{"id":94050,"date":"2021-04-30T11:08:57","date_gmt":"2021-04-30T15:08:57","guid":{"rendered":"https:\/\/ncrc.org\/?page_id=94050"},"modified":"2024-03-28T12:07:23","modified_gmt":"2024-03-28T16:07:23","slug":"2020-impact-report","status":"publish","type":"page","link":"https:\/\/ncrc.org\/2020-impact-report\/","title":{"rendered":"2020 Impact Report"},"content":{"rendered":"\t\t
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NCRC 2020 \n
Impact<\/br><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Overview<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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NCRC is well known among policy makers and in the private sector for our work as an advocacy organization, including our efforts to preserve, enforce and strengthen the Community Reinvestment Act. That work continues and remains a high priority for our policy team.<\/p>

But NCRC is also much more than that. From our founding in 1990, NCRC has grown into an association of more than 600 community-based organizations, and into a social enterprise that produces agenda-setting research, investigations, publishing, training, insight and a variety of services.<\/p>

Today, NCRC is deeply engaged in the deployment of capital for community impact. We renovate and build affordable homes for low- and moderate-income families; we provide counseling to home buyers and owners and business-building expertise and financing to small businesses; we train and support housing counselors, nonprofit leaders and entrepreneurs, we monitor, investigate and challenge discrimination in lending and housing; and we convene and facilitate dialog between financial institutions and community networks to increase lending, investments and philanthropy in neighborhoods that need it.<\/p>

Read on for a look at the scope and impact of our work in 2020.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Catastrophe, Resilience<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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2020 altered the way the world operates and challenged the values we chose to uphold. This was true for everyone, NCRC and its network included. The coronavirus pandemic, the Black Lives Matter movement, and the 2020 presidential election pushed NCRC to become more responsive, innovative, transparent and communicative about the principles that guide our work.<\/p>

The COVID-19 pandemic hit hardest communities burdened by historical and ongoing disparities – many of which are communities of color and low-wealth communities that NCRC members are both a part of and serve. Through our network, we learned about the rates of unemployment, business closures and housing instability that rivaled the Great Depression. Our members suffered alongside and within their communities as they struggled to provide direct services, keep staff and apply for federal relief. NCRC was no exception to this hardship and had to become more innovative, resilient, flexible and efficient in how we conducted our work. We gained clarity and direction about the future of work and the role of NCRC as a champion for a just vision of that future. We invested heavily in technology and expanded publishing and virtual training and events. We assisted our members as they transitioned to remote services. We helped members access Payroll Protection Program funding and other recovery grants made available through the private sector. We also tested lenders and found glaring evidence that White applicants for PPP loans were treated better than Black applicants. The pandemic also made apparent the need for stakeholder partnerships. A ground-breaking NCRC report<\/a> made clear the connection between historic discrimination and modern wealth and health outcomes, and we made a concerted effort to engage hospitals around community investment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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NCRC was from its beginning committed to equality and civil rights. In 2020, the Black Lives Matter movement galvanized Americans from all walks of life to protest the deaths of George Floyd, Breonna Taylor, Ahmaud Arbery and what they represented: an endless cycle of police brutality against people of color. It compelled us to dig deeper and work harder to create equitable wealth-building opportunities and to solve economic injustice. NCRC leveraged its influence to call for racial equity in the private sector, especially in banking and finance services to address the growing racial wealth divide. NCRC developed benchmarks to increase the workforce representation<\/a> of race and ethnic diversity and in supplier contracts within financial institutions. We installed a banner on our headquarters two blocks from the White House in downtown D.C. to show support for BLM and for protests in the streets below.\u00a0 We also launched internal initiatives to address the impact of racial injustice on staff and how that too is central to our mission of a Just Economy.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Even as a non-partisan organization, NCRC felt the energy leading up to the 2020 election. Federal agencies scurried to pass regulations that were harmful to low-income communities and communities of color. This was seen in several banking and housing policies, and most notably in new rules for enforcement of the Community Reinvestment Act from the Office of the Comptroller of the Currency. NCRC\u2019s rapid response rallied our nationwide coalition of members and stakeholders and thousands of individuals who submitted comments opposed to the new rules. We sued to cancel the new rules, the two other banking agencies that enforce the law, the FDIC and Federal Reserve, declined to go along with the new rules, and our strong response set the stage for a more thoughtful joint rule-making effort involving all the banking agencies in 2021.<\/p>

NCRC’s greatest impact in 2020 was outside of Washington, in the communities served by our members across the nation. That included Community Benefits Agreements<\/a> we negotiated with Morgan Stanley<\/a>, First Merchants Bank<\/a> and Huntington Bank which, combined, meant $36.4 billion in lending, investments and philanthropy committed to the communities served by those lenders.<\/p>

It was a difficult year for everyone, but the challenges of 2020 helped NCRC grow and reinforced our commitment to advancing a Just Economy. We entered 2021 with renewed hope, more experience and a deeper commitment to the work that lies ahead.<\/p>

Above all, we thank our members, allies and funders for their continued trust and support.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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COVID-19 <\/span><\/span> <\/span>Response & Recovery<\/span><\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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With support from the U.S. Department of Housing and Urban Development (HUD), we provided more than $2 million in funding to members of NCRC\u2019s Housing Counseling Network, and\u00a0$250,000 in pandemic relief funding supported by Wells Fargo<\/a><\/strong> to members across 15 states. The grants provided financial support for technology and other expenses to Housing Counseling Network members in Puerto Rico, Texas, Florida, New Mexico, Tennessee, New Jersey, Ohio, Maryland, Arizona, Connecticut, Michigan, Indiana, California, Wisconsin, Iowa and the District of Columbia. Counseling agencies used these funds to secure platforms that would assist with video conferencing and record retention. Additionally, agencies were able to provide laptops and PPE for clients and staff meeting physically in the office.<\/p>

