NCRC Calls on Financial Regulatory Agencies to Declare Flint, MI a Disaster Area

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.

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About NCRC:
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.

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The National Community Reinvestment Coalition (NCRC) was formed in 1990 by national, regional, and local organizations to develop and harness the collective energies of community reinvestment organizations from across the country so as to increase the flow of private capital into traditionally underserved communities. 

NCRC has grown to an association of more than 600 community-based organizations that promote access to basic banking services including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.

Contact:

NCRC
727 15th Street, Suite 900
Washington DC 20005

Phone: 202 628-8866
Fax: 202 628-9800

Media contact:
Jesse Van Tol
Phone: (202) 464-2709

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