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Press Releases

September 18, 2020
WASHINGTON, D.C. - Center for Responsible Lending President Mike Calhoun released the following statement on the passing of Supreme Court Justice Ruth Bader Ginsburg: Tonight, we pause to honor the life of Justice Ruth Bader Ginsburg. Justice Ginsburg was a pioneer, a titan, a brilliant jurist, and one of the fiercest advocates for women’s rights and gender equality, civil liberties, and fair pay, among so many other issues. Even before her service on the United States Supreme Court, she shattered glass ceilings and led the fight in setting legal precedents that help women move toward...
September 17, 2020
WASHINGTON, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Chuck Schumer (D-N.Y.) unveiled a resolution urging President Donald Trump to cancel up to $50,000 in federal student debt through executive action. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: We applaud Senators Warren and Schumer for drafting a plan that would provide crucial student debt relief to at least 44 million borrowers who owe more than $1.5 trillion in student loans. The current public health and economic crisis caused by the...
September 10, 2020
“Qualified Mortgage” should be defined broadly to ensure that more borrowers are able to gain access to the safest mortgage products and the wealth-building opportunities of homeownership Lenders that engage in pricing discrimination should not receive the QM statutory safe harbor Washington, D.C. – With the Consumer Financial Protection Bureau (CFPB) set to update a rule stemming from the Dodd-Frank financial reform law that governs what is considered a borrower-safe “Qualified Mortgage” (QM), leading civil rights and housing groups provided recommendations in their public comment...
September 10, 2020
WASHINGTON, D.C. - Today, Senators voted down the Senate Majority Leader’s narrow COVID-19 bill, which was introduced earlier this week. As written, the bill fails to provide substantive relief for renters, student loan borrowers, small business owners, unemployed workers, and other people who are still struggling during this pandemic. The bill did not receive bipartisan support. Center for Responsible Lending Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: This bill is an inadequate response to our current economic fallout and public health...
September 8, 2020
The new Preserving Community and Neighborhood Choice rule incorrectly redefines the meaning of fair housing and eliminates important tools for addressing systemic discrimination in housing, weakening the Fair Housing Act. Washington, D.C. – Today, the Department of Housing and Urban Development (HUD)’s new Preserving Community and Neighborhood Choice rule goes into effect, marking a major step backwards in the ongoing fight for fair housing. The new rule, which replaces the 2015 Affirmatively Furthering Fair Housing (AFFH) regulation, guts the fundamental provisions of the Fair...
September 8, 2020
The action leaves protected classes, including people of color, women, people of faith, people with disabilities, and families with children more vulnerable to housing discrimination In issuing the final rule, the Administration even ignored the mortgage industry’s largest lenders and realtors, which opposed the action Washington, D.C. – A primary legal tool used to identify and eliminate discrimination, known as the “disparate impact” standard, has been decimated by a new final rule issued late Friday by the U.S. Department of Housing and Urban Development (HUD). In addition to civil...
September 3, 2020
The timing of the OCC’s embrace of predatory lenders could not be worse. We are in the midst of an unprecedented health crisis and a severe economic crisis, with both crises impacting communities of color more heavily than white communities.  WASHINGTON, D.C. - A proposal by the regulator of the nation’s largest banks would allow predatory lenders to do an end-run around state interest rate caps, exposing people to high-cost loans with minimal consumer protections, according to a comment letter submitted today to the Office of the Comptroller of the Currency (OCC) by 13 national...
September 2, 2020
In public comment letter, civil rights, consumer, and housing groups warn of proposal’s harm and its “acute impact on low- to moderate-income families and families of color” Groups offer recommendations for the housing regulator to fulfill its and the Government-Sponsored Enterprises’ (GSEs) statutory public mission Washington, D.C. – Today, the Center for Responsible Lending (CRL) along with a broad coalition representing millions of Americans released its public comment letter critiquing the Federal Housing Finance Agency’s (FHFA) proposed capital rule for Fannie Mae and Freddie Mac,...
September 2, 2020
WASHINGTON, D.C. - On Tuesday, Sept. 8, at 2:00 p.m. ET/ 11:00 a.m. PT, the Center for Responsible Lending (CRL) will host a virtual panel of housing experts to discuss how the COVID crisis has impacted housing. Federal Housing Finance Agency (FHFA) Director Mark Calabria will share the agency’s response to the current public health crisis, followed by a panel highlighting the need for housing opportunities for Black and Latino borrowers during these pressing times. Panelists will include leaders from CRL, MBA, NUL, and NAHREP. Questions for the panelists can be submitted through...
August 26, 2020
Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced yesterday that a fee from Fannie Mae and Freddie Mac, which FHFA previously approved and which makes refinancing more expensive for mortgages backed by those companies, will be delayed until December 1. FHFA also said the fee will not apply to refinance loans with balances below $125,000. The fee is 0.5 percent and would add an additional cost of $1,400 to the average mortgage loan. Fannie and Freddie provide financial backing for around half of all U.S. mortgages and are Government Sponsored Enterprises (GSEs). Today,...

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