Historic Financial Reform Bill A Win for American Families, Small Businesses, Taxpayers and the Economy

Statement from Center for Responsible Lending president Michael D. Calhoun


Center for Responsible Lending
July 21, 2010

President Obama's signing of the financial reform bill today marks a watershed in efforts to restore common sense to lending and financial markets. Our nation now has a roadmap for ending the unfair and deceptive practices that have cost millions of families their financial security and nearly capsized the economy.

To members of Congress who worked so diligently to craft this law—and to withstand big-money lobbying against reform—we offer our deepest gratitude. Their support for the Consumer Financial Protection Bureau and strong lending rules will help all Americans who simply want fair access to credit and the information they need to make the best financial decisions for themselves, their families and their businesses.

Passing this legislation was an enormous undertaking. Now we all face the equally hard job of implementing it as intended.

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org; or Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org.

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About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.