“We are still conducting our analysis of the proposed CRA rule changes, but so far all signs point to this being a disastrous proposal for all communities that rely heavily on banks for community investments and loans to fund affordable housing and economic development,” said Jesse Van Tol, NCRC’s president and CEO. “CRA is such a vital driver of community investment that the 60-day comment period is not sufficient time for all parties – from financial institutions to community organizations, state and local government agencies to individuals – to evaluate its impacts.”

“California community groups have serious concerns about what the proposed changes to the CRA rules will mean for BIPOC, low-income and tribal communities across our state,” said Paulina Gonzalez-Brito, CEO of Rise Economy. “Our initial analysis suggests these changes could put much-needed affordable housing financing at risk, weaken investment in community lenders, reduce transparency around small business lending and undermine the community organizations that are essential to stabilization and wealth building. Our communities and the public need more time to understand how these sweeping changes could affect the people and communities the CRA was created to serve. That opportunity was not provided by the regulators, and it is deeply concerning.”

The joint letter calls for extending the comment period for at least an additional 60 days for a full 120-day period. 

According to NCRC’s preliminary analysis, the proposed CRA changes weaken bank obligations to invest, lend and provide services in low- and moderate-income (LMI) communities while reducing transparency and accountability.

“More specifically, we are concerned that proposed changes will lead to significant outcomes, including: less support for affordable housing via the Low Income Housing Tax Credit (LIHTC) and other community development activity, less transparency of small business lending, fewer community development loans and investments that support small businesses, fewer branches in LMI and rural communities, less access to affordable bank accounts and higher fees for unbanked and underbanked consumers, less capacity for community based organizations to play their critical role in supporting communities and the financial service ecosystem and less scrutiny of redlining and discrimination by banks,” the letter states.

For more information on the proposed CRA changes, visit www.ncrc.org/cra.

“We’ve seen a lot of recent coverage around communities fighting back against data center development on their lands, and that’s not surprising to those of us who work in community development,” said NCRC’s President and CEO Jesse Van Tol. “People talk. They hear about neighboring communities dealing with a whole swath of problems, including increased utility prices, after a new data center comes online. The tech companies would be wise to take a page from financial institutions and work with communities, not against them.”

The report found that the current AI data centers being developed are larger and more resource-intensive than other traditional data centers, making them more expensive to build and operate while also introducing numerous costs on community life, the environment and natural resources. 

However, rural policymakers are facing years of disinvestment and population declines that have diminished local tax revenue. Without alternative economic development initiatives, the report found that local leaders have accepted AI data centers to maintain financial stability despite their various negative effects and widely-held opposition within the community.

To ensure the Opportunity Zones program doesn’t become a creator of rural AI data center hotspots, the report calls for place-based economic development incentives that ban or condition data center permitting in rural areas on developers’ alignment with community planning goals and the provision of additional development incentives.  

“The placement of a data center should be something that happens with, and not to, the community,” said report coauthor and NCRC’s Principal Research Dr. Bruce Mitchell. “We hope that the report and map enable low- and moderate-income communities to get a better sense of their vulnerability to data center placement under the Opportunity Zone 2.0 program.”

The full report is available here.

“NCRC is deeply committed to expanding our support for housing counseling agencies as they are truly the backbone of moving families from aspiration to ownership. So much of our advocacy work is aimed at shaping policy and encouraging lenders to make resources available, and that work translates into real change when housing counselors are there to walk families through the process,” said Jesse Van Tol, NCRC’s President and CEO. “They turn commitments on paper into actual opportunities for people trying to build a stronger financial future. We don’t talk enough about how central that role is to making stable housing through homeownership genuinely accessible to everyone. We are glad to partner with Key Bank and HSBC Bank USA, N.A. to bolster the housing counseling services available to families in their footprints.” 

The Field Empowerment Fund (FEF) enables NCRC network members to level up established housing counseling service lines. With the award of this grant cycle, NCRC has provided $9.46 million to 154 NCRC member organizations through the fund since its inception in 2021.

The Housing Counseling Services series within FEF supports HUD-approved housing counseling agencies in driving homeownership through pre-purchase counseling. In addition, the program builds agency knowledge on heirs’ property challenges to better equip low-wealth homebuying households with the know-how to begin their homeownership journey, with an additional goal of ensuring foresight into the long-term future of their home purchase.

