Washington – February 19, 2016 – (RealEstateRama) — The National Community Reinvestment Coalition (NCRC) sent a letter to Janet Yellen, Chair of the Federal Reserve Board of Governors, Thomas J. Curry, Comptroller of the Currency, and Martin J. Gruenberg, Chairman of the Federal Deposit Insurance Corporation, asking that they declare Flint, Michigan a designated disaster area in response to its water crisis and encourage banks to make loans to the city and its residents to help repair or replace tainted pipes.
The letter also calls for the agencies to establish a working group made up of state and local officials, and experts on issues such as water quality and lead poisoning, to lead the recovery efforts. NCRC President and CEO John Taylor made the following statement.
“This is precisely why a community has its wealth stored in financial institutions – no other individual or corporation has the financial capacity and responsibility to respond to catastrophic events like a financial institution,” said NCRC President and CEO John Taylor. “This kind of event requires collaboration between government, private sector institutions including banks, and nonprofits, all working together to resolve this immense problem.”
See the full letter here. The agencies took similar steps between 2005 and 2014 to assist areas affected by Hurricane Katrina.
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.