Washington, DC – The National Community Reinvestment Coalition today criticized changes to H.R. 3126, the House proposal to create a Consumer Financial Protection Agency, released in a memo by Financial Services Committee Chairman Barney Frank. The bill introduced in July left communities of color and other financially vulnerable populations behind from the beginning when it left out enforcement of the Community Reinvestment Act, the law that addresses access to credit and financial services at a community level, from the proposed Consumer Financial Protection Agency. The proposed compromise further undermines provisions that would have protected lower-income populations and communities of color. Failure to address lending at a community level leaves financially vulnerable communities open to the same predatory lending practices that led to the current crisis.

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.

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.

Click here to view the entire statement as a .pdf

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.

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!