Skip to main content

Search form

Press Releases

October 11, 2019
WASHINGTON, D.C. – The Financial Accounting Standards Board (FASB) is implementing a new Current Expected Credit Loss (CECL) methodology for estimating allowances for credit losses on financial institutions. This standard requires lenders to expense the lifetime expected losses of a loan at origination. Capital held by lenders covers unexpected losses in a stress scenario. Center for Responsible Lending President Mike Calhoun made the following statement: As proposed, CECL creates a significant disincentive for lenders to originate loans to low- and moderate-income families and...
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...
July 31, 2019
WASHINGTON, D.C. – It's been reported today that the U.S. Department of Housing and Urban Development (HUD) will rescind its enforcement of the 2013 Disparate Impact rule, a standard central to the Fair Housing Act meant to ensure that all families are treated fairly when securing housing and other housing-related services such as lending and insurance. In its place, HUD has proposed a rule which guts one of the most effective tools for redressing discrimination in housing. This action severely weakens an important enforcement tool that is critical for combatting ongoing forms of...
July 8, 2019
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released A Smarter Qualified Mortgage Can Benefit Borrowers, Taxpayers, and the Economy, a report urging the Consumer Financial Protection Bureau (CFPB) to take timely steps to ensure widespread access to safe and sustainable loans. Unless the CFPB revises its mortgage rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), an expiring provision will cause a significant number of mortgages to face new legal liability, and these loans likely would not be originated at all or would have...
June 25, 2019
WASHINGTON, DC – Today Harvard University’s Joint Center for Housing Studies (JCHS) released its annual report, The State of the Nation’s Housing 2019. (PDF) Published annually since 1988, this year’s report again identifies recent trends and issues facing the housing industry. Key to this year’s findings are: In 2019, the cost of a median-priced home rose by 4% to $261,600, outpacing the growth of median household income for the seventh straight year. The price-to-income ratios rose in 85 of the nation’s largest markets last year. More than 60% of home mortgages issued in the...
May 15, 2019
WASHINGTON, D.C. – Today, Eric Blankenstein, the Consumer Financial Protection Bureau’s policy director for supervision, enforcement, and fair lending, has resigned following controversy over racist blog posts from 2004 in which he used racial slurs for African-Americans and claimed that most hate crimes reported by people of color were hoaxes. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: The CFPB’s decision to move the Office of Fair Lending out of Enforcement signaled its lack of commitment to ensuring a fair and...
May 8, 2019
WASHINGTON, D.C. – Today, Center for Responsible Lending (CRL) Executive Vice President Nikitra Bailey spoke before the House Financial Services Committee’s subcommittee on Housing, Community Development and Insurance to testify on the urgent need to address racial discrimination within the nation’s housing finance system. The title of the hearing was called, “A Review of the State of and Barriers to Minority Homeownership.” In her testimony, Bailey specifically focused on the homeownership rate gap between whites and people of color, the racial wealth gap and policy solutions to create...
April 4, 2019
WASHINGTON, D.C. – Today, the Senate confirmed Mark Calabria as the director of the Federal Housing Finance Agency (FHFA) –the federal regulator that oversees Fannie Mae and Freddie Mac – led by acting director Joseph Otting since early January. Calabria, who has served as chief economist for Vice President Mike Pence, was nominated to head the FHFA by the Trump Administration in December 2018. Nikitra Bailey, executive vice president with the Center for Responsible Lending made the following statement: As head of the FHFA, Mr. Calabria will have a critical role in shaping the U.S....
April 2, 2019
WASHINGTON, D.C. – Today, the U.S. House Committee on Financial Services held a full committee hearing entitled, “The Fair Housing Act: Reviewing Efforts to Eliminate Discrimination and Promote Opportunity in Housing.” The hearing examines fair housing laws, new online platforms in the housing market, and the Department of Housing and Urban Development’s (HUD) enforcement of the landmark federal Fair Housing Act under the current Administration. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: As April marks the 51st anniversary...
March 27, 2019
WASHINGTON, D.C. - Today, Center for Responsible Lending (CRL) President Mike Calhoun testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for a hearing on “Chairman’s Housing Reform Outline: Part 2.” In his testimony, Calhoun discussed that any reform of the U.S. housing system must ensure access to safe and affordable mortgage loans for all creditworthy borrowers, including low-income borrowers and borrowers of color. Furthermore, any proposed legislation should provide equal treatment for small lenders, including community banks and credit unions that are often...

Pages