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Have You Heard

Saturday, April 1, 2006

NCCA: A New Name, A New Mission

The 20-year-old National Community Capital Association became Opportunity Finance Network at the beginning of 2006.

The name change reflects a major shift in the organization’s focus, says president and chief executive officer Mark Pinsky. A network of 167 financial institutions, Opportunity Finance Network will move beyond traditional community development strategies based in government funding and into a commitment to attract private capital to “opportunity markets.”

The organization’s new strategies include a multi-billion dollar “Fair Mortgage” strategy to combat predatory lending and plans for $100 million or more in financing to preserve affordable housing for low- and moderate-income home owners residing in manufactured home parks.

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Fed Raises Reg C Exemption Threshold

The Federal Reserve Board recently published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The exemption will increase to $35 million, based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period ending November 2005. As a result, depository institutions with assets of $35 million or less as of Dec. 31, 2005, are exempt from data collection in 2006. The adjustment was effective Jan. 1, 2006.