The FEF-HCS series is funded in partnership with KeyBank and HSBC Bank USA, N.A. and targets communities within the KeyBank and HSBC Bank USA, N.A. branch footprints.

The 2026 NCRC Field Empowerment Fund – Housing Counseling Services grantees can be viewed here. 

Annually, these agencies serve nearly 85,000 households across the United States, with nearly 63,000 of those households falling under 80% of their regional median income levels. This grant funding will fuel their critical services, empowering families across the country to achieve housing stability and homeownership.

For more information about the Field Empowerment Fund, visit NCRC.org/fef.

“We are deeply saddened by Irvin’s sudden passing,” said Jesse Van Tol, NCRC’s president and CEO. “As one of the founding board members of NCRC, he played a pivotal role in shaping our organization and was a tireless champion of our cause. For many of us, he was a friend and a trusted voice — someone who cared very deeply for his family, his colleagues and NCRC. He was a lion of the community development movement. May he rest in power. ”

“Irvin’s leadership was grounded in a belief that every community deserves the opportunity to thrive,” said Carol Johnson, NCRC’s board chair and president and CEO of Johnson Consulting Group. “As Board Chair, I was fortunate to have in Irvin not only a trusted colleague and Vice Chair, but someone whose history with NCRC reached all the way back to its founding. He understood where this organization came from, why this work matters and how much perseverance it takes to turn our values into meaningful change. Irvin brought that perspective to every conversation, always keeping the people and communities we serve at the center. The standard he set and the work he helped build will continue to guide us.”

“For almost two decades I’ve served with, listened to and admired Irvin Henderson—a friend, a mentor and someone who used his knowledge, his intellect, and his voice to speak on behalf of communities of people for whom he cared so deeply,” said Bob Dickerson, past NCRC board chair, current board member and executive director of the Birmingham Business Resource Center. “I recall with gratitude Irvin pulling me aside when I first joined the NCRC Board. He welcomed me warmly and offered to share his experience and insight, saying he wanted to help me make a greater contribution. That gesture reflected who he was at his core: generous with his time, intentional in his support of others, and committed to lifting those around him. Irvin was always prepared, always thoughtful, and always spoke with wisdom. He carried himself with a quiet integrity that never needed to be announced, only witnessed. Those who had the privilege of working alongside him will never forget the steadiness of his presence or the clarity of his voice when it mattered most. I am deeply grateful for the years I had to serve with him. Irvin’s legacy lives on in the communities he championed, the colleagues he guided, and the many lives he touched along the way. He will be deeply missed and long remembered.”

“Irv was many things to me and others…bright, funny, impactful, smart and a leader,” John Taylor, NCRC founder and longtime CEO. “I owe him a great deal and I will remember him for the rest of my life.” 

“Irvin was a passionate, committed, incredibly hard worker – and for me personally, a dedicated friend and mentor,” said Bethany Sanchez, NCRC board member and fair lending administrator for the Metropolitan Milwaukee Fair Housing Council. “Irv’s passing will hit NCRC leadership and members hard, leaving a hole in our hearts.”

“Nobody cared more about, or supported more, NCRC and its work than Irv,” said Kevin Stein, NCRC board member and chief of legal and strategy at Rise Economy. “He was gracious and respectful to all stakeholders in talking about communities, always inviting people in. And he also had strong values and spoke forcefully and compellingly about the dignity and opportunities that people and neighborhoods deserved. May his memory be a blessing to his family, and to all of us.”

“In 2012, Irv Henderson and I were part of a team pitching to the city of Raleigh, NC about how to redevelop and revitalize the historic John Chavis Memorial Park, initially created as the ‘Colored park’ serving only Black people in the 1930’s,” said Vernice Miller-Travis, NCRC board member and co-founder of We ACT for Environmental Justice. “We were zipping through our presentation when Irv recounted how he had learned how to swim as a child in the pool at the park. But as he got older, he was unable to earn his Boy Scout Eagle Scout Badge because he needed to be able to swim the length of an Olympic-size swimming pool, and the only pool available to him did not meet that criteria. As I looked around the room at City of Raleigh Department of Parks, Recreation, and Cultural Resources staff, I could see as Irv was recounting his childhood experience with segregation that ran right through that very park, that that was when we won the bid. Today, John Chavis Memorial Park has been completely reimagined, redesigned and revitalized via a $40 million capital investment by the City of Raleigh based upon the revised master plan that we created. It has also been added to the National Register of Historic Places. It is but one in a very long chain of examples of how Irv saw things others didn’t see, imagined what could be, and then went to work to make his vision a reality.” 

