Low-income women of color in America bear the weight of racism, sexism and classism – both in their interactions with other people, and more insidiously, baked into the nation’s policies, systems and cultural assumptions.
Analysis and points of view on research, trends, issues, ideas and opportunities.
This article focuses on the views of NCRC member organizations and community-based allies. If community organizations could write the CRA regulations, the CRA would increase in rigor, grade inflation would be curbed and the focus would be on underserved populations including low- and moderate-income populations, tribal communities, people of color, rural communities and people with disabilities.
In a previous article, I described how some big issues on reforming the Community Reinvestment Act (CRA) exposed a considerable difference of views among community groups and the banking industry. However, there was some convergence of views on a series of other important issues, including performance measures and ratings categories. On these issues, the remaining differences appear to be manageable.
Over the coming weeks, we’ll publish essays from NCRC staff, members, local leaders and national partners who can give a voice to the concerns, issues and solutions for women, specifically Black, indigenous and women of color, who have been living through and managing this health and economic crisis for the past year.
Reading the comment letters from industry and community groups regarding the Federal Reserve Board’s (board) Advanced Notice of Proposed Rulemaking on the Community Reinvestment Act (CRA), I am reminded of the childhood tale of the “Little Engine that Could,”
Even with a conservatorship that has constrained many of the key functions of these institutions, Fannie Mae and Freddie Mac remain vital participants in the nation’s affordable housing ecosystem. Going forward, it is critical that they not be hamstrung by excessive capital requirements that will make mortgage credit more unaffordable for low- and moderate-income and minority borrowers and communities, and undermine the ability of the government-sponsored enterprises (GSEs) to help meet the scale of the affordable housing challenges facing the nation.