National CAPACD Affirms OMB’s Revisions to Federal Data Collection Standards

National CAPACD Affirms OMB’s Revisions to Federal Data Collection Standards

The National Coalition for Asian Pacific American Community Development (National CAPACD) applauds the Biden Administration’s announcement of revisions to Statistical Policy Directive No. 15 (SPD 15): Standards for Maintaining, Collecting, and Presenting Federal Data on Race and Ethnicity. This monumental update, the first in over two decades, will provide a greater and more detailed understanding of America’s diverse population, which is a significant step towards a more inclusive and equitable society.

National CAPACD’s commitment to data disaggregation spans decades. We have advocated tirelessly for greater disaggregation to address the longstanding disparities in racial and ethnic data collection, particularly in areas such as mortgage lending, small business lending, and housing outcomes. From the onset of the Biden Administration, we have actively collaborated with the President, senior advisors, the Office of Management and Budget (OMB), and various governmental entities to ensure that race and ethnicity data collection across federal agencies adheres to comparable and consistent standards. 

The revised SPD-15 proposes to: collect race and ethnicity in one combined question, add Middle Eastern or North African (MENA) as a new minimum category, require as default the collection of detailed race and ethnicity categories unless agencies demonstrate burden, update terminology, and provide guidelines around implementation. While these new standards are welcome additions, it will be of utmost importance to ensure that agencies do not use the demonstration of additional burden to avoid these new detailed race and ethnicity data collection standards. Of the updated standards, National CAPACD’s recommendations to encourage the collection of detailed data on Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) communities and inclusion of MENA as a minimum category were reflected in the proposal.

“We are pleased to see the Biden Administration take this critical step towards ensuring that our communities are accurately represented in federal data collection efforts,” says Seema Agnani, CEO of National CAPACD. “Requiring federal agencies to collect details beyond the minimum race and ethnicity standards will capture many nuances that are overlooked in current data collection standards that set requirements at the aggregated level. We look forward to working with the Administration to make sure these standards are implemented and using what we learn to support our communities.”

We also remain committed to continued advocacy efforts with national AA and NHPI partner organizations to ensure that our collective communities are equitably represented in federal data collection standards.

National CAPACD appreciates the Administration’s attention to this important issue, and we stand ready with our AA and NHPI partners and other organizations representing underserved communities to engage fully to ensure that we are accurately represented and empowered in the policymaking process.

On This International Women’s Day, National CAPACD Reflects on President Biden’s 2024 State of the Union Address

On This International Women’s Day, National CAPACD Reflects on President Biden’s 2024 State of the Union Address 

President Biden’s State of the Union address is an opportunity to recognize how the country has progressed under his administration and to consider the challenges we must confront together. The National Coalition for Asian Pacific American Community Development (National CAPACD) is pleased to hear the President affirm his commitment to an inclusive America that protects and celebrates the rights of women, immigrants, and communities of color – values that are central to our mission.

The President also highlighted accomplishments aimed at achieving greater economic and social well-being, including efforts to invest in affordable housing, the creation of 16 million new small businesses, and historic job growth. Low-income Asian Americans, Native Hawaiians, and Pacific Islanders (AA and NHPI), as well as other communities of color, will surely benefit from these policies. We stand committed to working with this administration to continue to advance equity and expand opportunities for every individual that enriches our diverse society.

“The Biden Administration’s vision is deeply interwoven with our core principles of justice and empowerment that will advance the well-being of low-income AA and NHPI families,” said Seema Agnani, Chief Executive Officer of National CAPACD. “In this critical moment in history, we all must come together to confront issues raised by the President – preserving democracy, safeguarding reproductive rights, protecting vital social safety nets, and putting measures in place that will create a more just tax system. These are among the defining issues of our time, necessary to advance healthy, thriving communities and vital to upholding the dignity and rights of all individuals and communities.”

The President’s strategy to address the critical shortage of affordable homes by constructing over two million units is a step in the right direction. These measures, combined with actions against rent gouging and the expansion of Housing Choice Vouchers should create greater equity in the housing market, and benefit low-income communities – including AA and NHPIs that are disproportionately housing cost-burdened.