When the pandemic emerged, there was an immediate need for nonprofit organizations to receive training on the necessary knowledge, tools and resources to better serve their communities. In 2020, NCRC’s National Training Academy (NTA) increased their number of trainings by 173% compared to the previous year.\u00a0<\/p>

NTA produced 147 online training events on housing counseling, capacity building and other topics for more than 4,000 participants from nonprofits nationwide.<\/p>

With funding support from HUD and JPMorgan Chase & Co., NTA provided training on disaster recovery, financial capability, preparation for the HUD certification exam, CRA, foreclosure intervention, nonprofit sustainability, advocacy and many other topics.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Community Reinvestment Act<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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OCC issued new rules, NCRC sued<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In June, NCRC took an unprecedented action for the organization by filing a lawsuit<\/a> against the Office of the Comptroller of the Currency (OCC) to stop a final rule it had issued that would vastly diminish the effectiveness of the Community Reinvestment Act (CRA) in promoting lending and reinvestment in low- and moderate-income (LMI) communities. NCRC and the California Reinvestment Coalition (CRC) led the lawsuit against the OCC that also involved a number of NCRC members and co-plaintiffs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t...the OCC issued a Final Rule that guts the act and eviscerates the backing it provides to the LMI communities and communities of color...\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The lawsuit, which remained pending in federal court at the end of the year, stated, \u201cacting alone and without the support of the other federal regulatory agencies that implement the CRA, the OCC issued a Final Rule that guts the act and eviscerates the backing it provides to the LMI communities and communities of color that have long suffered from discrimination by financial institutions. It will allow banks to receive credit for activities that do little or nothing to help those communities and that may in fact harm and displace the residents of these communities. By applying a one-size-fits-all formula, the Final Rule ignored local needs and allows banks to disregard a large number of communities in favor of ones where it may be more financially advantageous to concentrate their investments.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\tOf the 1,922 unique comments submitted, 1,594 or 83% disagreed with the OCC\u2019s rule\t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tWe sued because the OCC disregarded the majority of the comments on the proposed rule by community groups and by many banks that maintained the rule would weaken CRA<\/a> and\/or be difficult for both banks and community stakeholders to understand and implement. Of the 1,922 unique comments submitted, 1,594 or 83% disagreed with the OCC\u2019s rule; 674 of those comments cited NCRC or used some of our language. An additional 10,000 comments from individuals, submitted through an online petition campaign, also supported NCRC’s point of view. With participation from a network of national partners and members, two tweetstorms organized by NCRC on January 9 and March 26 to raise awareness of the OCC’s rules reached a combined audience of nearly 2 million, with nearly 6 million impressions.\n\nNCRC’s TreasureCRA website<\/a> served as an information hub for allies, and as an archive for regulatory comments, reports, analysis and tools.\n\nAlthough the considerable opposition did not immediately halt the OCC\u2019s rule, it likely led the Federal Reserve Board to propose, in the fall of 2020, <\/span>a much more productive framework for updating CRA<\/a><\/span>, and that may be the foundation for new rules developed jointly with all the banking agencies in 2021.<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Training, Expertise and Capital for Small Businesses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The D.C. Women\u2019s Business Center (DCWBC), operated by NCRC and supported by the U.S. Small Business Administration, provides women entrepreneurs in the DC metro region with information and assistance to create and maintain thriving small businesses. In 2020, DCWBC counseled 190 clients, created 26 jobs, trained 369 people, provided $381,000 in capital infusion loans and helped business owners secure over $150,000 in contracts. In addition to these successes, the DCWBC provided critical business coaching and helped numerous business owners expand their businesses and obtain loans.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"Small<\/figure>

In 2020 DCWBC...<\/h3>

\u2022 counseled 190 clients<\/b>\n
\u2022 created 26 jobs<\/b>, trained 369 people<\/b>\n
\u2022 provided $381,000<\/b> in capital infusion loans\n
\u2022 helped business owners secure over $150,000 in contracts<\/b><\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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DCWBC provided 9 virtual trainings and webinars to over 450 people. Topics included: Strategic Realignment Business in a \u201cNew Normal\u201d, Navigating the CARES Act: Understanding the PPP & EIDL Loan, Small Business Brief Advice Legal Clinic and Expanding Global Opportunities for Women-Owned Businesses During COVID-19.<\/p>

An NCRC report co-authored with the Piedmont Business Council, \u201cImpact of COVID-19: African American Entrepreneurship in Piedmont, North Carolina<\/a>,\u201d found that while all self-employed entrepreneurs in North Carolina experienced great fluctuations in active employment rates from March to August, White entrepreneurs enjoyed a complete return to pre-COVID active entrepreneurship rates by August. On the other hand, rates of Black self-employed entrepreneurs that are actively working experienced a 62% decrease by August from pre-COVID rates of active employment.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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EQUIVICO By NCRC<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In 2020, NCRC\u2019s Capital Markets division, led by Eleni Delimpaltadaki Janis, expanded NCRC’s reach and service to small businesses in lower-income communities, especially those owned by people of color, women and veterans. We developed and launched <\/span>Equivico by NCRC<\/a><\/span>, an impact investment manager, that facilitates inclusive and responsible small business lending nationally and provides transformative training and mentorship to borrowers.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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When COVID-19 crushed the economy in early 2020, Equivico acted quickly to help small businesses find their footing through three key initiatives. <\/span><\/strong><\/p>