Washington, DC - Today, as the U.S. Senate Judiciary Committee holds a confirmation hearing on the nomination of Senator Jeff Sessions to serve as U.S. Attorney General, the National Community Reinvestment Coalition’s President and CEO, John Taylor, made the following statement in opposition to the nomination:  “The key test for any nominee to serve as Attorney General is: does he or she stand for justice for all? Will he or she uphold the law fairly and inclusively? Senator Sessions' track record speaks for itself. His career has been marked by racial insensitivity and antagonism to measures to expand and enhance civil rights protections.  “NCRC is concerned…

Today, in reaction to the release of the Federal Housing Finance Agency's (FHFA) final Duty to Serve rule, NCRC President and CEO John Taylor made the following statement: "The Duty to Serve framework that the FHFA has outlined is an important complement to the affordable housing goals in reaching the three underserved markets it targets — manufactured housing, rural housing and affordable housing preservation. However, it should be noted that this rule is not a substitute for the affordable housing goals and the important role they play in facilitating access to credit for low- and moderate-income communities and across the…

Washington – Today, the National Community Reinvestment Coalition (NCRC) and 20 civil rights and consumer advocacy groups sent a letter to Mel Watt, Director of the Federal Housing Finance Agency (FHFA), and Jacob Lew, Secretary of the U.S. Department of the Treasury, expressing concern about the Government Sponsored Enterprises’ (GSEs) Single Family Housing Goals performance and tighter access to the mortgage market for low- and moderate-income individuals. The letter outlines steps FHFA can take to better fulfill the GSEs’ affordable housing mandate through greater mortgage credit access for all creditworthy borrowers. "FHFA needs to address the Government Sponsored Enterprises' problematic affordable housing goal performance and their pricing,"…

Washington – The National Community Reinvestment Coalition’s Washington, DC Women’s Business Center (DC WBC) will hold its Third Annual “Shop, Sip and Celebrate” Holiday Bazaar this year on Tuesday, December 6, 2016. The DC WBC Holiday Bazaar is a pop-up marketplace to showcase local women-owned small businesses, many of which are DC WBC clients. It gives women entrepreneurs a place to market their products and gain exposure to new clients. Over the last two years the Bazaar has hosted over 50 vendors and over 300 attendees. This year’s event will host 30 vendors.The Bazaar will be preceded by the first…

Washington, DC – Today, in reaction to the news that Steve Mnuchin will be President-Elect Donald Trump’s nominee to serve as Secretary of the Department of the Treasury, and subsequent remarks from Mr. Mnuchin, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement: “NCRC has long advocated for the end of the government conservatorship of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, accompanied with reforms to make them more accountable and transparent, and strengthen their capital reserves. The affordable housing goals of the enterprises are a critical mechanism to ensure economic…

Washington, DC – Today, in an agreement reached with the National Community Reinvestment Coalition (NCRC) and its community-based members and allies across the Midwest and Southeast, Fifth Third Bank announced an increase to their landmark community benefits agreement to $30 billion. The commitment covers community development, including lending and investments, between 2016 and 2020. Fifth Third’s Community Development Plan includes mortgage and small business lending, including micro-lending, community development lending and investing, philanthropy, and financial services for low- and moderate-income communities. A summary of the plan can be found here. “This substantive and detailed community development plan was the result…

Washington, DC – Today, in reaction to a ProPublica report on Facebook allowing advertisers to exclude users by race, the National Community Reinvestment Coalition (NCRC) made the following statement: “NCRC is shocked and appalled to learn that Facebook appears to be engaging in practices that are not only discriminatory, but also illegal,” said NCRC President and CEO John Taylor. “Facebook claims that its goal is to 'help balance the needs, safety and interests of a diverse community.’ Clearly, offering advertisers the option to exclude users of certain races, as documented in a recent ProPublica report, is directly contrary to the interests of a diverse community. It…

Washington, DC – Today, 90 community, consumer, and civil rights groups sent a letter led by the National Community Reinvestment Coalition (NCRC) to the Office of the Comptroller of the Currency (OCC) outlining the preferred path for regulation of financial technology companies (fintechs), such as online marketplace lenders, if they are granted charters by the regulator. The groups propose that any charters from the OCC must be accompanied by Community Reinvestment Act (CRA)-like obligations and examination of the companies’ compliance with fair lending and consumer protection laws, and that these regulations not preempt state regulation. “If the OCC moves forward with plans to extend…

Washington, DC – Today, on the 39th anniversary of the date the Community Reinvestment Act (CRA) was signed into law by President Jimmy Carter in 1977, National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement: “For nearly four decades, the Community Reinvestment Act has been instrumental in creating billions of dollars of wealth for our nation’s communities, particularly in low- and moderate-income neighborhoods. By requiring financial institutions to serve the credit needs of the communities in which they are chartered, and requiring safe and sound lending, CRA has made possible the responsible home mortgages and small…

Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded letters from members of the U.S. Senate and U.S. House of Representatives to the financial regulators expressing concerns about enforcement of the Community Reinvestment Act (CRA) and calling for reforms to its guidance and regulations. NCRC President and CEO John Taylor made the following statement: “NCRC applauds these letters to regulators calling for modernization of CRA regulations. While the financial services industry continues to change with the times, regulators have not kept up. The needs of low- and moderate-income individuals and communities remain, and must not be forgotten. The…