“As a new Board Member in 2019, I remember with great admiration and respect meeting and seeing Irvin Henderson in action at the Just Economy Conference where we were meeting with FHA Commissioner Brian Montgomery,” said Aaron Miripol, NCRC board member and president and CEO of Urban Land Conservancy. “Irvin’s passion for community came out loud and clear as he spoke to the commissioner on the challenges NCRC’s members were having with FHA financing. In addition, Irvin was kind enough to include me, the newbie to NCRC, in the conversation and asked me to share my Colorado experience with Commissioner Montgomery. That is what made Irvin so special, his incredible knowledge and experience as a community developer and NCRC Board member, layered with his ability to include, engage and educate all of us. His passing is a loss for all of us, and yet Irvin’s greatest gift to NCRC was not just his expertise, but his commitment to lifting others up—and that is the standard we must all now aspire to. The call to action for NCRC has never been greater, and Irvin’s influence on all of us is what must lead the day going forward. Thank you, Irvin!”

“I will never forget the things Irv worked with us on at NCRC, from the Historic Tax Credit to the fights with Capital One to carrying the message, again and again, to Capitol Hill,” said Matthew R. Lee, NCRC board member and executive director of Inner City Press. “Irv’s passing leaves a hole in our advocacy. We must all work hard to keep up the fight, now with CRA under attack from the OCC and FDIC. Do it for Irv…”

“I was constantly awed by Irvin’s unrelenting advocacy for economic justice, his poise and decorum, and his work ethic,” said Elisabeth Risch, NCRC board member and executive director of Housing Opportunities Made Equal of Greater Cincinnati (HOME). “He showed up for calls in airports, cars, always en route across the country in pursuit of making local communities better and more equitable. He was a power-broker with the interests of the underserved community front and center. He never let me forget that family was the most important. He always asked about my family, reminded me to take care of myself and my family. That balance of fierce advocacy and genuine care is what I’ll carry forward.

“Having been a lifelong member of NCRC, I always associated Irvin with this wonderful organization more so than anyone else,” said Roberto Barragan, NCRC board member and executive director of ICON CDC. “His dedication, optimism and tenacious defense of CRA  was a sight to behold. His ability to speak on any subject to any audience with understanding and insight was always awe-inspiring.  And to see over the years, his love for the organization was never diminished, and his willingness to fight was greater than ever.”

“It was an honor to know Irv. He could always start a conversation or take the lead in any conversation in a positive manner – Irv knew everything,” said Charles Harris, NCRC board member and executive director of Housing, Education and Economic Development. “He was a mentor to all of us, and I noticed that whenever we were in a committee meeting and the moderator was waiting for a response  [when the room was quiet] everybody waited for Irv to take the lead or answer the question. When I became a member of NCRC, he gave me a great welcome and we became good friends. Over the years, outside of us discussing CRA and economic justice, we talked about jazz and blues music. NCRC and the industry has lost a person with lots of knowledge and he will be sorely missed.”

“I will miss Irv’s tenacious approach to all that he encountered,” said Peter Hainley, NCRC board member and executive director of CASA of Oregon. “That gleam in his eye! A true warrior for economic justice, he will be sorely missed.” 

“Irv had a total and wonderful devotion to NCRC,” said Sharon Lee, NCRC board member and executive director of the Low Income Housing Institute. “I loved what he would say in our meetings. His excellent leadership propelled the movement forward!” 

“I am saddened of the loss of my teacher, who became my dear friend and mentor,” said Ernie Hogan, NCRC board member. “His passion for uplifting underserved communities through preservation, affordable housing and economic development spilled over all of us he touched! It was Irvin who showed me the value of CRA! How it connected our work of communities with the banking and finance world!  That is was worth fighting for its future. His work, his words, his friendships will not be forgotten as we all take what Irv has taught us forward!! I will miss my friend!”

Henderson was the principal of Henderson & Company, a consulting firm and development company with particular expertise in the areas of community development and historic preservation, and commercial, residential and enterprise development. He was a trustee of the National Trust of Historic Preservation for Henderson, NC, and he sat on many additional boards devoted to community development and preservation. 

NCRC invites all who knew Irvin to submit stories, photos and tributes to be shared with the family.

Photo: Irvin Henderson at the 2026 Just Economy Conference, April 14, 2026, in Washington, DC.

