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Press Releases

March 10, 2021
WASHINGTON, D.C. – Today, Nikitra Bailey, an Executive Vice President at the Center for Responsible Lending (CRL), testified at a virtual hearing held by the House Financial Services entitled “Justice for All: Achieving Racial Equity Through Fair Access to Housing and Financial Services: Testimony before the House Financial Services Committee.” In her testimony, Bailey highlighted our nation’s discriminatory housing policies as the cause of many systemic injustices and discussed the need to implement more policies that ensure equity for Black and brown communities. “Much work remains in the...
March 10, 2021
WASHINGTON, D.C. – Today, the U.S. Senate, in a bipartisan vote, confirmed Congresswoman Marcia Fudge (D-Ohio) to be Secretary of the U.S. Department of Housing and Urban Development (HUD). The Center for Responsible Lending (CRL) had joined a broad coalition in support of her confirmation. Center for Responsible Lending Executive Vice President Nikitra Bailey, issued the following statement: Secretary Fudge brings to HUD the experience needed to address the immense housing challenges brought by COVID-19 and the economic downturn – which have disproportionately hit Black and brown...
February 23, 2021
Without needing action from Congress, the plan lays out a path for utility regulation of Fannie and Freddie and for dedicating nearly $100 billion toward addressing the country’s housing needs WASHINGTON, D.C. – Today, the Brookings Institution published a new report by Mike Calhoun, President at the Center for Responsible Lending (CRL), and Lewis Ranieri, Chairman and CEO of Raneiri Solutions LLC, that proposes administrative reforms of Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) that would greatly advance racial and economic justice. The report, Government-...
February 18, 2021
WASHINGTON, D.C. – The Center for Community Self-Help (Self-Help) and its policy-focused affiliate, the Center for Responsible Lending (CRL), called for stronger rules implementing the Community Reinvestment Act (CRA) – a landmark civil rights and anti-redlining law – in their jointly filed comment letter to the Federal Reserve Board on its Advanced Notice of Proposed Rulemaking (ANPR). Melissa Stegman, Senior Policy Counsel at CRL, issued the following statement: The COVID-19 crisis has shown how the deck has been stacked against people of color as they look for a small business loan...
February 5, 2021
Housing and Civil Rights Groups Call for Homeowner Assistance Fund to Avoid New Wave of Foreclosures and Devastating Effects for Communities of Color WASHINGTON, D.C. – Today, leading housing and civil rights groups applauded Senator Jack Reed’s reintroduction of the Homeowner Assistance Fund bill as Congress and the Biden administration consider the next COVID-19 relief package. Senators Sherrod Brown and Patrick Leahy are lead cosponsors of the bill. The Homeowner Assistance Fund would provide a critical safety net for millions of families who are behind on their mortgages or already in...
January 5, 2021
WASHINGTON, D.C. – With just days left in President Trump’s Administration, a federal government agency has been moving forward with a proposal that could essentially force banks to finance payday and predatory installment lenders charging annual interest rates above 100% along with a range of other companies that pose risks to banks and the public. The Office of the Comptroller of the Currency (OCC) yesterday ended its comment period on the proposed rule, officially titled “Fair Access to Financial Services,” which is expected to limit banks’ ability to decide not to serve certain industries...
December 11, 2020
Access to safe mortgage products and wealth-building opportunities of homeownership are at stake Update to implementation of the Dodd-Frank law’s overhaul of the housing market and its requirement that lenders check borrowers’ ability-to-repay WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday released two final rules that update guidelines for what are considered borrower-safe qualified mortgage (QM) loans that provide lenders protection against litigation. The first rule is the General QM Final Rule. The second rule establishes a separate category for QMs,...
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...

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