New Consumer Protection Agency Must Be Independent

Statement by CRL President Mike Calhoun regarding House Financial Services Chairman Barney Frank’s memo this week on a proposed new agency to protect consumers:

Center for Responsible Lending
September 23, 2009

"We're pleased Chairman Frank remains dedicated to the creation of an agency focused on ensuring that consumer financial markets work fairly. Moving forward, we must ensure that the agency isn't dominated by the regulatory agencies that helped cause the current crisis. We must ensure it has oversight over the financial products that are critical in the daily lives of millions of Americans. And we must ensure that the 50 states can address problems in their own back yards, rather than having to wait for Washington.

We look forward to working with Chairman Frank and the committee's members." 

For more information: Kathleen Day at (202) 349-1871 or; Ginna Green at (510) 379-5513 or; or Charlene Crowell at (919) 313-8523 or


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.