“This proposal dramatically weakens banks’ obligations to invest in working-class communities and threatens to undermine the affordable housing gains in the 21st Century Road to Housing Act entirely,” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition. “Banks will face weaker exams, get credit for projects with little connection to low- and moderate-income communities and gain more control over where and how they are evaluated. CRA is supposed to put a thumb on the scale for working-class people; now it lets hundreds of banks off the hook, and dramatically reduces the obligation for others.”

“I’m particularly concerned about the proposal to raise the large bank threshold to $10 billion, with banks below $1 billion having no community investment obligation at all,” said Van Tol. “Bank capital drives the creation of affordable housing in this country, and they do it because of CRA. Now hundreds of banks won’t have the obligation to do so, and hundreds more will have a weaker requirement, which will further deepen our housing crisis.” 

“Equally troubling is the changed definition of economic development, which previously required a focus on low- and moderate-income job creation. Now, banks can get credit for financing small business entities created by wealthy people, in an upper-income census tract, with no requirement to create any jobs for working-class people,” said Van Tol. “This proposal would likely shift billions of dollars in financing away from the small businesses that drive working-class job creation.” 

The letter outlines the unacceptable risks for low- and moderate-income communities, consumers and small businesses as well as the safety and soundness of the financial system that would come from granting OppFi direct access to the banking system. It urges the agencies to deny the applications and requests public meetings and/or a hearing in light of the public risks. 

“OppFi makes high-cost loans to many consumers and small businesses that cannot afford them,” said Tara Flynn, NCRC’s policy director. “The merger would give OppFi its own national bank and allow it to expand across the country, including into states that have capped interest rates to protect borrowers from lenders like OppFi.” 

To read the full comment letter, visit: https://ncrc.org/ncrc-woodstock-institute-and-rise-economy-oppose-oppfis-proposed-merger-with-bnc-bank/ 

The House voted to hand banks a green light to consolidate with less scrutiny, less accountability and far fewer safeguards for the communities they are supposed to serve.

H.R. 6955 would gut meaningful competition review for many bank mergers and force regulators onto an accelerated timeline that all but guarantees community voices will be ignored. Because roughly 4,129 of the nation’s 4,287 insured banks (or approximately 96 %) hold under $10 billion in assets, this carveout would cover a large share of community and regional bank merger activity. The problem is especially acute in rural counties and smaller local markets.

Bank mergers are not routine paperwork. They reshape local economies, determine whether neighborhoods retain access to basic financial services and can leave consumers and small businesses with fewer options and higher costs.

The bill’s core purpose is to weaken oversight and tilt the playing field toward large financial institutions at the expense of the public. This is a dangerous step backward for fair access to banking and community stability.

Communities in Washington are navigating rising housing costs, displacement pressures and uneven access to capital while also advancing new approaches to homeownership, networking, wealth-building and locally rooted development. From the urban cores of Tacoma and Seattle to the smaller enclaves of rural and Tribal communities, leaders are building partnerships, testing new ideas and working to ensure economic growth reaches more people and places.

Conversations will explore how communities can expand housing opportunities without deepening displacement, strengthen homeownership and wealth-building, improve access to capital and community investment, support locally rooted development and entrepreneurship, sustain community-led organizations and development systems and build partnerships that create broader shared prosperity.

The summit will highlight both statewide priorities and locally rooted work already underway, creating opportunities for collaboration, relationship building and shared learning across sectors and geographies.

Additional program details and speakers will be announced in the coming months.

Learn more and register now at: www.ncrc.org/washington. 

Partners:
Affiliated Tribes of Northwest Indians Economic Development Corporation
African Community Housing and Development
Asian Pacific Cultural Center
Casa of Oregon
Low Income Housing Institute
Office of Rural and Farmworker Housing
OIC of Washington
Tacoma/Pierce County Habitat for Humanity
Urban League of Metropolitan Seattle
Washington Homeownership Resource Center
Washington State Employee Credit Union

The Reinvest Washington sponsorship provides coveted marketing and networking opportunities amongst local leaders and changemakers within Washington. Be part of this transformational experience. Become a sponsor today by contacting NCRC’s Development team.

The new five-year agreement, which runs from January 1, 2026 through December 31, 2030, builds on First Merchants Bank’s previous community commitments and reflects the bank’s continued growth and expanded footprint across Indiana, Michigan and Ohio. 

