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Press Releases

September 2, 2020
In public comment letter, civil rights, consumer, and housing groups warn of proposal’s harm and its “acute impact on low- to moderate-income families and families of color” Groups offer recommendations for the housing regulator to fulfill its and the Government-Sponsored Enterprises’ (GSEs) statutory public mission Washington, D.C. – Today, the Center for Responsible Lending (CRL) along with a broad coalition representing millions of Americans released its public comment letter critiquing the Federal Housing Finance Agency’s (FHFA) proposed capital rule for Fannie Mae and Freddie Mac,...
September 2, 2020
WASHINGTON, D.C. - On Tuesday, Sept. 8, at 2:00 p.m. ET/ 11:00 a.m. PT, the Center for Responsible Lending (CRL) will host a virtual panel of housing experts to discuss how the COVID crisis has impacted housing. Federal Housing Finance Agency (FHFA) Director Mark Calabria will share the agency’s response to the current public health crisis, followed by a panel highlighting the need for housing opportunities for Black and Latino borrowers during these pressing times. Panelists will include leaders from CRL, MBA, NUL, and NAHREP. Questions for the panelists can be submitted through...
August 26, 2020
Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced yesterday that a fee from Fannie Mae and Freddie Mac, which FHFA previously approved and which makes refinancing more expensive for mortgages backed by those companies, will be delayed until December 1. FHFA also said the fee will not apply to refinance loans with balances below $125,000. The fee is 0.5 percent and would add an additional cost of $1,400 to the average mortgage loan. Fannie and Freddie provide financial backing for around half of all U.S. mortgages and are Government Sponsored Enterprises (GSEs). Today,...
August 14, 2020
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...
August 11, 2020
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...
August 5, 2020
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...
July 31, 2020
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...
July 29, 2020
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...
July 29, 2020
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...
July 28, 2020
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...

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