Global conflicts deeply affect AA and NHPI communities in the U.S. From being the target of attacks to mass displacement – many in our communities are personally impacted by the conflict in Gaza. We welcome the President’s announcement of increased humanitarian aid in conflict zones and continue to call for a permanent ceasefire in the region.

Yesterday, the President’s State of the Union address was an important reminder of the moment in history we are in and the need to work together to build a more just, equitable, and prosperous future in this country. It is fitting that his speech comes right before International Women’s Day, which shines a light on the importance of equity and justice for one of the most marginalized groups worldwide – women. Let’s continue to focus on and address these critical issues now and into the future.

For media inquiries or further information, please contact communications@nationalcapacd.org.

National CAPACD Applauds CFPB’s Proposed Rule to Curb Excessive Credit Card Late Fees

National CAPACD Applauds CFPB’s Proposed Rule to Curb Excessive Credit Card Late Fees

The National Coalition for Asian Pacific American Community Development (National CAPACD) applauds the Consumer Financial Protection Bureau (CFPB) for its proposed rule to address excessive credit card late fees. Most notably, the proposal includes an $8 cap on late fees for the largest credit card issuers, a significant reduction from the $32 they typically charge. The CFPB estimates this will save consumers $10 billion each year, which helps secure the financial well-being of vulnerable individuals and families within our communities.

The CFPB’s proposal comes as a response to longstanding concerns regarding the detrimental effects of exorbitant credit card late fees, as well as an over-reliance on costly late fees to raise banking industry profits. Late fees have disproportionately burdened low-income Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) households, other communities of color, and additional cash-strapped families who live paycheck to paycheck. According to CFPB research, individuals with lower incomes often incur larger fees due to their smaller credit card balances. This contributes to their financial insecurity, making them susceptible to predatory lending practices and financial exploitation.

National CAPACD believes that the proposed rule will have a positive impact on low-income AA and NHPI communities, especially those unfairly burdened by financial challenges and economic inequalities. By establishing a maximum late fee of $8, the CFPB aims to provide relief to families who are struggling to make ends meet, allowing them to better manage their finances and avoid falling deeper into debt.

“We commend the CFPB for taking action to address the unjust practices that have harmed countless consumers, including low-income Asian American, Native Hawaiian, and Pacific Islander households,” remarked Seema Agnani, Chief Executive Officer of National CAPACD. “For too long, these communities have borne the brunt of unfair financial practices, which includes exorbitant late fees that contribute to the economic hardships they face. It also marks an important step toward promoting financial security for all Americans. By capping late fees and ensuring they are reasonable and proportional, the CFPB is empowering consumers to navigate the financial system with greater security and dignity.”

National CAPACD stands behind the CFPB in its efforts to protect consumers from unfair and exploitative practices in the credit card industry. We urge stakeholders and policymakers to support the proposed rule to ensure that all Americans, especially low-income AA and NHPIs and other financially vulnerable households, have access to fair, transparent, safe, and affordable financial products and services.

For media inquiries or further information, please contact Nahida Uddin, Director of Narrative & Communications, at nahida@nationalcapacd.org. 

National CAPACD Applauds CFPB Rule to Fight Excessive Overdraft Fees

National CAPACD Applauds CFPB Rule to Fight Excessive Overdraft Fees

National CAPACD welcomes the Consumer Financial Protection Bureau’s (CFPB) proposed rule released today to address high-cost overdraft fees charged to consumers from the country’s 175 largest financial institutions with assets of $10 billion or more. 

According to the CFPB, these overdraft fees have risen to an average of $35. In many cases, they are triggered for consumers overdrafting for purchases less than the institution’s fee for overdrafts, and the original debt amounts are typically paid back in three days or less. They also disproportionately impact low-income households and communities of color that are least able to afford these additional fees. The largest financial institutions’ total revenue from consumer overdraft fees alone is billions of dollars. 

“National CAPACD applauds the CFPB’s continued efforts to mitigate excessive overdraft and junk fees in consumer financial products and services,” said Anju Chopra, Director of Policy at the National Coalition for Asian Pacific American Community Development (National CAPACD). “These inequitable fees especially harm low-income consumers who have to pay back much more than they initially overdrafted. For many cash-strapped Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) consumers, these fees are a barrier to building wealth and limit the opportunities that come with greater financial security.”  

