Flash Webinar: What the Community Reinvestment Act Changes Mean for More Equitable Cities
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Flash Webinar: What the Community Reinvestment Act Changes Mean for More Equitable Cities

Senior Economics Correspondent Oscar Perry Abello hosts a flash webinar with Ron Homer, Horacio Mendez, and Jaime Weisberg to discuss the new rule changes proposed for the Community Reinvestment Act, and what the changes mean for communities, community development and the banking industry.

May 18, 2022

This Wednesday, May 18, at 1 p.m. Eastern, join Senior Economics Correspondent Oscar Perry Abello for a flash webinar that gathers a panel of experts to discuss what effects the proposed CRA regulation changes are likely to have on access to basic banking services, credit, community development lending, small business lending and home mortgage lending in LMI communities, especially Black and Brown communities. This latest in Next City’s Bottom Line Conversations webinar series will be a conversation with Ron Homer of RBC Global Asset Management, Horacio Mendez of Woodstock Institute, and Jaime Weisberg of the Association for Neighborhood & Housing Development.

The chance to significantly overhaul banking regulations comes around perhaps once in a generation — or maybe twice. Two weeks ago the Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency released a proposed set of overhauled regulations under the Community Reinvestment Act, the 1977 law intended as a countermeasure against discriminatory lending (AKA redlining). This comes after the Trump administration attempted to gut those regulations, in the midst of a pandemic that saw massive upheavals in the economy. Those changes have been rescinded. But what of the new rule changes? Join us for what’s sure to be a lively discussion.

Next City’s series “The Bottom Line” explores scalable solutions for problems related to affordability, inclusive economic growth and access to capital. The series is made possible with support from Citi.

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About Our Host

Oscar Perry Abello is Next City's senior economics correspondent. He previously served as Next City’s editor from 2018-2019, and was a Next City Equitable Cities Fellow from 2015-2016. Since 2011, Oscar has covered community development finance, community banking, impact investing, economic development, housing and more for media outlets such as Shelterforce, B Magazine, Impact Alpha, and Fast Company. Follow him on Twitter: @oscarthinks.

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About Our Guest Panel:

Ron Homer, Chief Strategist, U.S. Impact Investing at RBC Global Asset Management, Inc.
Ron is Chief Strategist, U.S. Impact Investing. His background and extensive experience in community investing enables him to identify a broad range of solutions for clients. He is often sought to consult with leading government officials on a variety of community impact issues. Before joining the organization, he was co-founder and chief executive officer of an investment adviser specializing in community investments that was acquired by RBC GAM in 2008. Previously, Ron enjoyed an extensive banking career including thirteen years as president and chief executive officer of a large bank in Boston. He joined the financial services industry in 1969.

 

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Horacio Mendez, President & CEO of the Woodstock Institute

Horacio Mendez, an experienced executive with expertise in policy, regulation, finance, research, and strategy, is the President and CEO of Woodstock Institute. The nationally and locally renowned research and policy nonprofit welcomed its first Latino leader on August 1, 2020.

Mendez brings his insider knowledge of the industry, his track record as an expert researcher, and his sharp policy analysis skills to Woodstock’s extensive research and policy advocacy that seek to address the racial income and wealth gap.

Mendez moved to Chicago from Alameda, California. He earned a Bachelor of Science in Economics from Santa Clara University and a Master of Arts in Economics from San Jose State University.  Most recently Mendez was Managing Director of Corporate Social Responsibility for the Americas at MUFG Union Bank.  Prior to that, he held executive positions at Rabobank and the Federal Reserve Bank of San Francisco.  He also spent seven years as a Senior Fellow, Economic Opportunities Program, with the Aspen Institute.

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Jaime Weisberg, Senior Campaign Analyst for Responsible Banking at the Association for Neighborhood & Housing Development

Jaime Weisberg (she/her) is ANHD's Senior Campaign Analyst for Responsible Banking. She leads ANHD’s bank reinvestment work, Community Reinvestment Act (CRA) advocacy, ANHD’s Equitable Reinvestment Coalition (ERC), a member-led coalition that believes racial and economic justice and equity must be central to our financial system.  

In her nearly 9 years at ANHD, Jaime has written seven editions of ANHD’s State of Bank Reinvestment in NYC reports, as well as papers on economic development under the CRA and racial disparities in lending. She routinely submits regulatory comments that inform federal bank regulation regarding HMDA, CRA implementation, and CRA modernization; she led NYC’s efforts to oppose the Trump Administration’s efforts to weaken the CRA. Her bank advocacy has resulted in responsive bank products, practices, and community development activity. Two major multifamily lenders committed to ANHD’s multifamily best practices; DFS issued guidance for all state-chartered banks.  She currently sits on three bank community advisory boards and consults with others on their CRA practices.

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