Woodstock was pleased to lead a large and diverse delegation of NCRC members and nonprofit leaders from Illinois on Capitol Hill visits with our Illinois elected officials as part of NCRC’s largest and most successful 25th anniversary conference. We met with legislative aides from the offices of Senators Durbin and Kirk as well as Representative Jan Schakowsky and staff from the offices of Representatives Quigley, Hultgren, Dold, Bustos, Kelly, and Gutierrez.
This letter submitted with our partners comments on the needs to update regulations that significantly affect whether banks respond to the financial needs of low income communities and communities of color. We understand the EGRPRA process creates the opportunity to identify regulations that need to be updated and modernized in order to best meet their original purpose and intent. However, we are concerned that the agencies will lean toward eliminating regulations considered outdated, unnecessary or unduly burdensome, rather than updating them to reflect current needs and realities.
Evergreen Bank Group, a subsidiary of Bancorp Financial Inc., received an overall rating of “substantial noncompliance,” the lowest of four grades from the Federal Deposit Insurance Corp. on the bank’s compliance with the federal Community Reinvestment Act.
The law, enacted in 1977, requires banks to invest in the communities where they operate.
This letter to the Federal Reserve, OCC, and FDIC supports several provisions of the Interagency Q&A Regarding Community Investment, including additional ways to determine low- and moderate-income status of community development recipients, recognition of nonprofit board service, and clarifications on qualified investments and community development lending. The letter notes concerns about the Q&A's proposed changes to the weights on community development lending.
Thanks to the hard work of members of the National Community Reinvestment Coalition, the Federal Reserve has extended the comment period on the proposed deal until October 12.The Fed will also hold public hearings on the consumer impact of the merger in Chicago, Washington, and San Francisco.
Through a series of “secret shopper” investigations, NCRC discovered that many of the top 50 FHA lenders would not offer home loans to borrowers with scores between 580 and 620. A large percentage of people of color fall into that range of scores.
As a partial owner of North Chicago Auto Service, which does car repairs and towing for the city’s police department, Otero-Cintrón makes serving the community central to his business. If a customer is having trouble paying for badly needed repairs, he works with them so they can pay when they are able and still be able to drive to work. Located down the street from the Great Lakes Naval Base, he’s always willing to negotiate a deal with the men and women serving our country.
The proposal, HR 6334, requires regulators to consider public comments in their ongoing community reinvestment evaluations. The codification of the public's response and the repercussions of those responses increase the likelihood that the public’s needs are being met by financial institutions.
“The Community Reinvestment Act has created jobs, supported responsible homeownership, and expanded opportunities for saving by investing trillions of dollars in low- and moderate-income communities,” said Rand. “Nonetheless, the rapidly-changing and complex financial landscape of today bears little resemblance to the world of 1977, when the original CRA was passed.