This is another example of the CFPB’s value to consumers. The Bureau plays a critical role in keeping consumers safe from predatory products and services. It should be shielded from efforts to undermine or weaken it by current and future judicial and legislative actions. 

National CAPACD Welcomes Actions to Expand Definition of “Other Targeted Populations” for Certified CDFIs

National CAPACD Welcomes Actions to Expand Definition of “Other Targeted Populations” for Certified CDFIs

 

For media inquiries, please contact:

Nahida Uddin, Director of Narrative & Communications

National CAPACD Calls for Permanent Ceasefire in Gaza & Solidarity with Impacted Communities

National CAPACD Calls for Permanent Ceasefire in Gaza & Solidarity with Impacted Communities

Over the past two months, National CAPACD has watched, in horror, the unprecedented devastation and violence in Gaza, the West Bank, and Israel, which has led to the death and displacement of thousands of civilians, refugees, and children. National CAPACD opposes all acts of terror, and we stand unequivocally for the inherent right of all communities to live in safety and dignity in their places of belonging. Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) communities know, too well, the violence of war and conflict that have separated our ancestors from their lands. Rooted in the lessons of our own histories and struggles, we join the global call for a permanent ceasefire.

We are also witnessing the impacts of this crisis spill over into our neighborhoods, including multiple accounts of violence, harassment, censorship, and disinformation fueled by antisemitism and Islamophobia. We extend our wishes for a full recovery to the three college students of Palestinian descent who were targeted and shot in Vermont over the holiday weekend, and we continue to mourn the tragic murder of 6-year-old Wadea Al-Fayoume in Chicago. For our Muslim, Sikh, South Asian, West Asian, and Arab American community members who are still healing from the heightened levels of discrimination and violence post-9/11, this is all too familiar. Conflict manufactures division, which facilitates the dehumanization of entire communities. We cannot allow this to happen. Drawing from our collective efforts in response to 9/11 and crises since, we must mobilize to stand in solidarity with Muslim, Sikh, Jewish, South Asian, West Asian, and Arab American communities across the country.

Furthermore, we implore our leaders at the local, state, and national levels to denounce acts of hate, challenge messaging that spreads hateful rhetoric to divide our communities, and support efforts to challenge harm and violence against any targeted community. They must also affirm and protect our communities’ right to freedom of speech without censorship or retaliation, a principle enshrined in the United States’ rule of law – a right that has been challenged many times over the past several weeks. Finally, as a coalition committed to directing much-needed resources to low-income communities, we must urge federal leaders against divesting from critical domestic programs and services to bolster military aid – our taxpayer dollars should not further violence abroad.

In these troubling times, National CAPACD’s commitment is to serve as a source of support for our coalition members, and we ground this commitment in hope – hope for a permanent ceasefire in Gaza, hope in our shared liberation. We have tremendous power collectively, and we must work in solidarity, across issues and movements, toward a world for our future generations in which all communities have an inherent right to live safely, with dignity and without fear, in the places that are home to us.

National CAPACD Condemns Passage of House Resolution Disapproving CFPB’s 1071 Rule

National CAPACD Condemns Passage of House Resolution Disapproving CFPB’s 1071 Rule

[Washington, DC] — The National Coalition for Asian Pacific American Community Development (National CAPACD) strongly condemns the recent passage of [SJ.Res.32], a resolution to rescind the Consumer Financial Protection Bureau’s (CFPB) recently finalized small business lending data rule known as Section 1071.

The CFPB’s 1071 rule represents a critical step towards addressing long-standing disparities in small business lending, providing essential data collection to shed light on the lending practices impacting Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI)-owned businesses and other communities of color. This rule is a key component in our collective effort to promote economic equity and fair access to small business capital.

The House’s passage of this resolution is a disheartening setback in the pursuit of transparency and equity within our financial system. By rescinding the 1071 rule, we risk perpetuating the existing disparities faced by AA and NHPI entrepreneurs and other minority business owners. To foster an environment where all entrepreneurs can thrive, collecting accurate and comprehensive disaggregated data to identify and rectify systemic issues in small business lending is essential. 

