John Taylor

John Taylor is the president and CEO of the National Community Reinvestment Coalition and has worked to increase economic opportunity for working-poor Americans for over 25 years.

Recent Articles

Reversing the Damage

What will it take to resume credit flows to low- and moderate-income neighborhoods?

We have committed more than $8 trillion to bailing out banks, but one common lament, from many business owners and prospective homeowners, is that the very same banks are reluctant to make loans. We need to modernize existing laws and enact some new ones in order to restore flows of credit. One immediate remedy is the CRA Modernization Act of 2009. This proposed law would strengthen the existing Community Reinvestment Act to make it more effective and expand CRA's purview to financial institutions other than banks. Had the existing CRA covered independent mortgage companies, most of the unsavory lending practices that led to millions of foreclosures and brought down the nation's economy would not have occurred. Top economic researchers from the Federal Reserve have found that less than 7 percent of the high-cost, high-risk loans that are at the source of our economic and foreclosure calamity were made by CRA?regulated institutions. As it turns out, regulatory oversight matters. A CRA?...