Your Support is Important to Us
When 2011 began, we didn’t know we would embark on one of the most important campaigns in NCRC’s history.
And when Capital One filed its application with the Federal Reserve to acquire ING Direct in July, they didn’t know what was about to come their way.
We investigated. What we found was shocking.
We found that community development lending in our own backyard plummeted by 41% after Capital One acquired Chevy Chase Bank. We learned that combined prime home loans collapsed by 95% over three years after Capital One acquired North Shore bank.
Then we met Ms. Cembrye Ross, a DC homeowner who fell behind on her mortgage in 2010 after making faithful payments to Capital One (and its predecessor) for 15 years. She applied to participate in the Home Affordable Modification Program, but Capital One informed her that they did not participate in the program. However, they were happy to steer her toward a private label product with far more costly terms.
We fought back, and saw something that had never happened before in this country: the Federal Reserve Board expanded the period for community comment by a record 54 days and conducted three public hearings in Washington, DC, Chicago, and San Francisco. Due in large part to our organizing efforts, over 100 organizations spoke out at these hearings, and 315 individuals submitted letters to the Federal Reserve Board opposing the acquisition.
Our message reached millions across the country through national media stories. Capital One was forced to respond to our concerns, not once, but three times to the Federal Reserve Board.
Most importantly, we served notice that future merger applications can no longer count on a green light and a quick approval, and that we do not take the prospect of another too-big-to-fail bank lightly.
But that’s not all we did. We brought a fair lending suit against Capital One on behalf of Ms. Ross, and over the course of the year we helped thousands of families through our Housing Counseling Network re-negotiate their loan terms so that they can remain in their homes.
We’re not finished. We need your help to continue this work in 2012. Please consider a gift to NCRC that will support our efforts moving forward.
Capital One wants to create the largest subprime credit card business in the nation. We are getting ready to tell the real Capital One story through media stories, on YouTube, and at our annual conference, in a campaign that will turn “What’s in Your Wallet?” on its head. And NCRC will continue to assist homeowners, counsel small businesses, and advocate in Washington for fair and equal access to credit and capital.
This has been an amazing year. Please join us for the hard work ahead.
All of us at us NCRC wish you a wonderful holiday season, and are truly thankful for your support.
Yours in the struggle,
John Taylor, President and CEO
