In the News

American Banker, March 26, 2024, Capital One Seeks Community Plan On Discover Deal, Even As Some Activists Balk Capital One’s deal to purchase Discover has drawn opposition from the National Community Reinvestment Coalition, which has more than 700 member organizations.

Yahoo Finance, March 22, 2024, Advocates Urge Transparency In Capital One-Discover Review In a Thursday letter, Consumer Reports, US PIRG, the Consumer Federation of America and the National Community Reinvestment Coalition expressed concern about the implications of the deal and called on regulators “to commit to a more transparent process that enables the public to fully

Kiplinger, March 29, 2024, Capital One/Discover: What’s In Their Wallet For You? The group — which includes the Consumer Federation of America, Consumer Reports, and the National Community Reinvestment Coalition (NCRC) — urged that a public hearing be held on the matter. It called on the Federal Reserve, the Office of the Comptroller of the

New York Times, March 22, 2024, Regulators Rethink Big Bank Deal The Discover deal was already poised for tight scrutiny. Rohit Chopra, the director of the Consumer Financial Protection Bureau, told DealBook that the credit card market had been consolidating for years, and that “any proposed transaction is going to get a very close look.” Progressive advocacy groups

Reuters, March 21, 2024, Exclusive: CapOne Tells Regulators Discover Deal Will Boost Competition And Stability “This is a key test of the federal merger review framework,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a community lending advocacy group which opposes, opens new tab the deal. A spokesperson for the OCC confirmed it had

BankingDive, March 22, 2024, Advocates Urge Transparency In Capital One-Discover Review In a Thursday letter, Consumer Reports, U.S. PIRG, the Consumer Federation of America and the National Community Reinvestment Coalition expressed concern about the implications of the deal and called on regulators “to commit to a more transparent process that enables the public to fully participate

Eurweb, March 20, 2024, $6.7 Million Dollar SOS Initiative Impacts 28 National Organizations & Single Moms Additional funders of Share Our Strength’s family economic mobility work include the Robert Wood Johnson Foundation and the Sodexo Stop Hunger Foundation. Lead partner organizations include:

Tampa Bay Times, March 15, 2024, TD Bank Launches $20B Community Impact Plan to Empower Underserved Communities TD Bank, America’s Most Convenient Bank®  announced a three-year Community Impact Plan that will provide an estimated $20 billion supporting lending, philanthropy, banking access and other activities for the benefit of diverse and underserved communities. This strategy, developed

US Department of Housing and Urban Development, March 12, 2024, HUD Awards $2.75 Million To Train And Equip Skilled Housing Counseling Professionals The U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling announced today it has awarded $2.75 million in grants to seven nonprofit organizations to fund training and education for current

Next City, March 12, 2024, Why The Community Reinvestment Act Is Back In The News – Again Over at Fast Company, financial journalist James Surowiecki writes that the Capital One-Discover merger could be a boon for consumers and business owners, who could see lower swipe fees with the addition of a larger competitor to Visa and MasterCard.

Financial Times, March 8, 2024, How Steven Mnuchin Pulled Off A $1bn Deal To Steady A Teetering US Bank OneWest, as IndyMac was renamed, made headlines for its hard-knuckled approach to evictions and debt collecting, foreclosing on tens of thousands of homes. But when it was eventually sold in 2015 to CIT, Mnuchin’s consortium of

Building Indiana Business, March 3, 2024, First Financial Bank And NCRC Announce $2.4B Community Benefits Agreement First Financial Bank has entered into a new $2.4 billion, five-year Community Benefits Agreement (CBA) with the National Community Reinvestment Coalition (NCRC) and related partner organizations, establishing goals for lending and investments to low- and moderate-income (LMI) clients and census

Jacobin, March 6, 2024, Credit Card Lenders Are Getting Rich Off Your Late Fees “It is very difficult to imagine how federal regulators could allow Capital One to buy Discover given the requirement that mergers benefit the public as well as insiders,” said Jesse Van Tol, the president of the National Community Reinvestment Coalition, in a

The Guardian, March 6, 2024, “Capital One And Discover Merger ‘Dangerous’, Consumer Groups Tell Fed“ But Jesse Van Tol, president and CEO of National Community Reinvestment Coalition, another signatory to the letter, said: “Capital One is a notorious bad actor, even at its current size, and should not be allowed to further concentrate market power.”

Whyy, February 26, 2024, Philly’s Racial Wealth Gap Is Wider Now Than In 1960. Here Are Programs Working To Fix It Vicky Diaz-Camacho/WHYY, National Community Reinvestment Coalition, National Bureau Of Economic Research