NCRC

Are Credit Unions Serving Their Mission?

Washington, DC – The credit union industry lags banks at meeting the credit needs of low- and moderate- income and minority communities according to a new NCRC report “Credit Unions: True to Their Mission, Part II.” The report found that credit unions underperformed banks on 64% of lending indicators designed to measure the provision of financial services to low- and moderate- income and minority people and communities. The findings reinforce the need to improve oversight of credit unions, to ensure that they more equitably meet the credit needs of all populations. It also reinforces the need to apply coverage of the Community Reinvestment Act (CRA) to credit unions.

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Expansion of CRA Would Promote Economic Security and Financial Inclusion for America’s Communities

Washington, DC – The Community Reinvestment Act is one of the most important tools for building wealth and revitalizing neighborhoods— that’s the message of leading experts testifying before the House Financial Services Committee (HFSC) today at the hearing on “Proposals to Enhance the Community Reinvestment Act.” Expansion of CRA is on HFSC Chairman Barney Frank’s agenda this year, and is supported by a broad coalition of municipal leaders, civil rights advocates, and housing organizations, led by the National Community Reinvestment Coalition. Nearly 130 mayors and the U.S. Conference of Mayors have also signed a resolution supporting expansion of CRA.

 

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Multi-Trillion Dollar Lifeline “Saves” Wall Street, Homeowners Left to Fail

Washington, DC – One year ago, the Lehman Brothers investment bank failed. That event resulted in the largest bailout of the financial services industry in history. To date, more than $23 trillion dollars has been provided in investments, loans and guarantees, according to the Special Inspector General overseeing the bailout. But the core problem that triggered the crisis has yet to be fully addressed. Until the home foreclosure crisis has been addressed, the banking system and the economy will remain largely crippled.

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Support the Movement to expand the Community Reinvestment Act!

The House Financial Services Committee will hold a hearing on expanding the Community Reinvestment Act (CRA) next Wednesday, September 16 at 10 a.m. EST. NCRC’s President and CEO, John Taylor, will be testifying at this important hearing. Click HERE to sign the petition and join thousands of others in calling for the expansion of CRA! 

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NCRC Releases a New Report on Fair Lending Performance of Credit Unions

NCRC releases a new report on fair lending performance of credit unions. The report analyzes several credit unions and compares them to bank service to working and minority communities. The study finds that credit unions lag behind banks on 64% of the fair lending indicators that were examined.” Click Here to View: NCRC’s Report “Credit

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NCRC Mourns the Passing of Senator Edward Kennedy

NCRC Mourns the Passing of Senator Edward Kennedy

Washington, DC – John Taylor, the president and CEO of the National Community Reinvestment Coalition, today made this statement: “Senator Edward Kennedy was without peer as a Congressional leader; the inspiration he has provided to generations is sore comfort for our sorrow at his loss. His passing is deeply felt by all who strive for a more just society."

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NCRC announces support for Employee Free Choice Act

July 30th, 2009 
Washington, DC -The National Community Reinvestment Coalition, an association of over 600 community organizations dedicated to expanding access to capital and credit, today announced its support for Employee Free Choice Act (EFCA). The Employee Free Choice Act would expand the right of working people to expand unions to bargain collectively in their work place. NCRC endorsed EFCA out of a deep concern for the pervasive violation of the working people when they attempt to exercise their basic freedom to form unions.
 

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Jim Carr Testifies Before the U.S. House of Representatives Financial Services Subcommittee

July 16th 
Jim Carr, NCRC Chief Operating Officer, testifies before the House Financial Services Subcommittee on Domestic Monetary Policy and Technology on the subject of "Regulatory Restructuring: Safeguarding Consumer Protection and the Role of the Federal Reserve".

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John Taylor Testifies Before the U.S. House of Representatives Financial Services Committee

July 16th 
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NCRC’s President and CEO John Taylor testifies before the U.S. House of Representatives Financial Services Committee Hearing on "Community and Consumer Advocates" Perspective on the Obama Administration’s Financial Regulatory Reform Proposal.

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NCRC urges the House Financial Services Committee to restore CFPA as the agency responsible for CRA

 July 14th, 2009
 
The Obama Administration has proposed shifting the Community Reinvestment Act (CRA), along with the other consumer protection laws, to the Consumer Financial Protection Agency (CFPA)–a new agency that would be responsible for further developing consumer protection and fair lending regulations, conducting examinations, and enforcing these regulations.   Last week, Chairman Frank of the House Financial Services Committee introduced H.R. 3126, that largely resembles the Obama Administration’s proposal except that jurisdiction of CRA would remain with the existing federal bank agencies. The Administration was correct in their proposal to shift CRA oversight to the CFPA since the existing regulatory agency enforcement of CRA has been inconsistent and weak.  Urge your co-workers, friends, and community partners to call Representatives in your state to tell members of the House Financial Services Committee to keep CRA regulation in this bill, HR 3126!

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