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Press Releases

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...
May 15, 2020
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act shows strong promise and addresses important needs of low-wealth families impacted by COVID-19, such as mortgage and forbearance relief, extended unemployment benefits and food assistance, and protections against harmful debt collection activities and...
May 13, 2020
WASHINGTON, D.C. – The U.S. House of Representatives, led by Speaker Nancy Pelosi (D-Calif.), yesterday released the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act would help prevent families from losing their homes and stop an avalanche of debt that threatens to bury them. The HEROES Act would help protect the communities and families that have been hardest hit by...
May 12, 2020
“A majority of Americans across all regions of the U.S. support permanently reducing student loan debt by $20,000 for all borrowers.” WASHINGTON, D.C. - The Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) released a bipartisan poll today showing that Americans around the country and across partisan identities strongly support student debt reduction during the COVID-19 pandemic. Specifically, the poll indicates that a majority of adults support at least $20,000 in student debt reduction. Lake Research Partners and Chesapeake Beach Consulting designed this...
April 23, 2020
WASHINGTON, D.C. - Today, the U.S. House of Representatives approved a small business package that the U.S. Senate approved by unanimous consent earlier this week. The bill aims to replenish funding for the Paycheck Protection Program (PPP), the loan program designed to help struggling small businesses hurt by the COVID-19 crisis. In the bill, lawmakers agreed to appropriate $310 billion to the PPP, which ran out of its initial funding capacity last week. Unfortunately, like the initial PPP funding, most of these new funds will continue to go to larger, wealthier and less diverse...
April 21, 2020
WASHINGTON, D.C. – The U.S. Senate passed a deal today to replenish funding for the Paycheck Protection Plan (PPP), the loan program designed to help small businesses slammed by the coronavirus crisis. Lawmakers agreed to send an additional $310 billion to the PPP, which ran out of its initial funding capacity last week. Like the initial PPP funding, most of these new funds will continue to go to larger, wealthier and less diverse businesses leaving smaller businesses of color excluded from the program unless changes are made. Center for Responsible Lending Federal Advocacy Director and...
April 17, 2020
Oakland, CA – As people en masse are losing their jobs and income, creditors are taking from desperately needed stimulus checks in order to collect on debts. The Center for Responsible Lending today continued its call for state and federal officials to take immediate action to protect this emergency funding. Marisabel Torres, Center for Responsible Lending’s Director of California Policy, issued the following statement: The CARES Act stimulus checks are meant to help people meet basic needs like food, housing and medicine – not to pay off creditors. As it stands, a bank could take $1,...
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...
April 16, 2020
WASHINGTON, D.C. – Today, the Small Business Administration announced that it exhausted its $350 billion funding capacity and is unable to accept new applications. Congress has not been able to agree on how to update the agency’s Paycheck Protection Plan (PPP), a provision of the CARES Act designed to provide forgivable loans to small businesses during the COVID-19 pandemic. Read the policy recommendations. (PDF) Center for Responsible Lending (CRL) President Mike Calhoun made the following statement: We urge lawmakers to agree on a deal that meets the several critical emergency needs...
March 26, 2020
Banks should not embrace this terrible idea, especially as they are borrowing for free WASHINGTON, D.C. – Today, under the cover of a national crisis, five federal bank regulators issued small dollar bank lending guidance that lacks the consumer protections needed to ensure loans do not trap borrowers in a cycle of debt. The guidance was issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC). The guidance does not...

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