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Press Releases
Washington, DC – Today, the National Community Reinvestment Coalition called upon bank regulators to block Bank of Hawaii’s planned exit from American Samoa. Bank of Hawaii plans to close their two branches in American Samoa after over forty years of business, leaving no American banks and only one deposit-taking institution in the territory. Yesterday, in a letter to the Federal Reserve Bank of San Francisco, Bank of Hawaii’s primary regulator, the National Community Reinvestment Coalition called for the Federal Reserve Bank to hold hearings on the matter and ultimately block the Bank of Hawaii from closing their branches in American…
Friday, February 08, 2013 04:44 PM

NCRC Applauds HUD Disparate Impact Rule

Washington, DC – Today, the National Community Reinvestment Coalition applauded the U.S. Department of Housing and Urban Development’s (HUD) issuance of a rule on the “Implementation of the Fair Housing Act’s Discriminatory Effects Standard.” NCRC President and CEO John Taylor made the following statement: “We applaud HUD for formalizing in their rulemaking that the Fair Housing Act can be violated by practices that have a disparate impact. This rule can be easily implemented by the public and private sector and is an important step to ensure equal opportunity for all. HUD should be commended for issuing a transparent rule that…
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…