“As an advocacy organization committed to empowering AA and NHPI communities, we are deeply disappointed by the passage of this resolution,” states National CAPACD CEO Seema Agnani. “Access to fair lending practices is essential for the economic well-being of our communities. The 1071 rule is a crucial tool to ensure transparency and accountability in our business lending market, and we will continue to advocate for policies that promote financial inclusion and equity.”

National CAPACD calls on President Biden to veto this resolution and urges members of Congress who voted for this legislation to reconsider their stance and support the future of minority-owned businesses. We urge a collective commitment to fostering an inclusive financial landscape that supports the growth and success of AA and NHPI entrepreneurs, which ultimately benefits all communities.

For media inquiries, please contact:

Nahida Uddin, Director of Narrative & Communications

National CAPACD Applauds New Final Rule for Community Reinvestment Act

National CAPACD Applauds New Final Rule for Community Reinvestment Act

The National Coalition for Asian Pacific American Community Development (National CAPACD) applauds the recently released final rule for the Community Reinvestment Act (CRA). While the rule doesn’t go far enough to tackle racial inequities directly, this comprehensive reform represents a significant milestone in promoting economic development, financial inclusion, and community revitalization across our diverse and vibrant Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) communities and modernizes the CRA to current technologies and innovations in banking. National CAPACD submitted comments to the proposed rule, and the improvements in the final rule align with National CAPACD’s mission to advance equity and create vibrant, healthy neighborhoods by mobilizing and strengthening a powerful coalition of AA and NHPI community-based organizations working in low-income communities.

The Community Reinvestment Act is a landmark piece of legislation enacted in 1977 to combat discrimination in the lending industry. Despite this, there are still significant barriers to accessing quality products and services for low- and middle-income (LMI) communities of color. The CRA rule developed by the Federal Reserve (Fed), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), has long been a cornerstone of our nation’s financial regulatory framework, designed to ensure that banks meet the credit needs of all communities, including underserved and low-to-moderate-income neighborhoods. As a community-based organization committed to empowering and enhancing the quality of life for our AA and NHPI communities, we are thrilled to see this stronger CRA rule come to fruition.

National CAPACD commends the regulatory agencies for their dedication to refining and modernizing the CRA to better address the contemporary needs and challenges faced by low- and moderate-income communities of color. This groundbreaking and long-awaited final rule demonstrates a clear commitment to the principles of fairness, equity, and inclusivity at the core of the CRA’s mission.

We are pleased to see provisions in the rule that would increase accountability to lending to communities of color by reinforcing HMDA data collection and reporting requirements for large banks. We are also happy to see increased efforts for community engagements and to improve communication between the community and banks. These efforts include additional processes through which the public can provide input on community credit needs, including opportunities in connection with a bank’s next scheduled CRA examination. To facilitate these opportunities for the community, the agencies plan to publish a list of banks scheduled for CRA examinations. National CAPACD believes that these changes will create new opportunities for AA and NHPI communities across the country to access financial services, obtain loans for small businesses, and secure affordable housing. We hope to work with the regulators to ensure that racial equity and language access continue to be a priority in the implementation of the rule.

We look forward to continuing our collaboration with our members, regulatory agencies, and other community-based organizations to ensure the successful implementation of this final rule. Together, we can advance economic development, financial inclusion, and the well-being of all community members.

National CAPACD Urges Need for Long-Term Recovery that Centers Local Voices on Maui

National CAPACD Urges Need for Long-Term Recovery that Centers Local Voices on Maui

Over the last week, National CAPACD has been monitoring the devastating wildfires on Maui and checking in with local leaders on how we can best demonstrate our aloha for those impacted – both community members displaced from their homes and businesses and for whom this land is sacred. As officials move toward rebuilding, we emphasize the importance of planning for a long-term recovery that both responds to this immediate crisis and is sustained beyond it. Efforts moving forward should ensure that the impact of the wildfires does not deepen the existing challenges on Maui, and rebuilding should center the voices, cultures, and experiences of the Native Hawaiian people. 

