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Press Releases

November 19, 2020
Impact felt most by lower wealth families and families of color WASHINGTON, D.C. – Late yesterday, the Federal Housing Finance Agency (FHFA) released its final rule on capital requirements for Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs) that FHFA oversees and that provide financial backing for half of all mortgages in America. Center for Responsible Lending (CRL) Executive Vice President Nikitra Bailey released the following statement: During the Financial Crisis, taxpayers stepped in to save Fannie Mae and Freddie Mac. The GSEs were rescued and receive ongoing...
October 20, 2020
OCC Overhaul of an Anti-redlining Law Will Perversely Encourage Redlining Washington, D.C. – A harmful new rule for the Community Reinvestment Act (CRA) – an anti-redlining law – remains in place after the U.S. Senate yesterday voted against H.J. Res. 90, legislation that would have rescinded the regulation. The Office of the Comptroller of the Currency (OCC) finalized the rule earlier this year. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Redlining is not a thing of the past and continues to be very real for the 41% and 32...
October 14, 2020
Association for 208 of the Nation’s Largest Corporations Lauded for Call to Restore Major Tools for Eliminating Discrimination and Advancing Housing Equity WASHINGTON, DC – Today, the National Fair Housing Alliance and Center for Responsible Lending, two of the nation’s leading groups working for equitable lending, commended the Business Roundtable for supporting disparate impact and Affirmatively Furthering Fair Housing (AFFH) – two major tools for eliminating discrimination and structural barriers to equal housing opportunities. The Business Roundtable (BRT), which is comprised of 208...
October 14, 2020
Especially Given National Reckoning on Racial Injustice and the Economic Crisis, FHFA Must Do More to Fulfill Affordable Housing Mission Washington, D.C. – As low-income homeowners struggle with bills and as millions of mortgage-ready people of color are excluded from sustainable homeownership, several leading civil rights, consumer, and housing groups yesterday submitted an official comment letter that calls for the Federal Housing Finance Agency (FHFA) to take action now to expand access to responsible home loans, including by setting more robust affordable housing goals. The affordable...
September 25, 2020
CRA must help address systemic racial barriers and inequality, and it must benefit low-and-moderate-income (LMI) families and families of color WASHINGTON, D.C. - This week in a board meeting, the Board of Governors of the Federal Reserve approved its draft Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). In May, the Office of the Comptroller of the Currency finalized its CRA rule, while the Federal Deposit Insurance Corp. (FDIC) has yet to join an agency in finalizing a CRA rule. The CRA is a civil rights law designed to expand financial opportunity...
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 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 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...

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