Press Releases

WASHINGTON, D.C. - A broad coalition of organizations representing the housing, financial services industries as well as public interest groups issued the following statement on the GSEs’ new adverse market fee: Wednesday night’s surprise announcement by Fannie Mae and Freddie Mac (the GSEs) conflicts with the Administration’s recent executive actions urging federal agencies to take all measures within their authority to support struggling homeowners. The additional 0.5% fee on Fannie Mae and Freddie Mac refinance mortgages will raise costs for families trying to make ends meet in these

WASHINGTON, D.C. – The Trump Administration issued four executive orders Saturday related to the COVID-19 pandemic that fail to recognize and adequately address the magnitude of the ongoing crisis and the need for massive reform. The orders are weak and inadequate, and they leave out millions who are struggling to survive in grim circumstances. We need comprehensive legislation that rises to this historic challenge and brings the full force of our government and its vast resources to bear on these enormous societal problems. Ashley Harrington, Federal Advocacy Director at the Center for

WASHINGTON, DC – The Center for Responsible Lending (CRL), The Leadership Conference on Civil and Human Rights, NAACP, National CAPACD, and UnidosUS  submitted a joint comment to the Consumer Financial Protection Bureau (CFPB) in response to the agency’s Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) that fails to protect consumers against stale, time-barred “zombie” debt, for which the statute of limitations has expired. The rule supplements a proposed debt collection rule that the CFPB released last year. The Supplemental NPRM gives the green light for debt collectors to

WASHINGTON, D.C. - The Center for Responsible Lending, National Consumer Law Center, and National Community Reinvestment Coalition filed an amicus brief in Lacewell v. Office of the Comptroller of the Currency (OCC), in support of the plaintiff, the New York State Department of Financial Services (DFS), against the OCC’s plan to issue “special purpose national bank” charters to nonbank lenders. In the brief, the group urged the Second Circuit Court of Appeals to uphold the lower court’s decision to block the OCC from issuing nonbank "bank" charters since doing so would allow free reign for

Washington, D.C. — The Bank Policy Institute (BPI), Center for Responsible Lending (CRL) and Independent Community Bankers of America (ICBA) today urged Congress to impose a three-year moratorium on industrial loan company licensing applications. The moratorium on Federal Deposit Insurance Corporation approvals would provide Congress time to close the ILC loophole and ensure ILCs and their parent companies don’t pose unnecessary risks to consumers and taxpayers. “ILCs offer banking products and services that are functionally indistinguishable from those offered by banks, but the ILC loophole

WASHINGTON, D.C. - Today, State Attorneys General from California, Illinois, and New York filed a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently announced final rule that encourages online nonbank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The rule was strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations. At least 45 states and the District of Columbia (D.C.) cap rates

WASHINGTON D.C. – Last night, the U.S. Senate unveiled a $1 trillion rescue package called the HEALS Act in response to the ongoing public health and economic crisis resulting from the COVID-19 pandemic. The bill falls far short of what is needed to support families and businesses in this crisis. It fails to include additional funding to state and local governments, extend the eviction moratorium and provide rental assistance, include provisions to protect consumers from predatory debt collection practices, provide relief for student loan borrowers, and add structural program fixes needed for

WASHINGTON, D.C. - This week, President Trump issued an unconstitutional memorandum barring undocumented immigrants from being counted in the Census when lawmakers redraw Congressional Districts next year. Center for Responsible Lending President Mike Calhoun released the following statement: This unconstitutional memorandum is effectively robbing immigrants of their humanity, agency, and dignity as contributing and integral members of American society and culture. Undocumented people deserve to be counted and live in communities where they’re treated and represented fairly. The Administration

Fair housing advocates denounce Trump’s newest effort to eliminate a critical tool to desegregate communities and call on the president to instead concentrate on ensuring housing equity during a pandemic. Washington, D.C.- Today, a coalition of civil rights, affordable housing and consumer advocacy organizations condemned the move by the Trump administration to eliminate a critical tool for addressing systemic racism and segregation in our communities. In its haste to undermine this central component of the Fair Housing Act, the administration has done an end run around the normal rulemaking

On Thursday, July 23, CRL to host virtual discussion to commemorate Dodd-Frank anniversary with special introductions by Congresswoman Maxine Waters & U.S. Senator Elizabeth Warren View virtual talk and RSVP details. WASHINGTON, D.C. – Center for Responsible Lending (CRL) President Mike Calhoun released the following statement marking the 10-year anniversary since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law: Dodd-Frank is landmark legislation that has given consumers, especially low-income Americans and consumers of color, a much-needed and powerful