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Press Releases
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) announced five new National Neighbors Silver (NNS) grantees. NNS is NCRC’s multi-year campaign to empower, organize and support economically vulnerable older adults. “The financial challenges facing older adults continue to increase in number and severity,” said NCRC President and CEO John Taylor. “From the impact of the economic crisis, to the proliferation of scams targeting older adults, to dwindling retirement security, the financial perils for older adults are serious. NCRC is committed to community-based, innovative practices and solutions that will strengthen the economic security of low- and moderate-income older adults.…
Washington, DC– Today, in reaction to this morning’s House Financial Services Committee hearing, “Examining the Proper Role of the Federal Housing Administration in our Mortgage Insurance Market”, NCRC President and CEO John Taylor made the following statement: “FHA plays a critical role in the housing market, which it has served very well for many years. The fact is, FHA and Ginnie Mae weathered the worst of the housing crisis, and are still standing. It is unreasonable to expect that they would emerge totally unscathed given the enormity of the crisis, which brought down some of the largest financial institutions in…
Tuesday, February 05, 2013 11:13 AM

NCRC Applauds DOJ Civil Fraud Complaint against S&P

Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the news that the U.S. Department of Justice has filed a civil fraud complaint against Standards and Poor’s Rating Services for inflating crediting ratings for residential mortgage backed securities and collateralized debt obligations in the years leading to the financial crisis. “For years NCRC has being saying that the credit rating agencies, including Standard and Poor’s, knowingly issued inflated credit ratings for securities backed by problematic high cost loans,” said NCRC President and CEO John Taylor. “We have previously filed several complaints with regulators against S&P and the other…
Washington, DC - Today, in reaction to the news that President Obama has renominated Richard Cordray to lead to the Consumer Financial Protection Bureau (CFPB), NCRC President and CEO John Taylor made the following statement: “Richard Cordray has done an outstanding job as CFPB Director, and we urge the Senate to confirm his nomination. Under his excellent leadership, the agency has established itself as a strong and effective regulator that looks out for the interests of consumers. From the CFPB’s enforcement action against Capital One for deceptive and abusive credit card practices, to the many new protections and accountability mechanisms…
Friday, January 18, 2013 06:19 PM

NCRC Statement on CFPB Appraisal Rules

Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new appraisal rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new appraisal rules promote transparency and fairness for consumers. In a step that NCRC has long called for, all consumers will now receive copies of appraisals and automated valuation model (AVM) reports and will be able to check them for errors. Further, consumers and industry alike will benefit from the use of responsible valuation professionals in high cost loan origination. We are very pleased that the CFPB has taken our…
Thursday, January 17, 2013 05:06 PM

NCRC Statement on CFPB Mortgage Servicing Rules

Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new mortgage servicing rules, NCRC President and CEO John Taylor made the following statement:“The CFPB’s new mortgage servicing rules set bright lines for mortgage servicers and help to ensure that consumers will be treated fairly and with respect. In conjunction with the Qualified Mortage (QM) rule, these rules provide clarity and set parameters for fair and equal access to loans and the servicing of loans.” “With the new rules CFPB has recently issued in place, the uncertainty which lenders have blamed for the market-wide constriction…
Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of the Qualified Mortgage (QM) rule and the inclusion of a legal “safe harbor” for certain qualified mortgages, NCRC President and CEO John Taylor made the following statement:“The Consumer Financial Protection Bureau, in creating a legal safe harbor for certain qualified mortgages, has given the industry a protection that does nothing to help consumers. It is an unneeded and undeserved privilege for the lending industry, which caused grave financial harm to millions of Americans during the financial crisis.”“What the safe harbor does is abridge consumers’ legal…
Washington, DC -- Today, in reaction to the announcement of an $8.5 billion settlement between the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board and ten banks, NCRC President and CEO John Taylor made the following statement: “While compensation for homeowners who have been harmed is a good thing, it is unfortunate that the OCC has abandoned the Independent Foreclosure Review process for these banks. Although the Independent Foreclosure Review process has been deeply problematic, fixing it would have been a preferable strategy to ensure that banks are held accountable for each of their misdeeds. Regulators…
  Washington, DC -- On December 19, the National Community Reinvestment Coalition’s Washington, DC MBDA Business Center, will present its 8th Annual MBDA Business Center Awards.  The awards will acknowledge those that have significantly furthered the center’s efforts to increase access to contracting opportunities and financing for minority business enterprises in 2012. The awards reception will be held from 6:00 PM – 8:30 PM on December 19 at the SunTrust Building, on 1445 New York Avenue, NW 9th floor, Washington, DC. Members of the public who wish to attend can find details on registration here. This event is open to…
  Washington, DC– Today, NCRC President and CEO John Taylor made the following statement on FHA’s 2012 Annual Financial Status report: "After 78 years of the Federal Housing Administration (FHA) doing things right and performing well from a fiscal perspective, the recent news about its financial health must be seen in perspective. Without FHA, and the Government Sponsored Enterprises (GSEs), there is no mortgage market today.” “No entity, be they private sector or government, has come out of this economic crisis totally unscathed. Congress should recognize that FHA was not insulated from the crisis, and in that it in fact…