“First Merchants Bank has been one of our most committed and proactive partners since the very beginning of our relationship in 2019,” said Jesse Van Tol, president and CEO of NCRC. “Now, with their acquisition of First Savings Financial Group and the launch of a second five-year Community Benefits Plan, it will be a partnership that spans more than a decade. First Merchants sets the standard for what community-centered banking can look like and continues to demonstrate that genuine community reinvestment is not a compliance exercise — it is a core part of who they are. NCRC is proud to stand alongside them.” 

“This agreement reflects our unwavering commitment to listen first and act with purpose,” said Mark Hardwick, chief executive officer of First Merchants. “By deepening our investments and partnerships, we are expanding access to financial prosperity and helping individuals, families and businesses thrive—especially in communities that have historically faced barriers to financial services.”

The agreement builds on the bank’s prior Community Benefits Agreement established in 2020 and expanded in 2022, reflecting continued commitment to impact across its communities. 

$2.02 Billion Commitment Focused on Community Growth

The Community Benefits Agreement includes the following five-year commitments:

• $650 million in mortgage lending for low- to moderate-income (LMI) borrowers and communities
• $464 million in small business lending in LMI and rural communities
• $700 million in community development lending
• $200 million in community development investments
• $6 million in philanthropy

These commitments will expand access to homeownership, support small business growth, drive economic development and strengthen financial stability across the bank’s regional footprint.

Driven by Community Collaboration

The agreement was developed through a collaborative process with NCRC and community-based organizations, including listening sessions held across First Merchants’ markets to better understand evolving community needs. 

“NCRC and its members value partnerships that lead to meaningful, measurable impact,” said Michele Perez, chief of community engagement and institutional accountability at NCRC. “This agreement demonstrates how thoughtful collaboration can direct critical resources to strengthen neighborhoods, increase homeownership opportunities and support long-term economic growth.”

Building on a Proven Foundation

The 2026–2030 agreement continues First Merchants’ commitment towards:

• Expanding access to affordable banking products and financial education
• Supporting housing stability and community revitalization
• Increasing lending and investment in underserved communities
• Strengthening partnerships with nonprofit organizations and local leaders
• Advancing employee engagement through community service and leadership

A Continued Commitment to Financial Wellness

Grounded in its values and long-term strategy, First Merchants remains focused on helping people prosper throughout their financial journey.

“As we look ahead, this agreement provides a clear roadmap for how we will continue to invest in the success of our communities,” said Scott McKee, chief corporate social responsibility officer. “Together with our partners, we are committed to creating opportunities that empower individuals, strengthen businesses and build vibrant communities.”

Since 2016, NCRC has facilitated more than 30 community benefits plans with bank groups that have committed more than $600 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.

The following NCRC member organizations signed on to the plan:

Bridging Communities, Inc.

Foundation for Pops

Greater Indy Habitat for Humanity

Homes on the Hill, CDC

Homestead Resources

Indianapolis Neighborhood Housing Partnership

Indianapolis Neighborhood Resource Center

Life Remodeled

Northwest Indiana Reinvestment Alliance

Prosperity Indiana

South Bend Heritage Foundation

Wayne Metropolitan Community Action Agency

U-SNAP-BAC Nonprofit Housing Corp.

“This renewal is an essential tool in the community chest that strengthens and empowers communities through strong partnerships,” said Phyllis Edwards, NCRC board member and executive director, Bridging Communities, Inc. 

“The updated Community Benefits Agreement underscores First Merchants Bank’s commitment to being more than a financial institution—it is a community partner. Strategic investments in housing stability, financial capability and community development create lasting change and expand opportunities for those who need them most. We commend First Merchants Bank for recognizing that thriving communities are the true measure of a successful investment,” said Lakesha Hancock, executive director, Foundation for Pops.

“It’s been my pleasure to work with First Merchants since they initially began their community-based outreach and supportive programs. They have performed in an exemplary manner and have significantly contributed to the mission of serving LMI communities. They are committed to the CBA agreement as evidenced by their performance and their people,” said Steve Torsell, executive director, Homes on the Hill CDC.

“Greater Indy Habitat for Humanity sees the CBA with First Merchants and NCRC as another positive step toward providing direct support to our Indianapolis region,” said Jim Morris, president and CEO, Greater Indy Habitat for Humanity.