We urge federal and state relief and recovery responses to be creative and spacious to provide the possibility for reimagined solutions that generate housing and preserve land rights of Native Hawaiians for generations to come. This is an especially important crossroad as we increasingly confront the impact of climate change crises, which disproportionately displace indigenous, Black, brown, and low-income communities from places already burdened by centuries of extractive colonialism and militarism. 

Officially the deadliest natural disaster in the state of Hawai’i’s history, as well as the deadliest U.S. wildfire in over a century, the death toll is now over 100, with thousands of people still missing or displaced. Devastating the historic town of Lāhainā, thousands of structures have been destroyed, and the cost of damages is already projected to be billions of dollars. Staggering as these numbers are, it may be weeks before we can account for all the lives lost and the material impact of the wildfires – and these numbers cannot capture the tremendous grief of Native Hawaiians for whom Lāhainā is a sacred ʻāina (land) with deep cultural and historical significance. Lāhainā was a former capital of the Kingdom of Hawai’i and a residence of King Kamehameha, who unified Hawai’i under a single kingdom. It is the burial site of many early members of the royal Kamehameha dynasty. National CAPACD extends our care and compassion to the Native Hawaiian community mourning the land and the many cultural institutions destroyed or damaged in the wildfires.

Most of the structures destroyed by the wildfires were homes to residents, exacerbating Hawai’i’s already dire housing crisis caused by gentrification and an extractive tourism industry – a crisis disproportionately impacting multigenerational Native Hawaiian families who have lost their homes and lands for centuries due to colonial greed and militaristic interest. With costs of living far ahead of anywhere else in the continental U.S. and soaring housing prices, more than half the Native Hawaiian population is rent and mortgage burdened (which means they spend more than 30% of their income on rent or mortgage payments). Rebuilding and recovery efforts must not accelerate the displacement of Native Hawaiians from their ancestral lands; speculative developers have already started to target vulnerable residents who are desperate for immediate relief to sell their land. Sign this petition by Hawaii Alliance for Progressive Action to demand that decision makers prevent predatory land grabs.

Our members in Hawai’i, such as Hawaiian Community Assets (HCA), are working tirelessly to address the full spectrum of housing needs – helping families access relief from emergency programs, securing housing, preventing foreclosures, navigating insurance, and offering matched financial assistance and loans directly to households to mitigate the immediate financial impacts and rebuild their homes.

National CAPACD will support our ‘ohana in Hawai’i in their efforts to shepherd a long-term rebuilding process that stymies displacement, centers local voices, and honors the cultural and historical significance of Lāhainā. We encourage you all to embrace your aloha spirit and continue to support local relief efforts:

Donations

National CAPACD Applauds the CFPB’s Efforts to Collect Better Data on AA and NHPI Small Businesses Borrowers

National CAPACD Applauds the CFPB’s Efforts to Collect Better Data on AA and NHPI Small Businesses Borrowers

Today, the Consumer Financial Protection Bureau (CFPB) released the long-awaited final rule on Section 1071 of the Dodd-Frank Act. The rule will ensure greater fairness and equity in the lending market by requiring small business lenders to collect and report on data related to the race and ethnicity of borrowers, along with other important information on small business credit applications like lending decisions and the price of credit. The demographic requirements are similar to the data standards for the Home Mortgage Disclosure Act (HMDA), which requires collecting aggregated and disaggregated racial data. 

“This rule is the product of years of research and engagement. It is a big win for fair lending and equal access to capital for businesses of color,” says Seema Agnani, Executive Director of National CAPACD. “The collection and reporting of data on a borrower’s race, including at the subgroup level, can help us to address systemic discrimination, identify groups that are being underserved, and pinpoint the need for particular products and services. The impacts of the rule will also lead to greater economic growth and opportunities for traditionally under-resourced communities, which increases prosperity for the country as a whole.”

National CAPACD worked with its Entrepreneurs of Color coalition partners, the National Association for Latino Community Asset Builders (NALCAB) and Center for Responsible Lending (CRL), and its membership to submit a joint comment letter with recommendations to ensure strong data collection. We will keep you informed on how Dodd-Frank 1071 is rolled out, including ways to push back on challenges to the rule moving forward.