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Press Releases

June 26, 2020
WASHINGTON, D.C.— The Federal Financial Institutions Examination Council (FFIEC) released its 2019 Home Mortgage Disclosure Act (HMDA) data this week, covering the vast majority of mortgages made in the United States in the past year. Like previous years, the data revealed that borrowers of color remain underserved in the conventional market. Despite a modest increase in the share of home-purchase loans made to Black and Latino borrowers in 2019, these shares remain well below the population share they represent. The HMDA data also shows that the majority of home purchase loans made to...
June 24, 2020
WASHINGTON, D.C. – This week, the Consumer Financial Protection Bureau (CFPB) released two Notices of Proposed Rulemaking (NPRMs). The proposals would extend the temporary Government-Sponsored Enterprises Patch (GSE Patch) and amend the definition of “qualified mortgage” (QM) by removing the debt-to-income limit and replacing it with a price-based approach. The QM rule was created under the ability to repay provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Center for Responsible Lending (CRL) President Mike Calhoun released the following statement:...
May 20, 2020
WASHINGTON, D.C. - Today, the Office of the Comptroller of the Currency (OCC) released the final version of a rule to modernize the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corp., which jointly released the CRA proposed rule with the OCC, did not join in this final announcement. The Federal Reserve Board did not sign on to the proposed rule or the final rule. OCC Comptroller Joseph Otting also announced that he is stepping down from the agency. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: The final rule...
April 17, 2020
Move Puts Communities of Color, Low- and Moderate-Income Families, and Rural Communities at Risk WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday issued a final rule that exempts more than 1,700 additional financial companies from reporting Home Mortgage Disclosure Act (HMDA) data about their lending. HMDA was enacted to combat lending discrimination by requiring companies to report public data on their mortgage lending, including information on borrower race and ethnicity. The reported information is a critical tool for researchers, advocates, and policymakers...
March 16, 2020
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released Treat Fannie and Freddie as Utilities, a report finding that the best model for regulating Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) outside of conservatorship is utility rate-of-return regulation. Under this type of regulation, the GSEs would pool risk nationally and offer broad access to affordable mortgage credit nationwide. The report recommends that the Federal Housing Finance Agency (FHFA), the independent agency regulating Fannie and Freddie since the 2008 financial crisis,...
January 24, 2020
WASHINGTON, D.C. – Eric Stein, Senior Vice President at Self-Help, a community development lender and parent of the Center for Responsible Lending (CRL), released the following statement after the Consumer Financial Protection Bureau (CFPB) announced, in a letter to Members of Congress, that its forthcoming proposal will not rely solely on a loan’s debt-to-income ratio (DTI) in determining whether it is a qualified mortgage (QM) after the expiration of the “GSE Patch,” which grants an exemption for loans eligible for sale to Fannie Mae and Freddie Mac: We welcome Director Kraninger’s...
January 7, 2020
WASHINGTON, D.C. – Today, the U.S. Department of Housing and Urban Development (HUD) released a new proposed Affirmatively Furthering Fair Housing (AFFH) rule that would reduce the financial pressure local governments, states, and public housing agencies have to meet their fair housing obligations. HUD published its AFFH rule in 2015. In 2018, HUD effectively suspended the rule and removed the AFFH data and mapping tool. The tool was used to access HUD-provided data to conduct the fair housing analysis. The AFFH provision was an integral part of the Fair Housing Act of 1968. In that...
December 12, 2019
WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) announced a proposal to reform the Community Reinvestment Act (CRA)—the landmark anti-redlining law enacted nine years after the Fair Housing Act of 1968 to stop persistent discrimination in lending. The Federal Reserve, which shares a regulatory oversight role on CRA along with the OCC and FDIC, did not sign the new proposal. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: Created in response to...
October 28, 2019
WASHINGTON, D.C. – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced today that his agency reached an agreement with the U.S. Department of Justice (DOJ) on the use of the False Claims Act for Federal Housing Administration single family loans. Center for Responsible Lending President Mike Calhoun made the following statement: CRL applauds HUD and the DOJ for working together and signing a memorandum of understanding addressing how the agencies will confer on False Claims Act prosecutions. CRL also supports FHA’s efforts to revise the annual lender...
September 5, 2019
WASHINGTON, DC - Yesterday, in response to a Presidential Memorandum on Federal Housing Finance Reform, the U.S. Department of Treasury and U.S. Department of Housing & Urban Development released recommendations for reform of the nation’s housing finance system. The National Urban League, Center for Responsible Lending, Leadership Conference on Civil and Human Rights, NAACP, National Coalition for Asian Pacific American Community Development, National Fair Housing Alliance, UnidosUS (formerly the National Council of La Raza), National Community Reinvestment Coalition, and the NAACP...

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