“This CBA with First Merchants and NCRC demonstrates First Merchants’ deep commitment to community across their footprint. Our experience at INHP is that First Merchants demonstrates this commitment even beyond what is reflected in this CBA, consistently stepping up in a variety of creative and generous ways in pursuit of our shared belief that every household deserves the opportunity to thrive,” said Gina Miller, president and CEO, Indianapolis Neighborhood Housing Partnership.

Summary of the Updated Community Benefits Agreement Between the National Community Reinvestment Coalition and First Merchants Bank 

First Merchants Bank will lend, invest or donate more than $2 billion over five years (2026–2030) to support low- and moderate-income (LMI) borrowers and communities across its regional market areas in Indiana, Ohio and Michigan. This represents an increase in their commitments from the bank’s previous CBA established in 2022. The agreement was developed in collaboration with NCRC and its members following listening sessions to better understand current community needs. 

Mortgage Lending 

Community Benefits Commitment: $650 million over 5 years (2026-2030) 

First Merchants has updated and increased their home purchase lending, committing a total of $650 million. The bank will pursue an approximate 5-year accumulated increase goal of 10% growth in mortgage originations to underserved borrowers.

First Merchants will leverage partnerships with nonprofit housing developers, Community Development Financial Institutions and NCRC to identify and support borrowers who would benefit from their mortgage products and programs. The bank will continue supporting credit counseling, housing counseling and homebuyer education through sponsorships, referrals and direct engagement with counseling agencies, while also engaging with local organizations to promote homeownership, financial literacy and equitable access to mortgage credit. First Merchants will also continue to employ community home loan officers who facilitate home buyer education and participate in community-based redevelopment efforts. 

Small Business Lending 

Community Benefits Commitment: $464 million over 5 years (2026-2030) 

First Merchants will provide $464 million in small business lending in LMI census tracts and to businesses with a gross annual revenue under $1 million. The bank commits to achieving an approximate 10% increase in small business lending originations to businesses with less than $1 million in revenue and to businesses located in LMI census tracts over the life of the agreement. The bank commits to supporting small businesses across its regional markets and to expanding access to capital for entrepreneurs in underserved communities.

Community Development Lending  

Community Benefits Commitment: $700 million over five years (2026-2030) 

First Merchants will originate $700 million in community development lending, representing approximately 2.9 percent of combined assets, to support affordable housing, economic development, revitalization efforts and services targeted to LMI consumers and communities. The bank will continue to act as an active partner in community development lending initiatives designed to meet local credit needs and will dedicate resources to organizations that offer alternatives to payday lending. 

Community Development Investments 

Community Benefits Commitment: $200 million over five years (2026-2030) 

First Merchants will invest $200 million in community development initiatives, representing approximately 0.9 percent of combined assets, with investments driven by identified community needs and opportunities. These investments will support affordable housing, economic development and community revitalization benefiting LMI communities and may include partnerships with CDFIs, tax credit investments such as LIHTC and NMTC, municipal bonds, loan pools and other qualifying community development activities. 

Philanthropy 

Community Benefits Commitment: $6 million over five years (2026-2030) 

The agreement includes $6 million in philanthropic support through grants, sponsorships and community engagement initiatives focused on LMI communities and individuals. First Merchants will support organizations addressing workforce training, capacity building, economic prosperity and housing stability. 

The bank will also provide multi-year funding to support affordable housing development and pre-development activities, expand support for housing counseling organizations and encourage employees to engage in volunteer service and nonprofit board participation.  

Throughout the term of the agreement, First Merchants intends to engage with community stakeholders through individual conversations, small group discussions or other forums to better understand local conditions and emerging needs. 

Branch & Banking Product Commitments 

First Merchants will make reasonable efforts to maintain its current branch distribution levels and continue investing in Community Banking Centers to expand access to banking services in LMI communities while working collaboratively with community stakeholders to increase awareness, trust and utilization of these centers. 

First Merchants will also continue reviewing and developing products to address community needs, including down payment assistance programs, home improvement grants, small-dollar credit-building loans and flexible underwriting approaches that incorporate alternative credit data. The bank will maintain affordable account offerings and provide education on fraud prevention and financial capability. 

Ongoing Engagement Commitments 

First Merchants will engage community stakeholders throughout the life of the agreement through ongoing conversations, listening sessions and partnerships to better understand local conditions and emerging needs. 

Progress made under the agreement will be overseen by an advisory board composed of community leaders who will provide accountability, strategic guidance and regular updates on performance. 

