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Press Releases

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...
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...

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