Policy & Legislation
During the years that led up to the subprime mortgage crisis, Congress was notably passive in dealing with the proliferation of abuses that flourished in a reckless lending environment. The foreclosure crisis that triggered today’s economic problems underscores the need for sensible regulations and protections. Today there are many reforms being weighed and balanced in Washington and in the states. Here we help you keep abreast of proposed policies and their pros and cons.
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- State attorneys general can punish federally chartered banks for violating state laws
August 5, 2005
CRL's amicus briefs in support of the New York Attorney General in Cuomo v. The Clearing House Association, L.L.P. CRL, along with a number of consumer groups, argues that the National Bank Act's "visitorial powers" provision does not prohibit the New York Attorney General from enforcing the state's anti-discrimination law against national banks concerning their mortgage lending practices, and that the Office of the Comptroller of Currency's regulation treating this as prohibited is invalid. CRL participated in this case before the U.S. District Court, the U.S. Court of Appeals for the Second Circuit, and the U.S. Supreme Court.
- Predatory lending class action settlements cannot provide unfair terms to the bulk of borrowers
July 15, 2005
CRL's amicus brief in support of intervenors/class members in Stackhouse v. McNight. CRL argues the approved settlement to this class action provides inadequate relief and protections to the bulk of the class members whose predatory lending claims are included before the U.S. Court of Appeals for the 2d Circuit. The Court of Appeals reversed the District Court's approval of the settlement in an unpublished February 2006 decision appearing at 168 F. App'x 464.
- The Price of Ownership: What the Home Mortgage Disclosure Act Reveals About Minorities and Lending
June 27, 2005
Ernst urges reform of Home Mortgage Disclosure Act (HMDA)
- Legislative Solutions to Abusive Mortgage Lending Practices
May 24, 2005
Eakes urges reform of the subprime mortgage market
- Rule-Making to Permit Preemption of State Laws with Respect to the Interstate Activities of State Banks
May 24, 2005
Testimony states that authorizing state banks to disregard banking laws of sister-states is a problem of constitutional magnitude that would deprive state assemblies of an essential regulatory role
- The Federal Home Loan Bank System
April 13, 2005
Eakes lauds FHLBs and makes suggestions for improvement
- Predatory Lending and its Impact on the Military and Local Communities
March 29, 2005
Makes correlation between predatory/payday lending and the impact on the military and local communities
- Each payment on a loan with an excessive origination fee violates North Carolina law
February 11, 2005
CRL and other consumer groups filed a brief amici curiae in a Supreme Court case about mandatory arbitration.
- Analysis of OCC Guidelines Establishing Standards for Residential Mortgage Lending Practices
February 3, 2005
CRL feels OCC’s guidance for national banks is no substitute for meaningful and effective legislative efforts at the state and federal level.
- Promoting Homeownership by Ensuring Liquidity in the Subprime Mortgage Market
June 23, 2004
Prepared Testimony of Michael D. Calhoun, General Counsel, Center for Responsible Lending before Subcommittee on Financial Institutions and Consumer Credit Subcommittee on Housing and Community Opportunity Joint Hearing Entitled "Promoting Homeownership by Ensuring Liquidity in the Subprime Mortgage Market" June 23, 2004.