NCRC urged the FDIC to address the risk of deposit flight and its impact on community investment and lending, ensure regulatory definitions are consistent in its final rule with the various other GENIUS Act implementing rules and any subsequent legislation to avoid consumer protection issues and seek input from other regulators and re-evaluate its technology neutral approach to deposit insurance because of the potential systemic and other risks associated with blockchain technology.

“Any final stablecoin rule issued by the FDIC must address what happens when money that supports local lending moves into stablecoin systems with fewer public safeguards,” said NCRC’s Policy Director Tara Flynn. “Families, small businesses and neighborhoods that already struggle to access affordable credit cannot afford to be left further behind.” 

To read the full comment letter, visit: https://ncrc.org/ncrc-urges-fdic-to-address-risk-of-deposit-flight-in-genius-act-rulemaking/ 

NCRC opposes national trust bank charters for cryptocurrency firms because granting them is contrary to the laws that require trust banks to only engage in fiduciary activities and encourages regulatory arbitrage, a loss of community reinvestment, harm to consumers and a lack of oversight and accountability. As a cryptocurrency exchange, the Payward/Kraken application also poses risks to the safety and soundness of the financial system.

“Payward/Kraken was previously sued by federal agencies for mixing its funds and digital assets with its customers’ assets, and yet it now wants the government’s seal of approval to become a national trust bank,” said Tara Flynn, NCRC’s policy director. “Its past acts are disqualifying and it should not be granted a green light to act as a national bank and custodian of customer funds. The role of regulators is to protect consumers and the financial system. We urge the OCC to deny Payward/Kraken’s application.” 

To read the full comment letter, visit: https://ncrc.org/ncrc-opposes-application-of-kraken-a-crypto-exchange-for-a-national-trust-bank-charter/. 

“Credit decisions should be based on a borrower’s actual ability to repay, not hypotheticals based on the borrower’s immigration status. Access to credit expands opportunity for families, entrepreneurs and communities. Policies that encourage lenders to consider immigration status risk excluding qualified borrowers from the financial mainstream.

“The hypocrisy of discouraging lending to hard-working immigrants who pay taxes, while claiming that banks improperly ‘debanked’ some wealthy people based on their highly risky, often international, crypto transactions should be lost on no one. Favoring one while denigrating the other makes clear that this policy is not about risk: it’s about picking winners and losers.”

This is the national event for community, business, foundation, policy and government leaders who want a nation that not only promises but delivers opportunities for all Americans to build wealth and live well. National and local leaders, visionaries and changemakers gather to learn, ask hard questions, network and share ideas on how to make a Just Economy a national priority and a local reality. 

Along with keynote speakers and conversations on the main stage, the conference includes a wide range of breakout sessions. 

We’re inviting you to pitch your session ideas. Tell us what you want to talk about and who you want to include in the discussion.

Click here to review the session submission guidelines and click here to submit your proposal. For additional information about the session submission process, register here for our informational webinar on July 9.

“This executive order dresses up deregulation as innovation. It helps powerful fintech and crypto firms push deeper into the financial system while sidestepping rules designed to protect consumers, small businesses and communities.

“The order could let fintech and crypto firms get the benefits of the banking and payments system without the public obligations that should come with that access. For example, a company could gain faster access to payment systems or bank partnerships while facing weaker requirements to show that it lends fairly, protects consumers or invests in the communities where it does business.

“Regulators should be asking a simple question: if fintech firms want access to critical financial infrastructure, what are they required to give back to the public?

“Access to the banking system should not be a race to the bottom. Companies that rely on the public infrastructure should be required to serve communities fairly, disclose where their money goes and meet real community reinvestment obligations.”

“NCRC is concerned that the bill’s stablecoin ‘yield’ prohibition may be too easy to evade. While the bill appears to prevent companies from paying consumers interest simply for holding stablecoins, it allows rewards tied to activity, loyalty, tenure and other product use. In practice, a wallet provider could tell a consumer: ‘You are not earning interest but if you keep $5,000 in stablecoins in your wallet and make five payments this month, we will pay you a reward.’ That reward could come as cash back, extra stablecoins, fee rebates, platform credits or discounts.

“For the consumer, this may function much like interest on a bank account, even if the company calls it a reward. If stablecoin firms can use balance-based or tenure-based rewards to compete with insured deposits, they could draw funds away from local lending that support mortgage loans, small business credit and community development. The bill should close this loophole and ensure that stablecoin products cannot mimic bank deposits without bank-like consumer protections, public accountability and community reinvestment obligations.”