to address America’s continuing housing crisis. Until we fix the broken housing market, we will not be able to fix our economy,” said NCRC President and CEO John Taylor. “We commend the White House for convening…
  Washington, DC -- Today, hundreds of community organizations sent a letter to President Obama calling on him to make a recess appointment to the Federal Housing Finance Agency (FHFA). FHFA is currently led by an Acting Director, Ed DeMarco, who has refused to allow Fannie Mae and Freddie Mac, which hold the majority of the mortgages in the country, to participate in a key administration principal reduction program. "The administration saying that their hands are tied on FHFA, when the President has the ability to name an FHFA Director through a recess appointment, is akin to telling someone "my…
Washington, DC -- Today, in reaction to Federal Housing Finance Agency (FHFA) Acting Director Ed DeMarco's decision not to allow Fannie Mae and Freddie Mac to use principal reduction in their loan modification programs, the National Community Reinvestment Coalition called for a change of leadership at FHFA. "DeMarco has failed in his responsibility to do what is best for taxpayers and homeowners," said NCRC President and CEO John Taylor. "FHFA's own analysis on this matter shows that principal reductions at Fannie and Freddie are sensible, pragmatic and consistent with responsible management of the GSEs. DeMarco needs to lead, follow or…
Washington, DC -- On Tuesday, July 24, the National Community Reinvestment Coalition's Small Business Teaming Center will hold an event to introduce the procurement community to the concept of small business teaming, and give small business owners the opportunity to network. NCRC's Small Business Teaming Center puts together teams of small businesses with complementary capabilities to allow them to compete for large federal contracts they would not be able to win individually. The center is funded by the U.S. Small Business Administration (SBA) and managed by the National Community Reinvestment Coalition. "Small business teaming is an innovative concept that will…
Washington, DC –  The National Community Reinvestment Coalition (NCRC) today applauded the Consumer Financial Protection Bureau for their enforcement action against Capital One. The action follows NCRC's challenge of Capital One's acquisition of ING Direct and HSBC's credit card unit. NCRC argued that the company should not be allowed to become Too-Big-to-Fail given its record on consumer issues. "CFPB's enforcement action sends a clear message: it's a new day. We applaud the Consumer Financial Protection Bureau for doing exactly what Congress intended for them to do: acting as a nimble and powerful agency that protects consumers against unfair and abusive…
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) and its member organization, the Association for Neighborhood and Housing Development (ANHD), released a set of resources to aid the advancement of local responsible banking ordinances in cities throughout the nation. Local responsible banking ordinances are laws designed to ensure responsible loans, investments, and services for modest-income and minority neighborhoods. The ordinances require an evaluation of financial institution performance in serving modest-income and minority neighborhoods as part of the criteria for deciding which institutions receive municipal deposits and other city business. In order to empower organizers, advocates and lawmakers seeking…