New Bank Regulator Leadership Welcome; Congress Still Must Roll Back Rule Promoting Predatory Lending

WASHINGTON, D.C. - Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as Congress debates overturning the OCC’s “fake lender” rule. The fake lender rule will enable a massive expansion of predatory lending in all 50 states if the rule is permitted to remain in effect. Congress must pass the Congressional Review Act (CRA) resolution introduced by Senators Sherrod

Credit Union Regulator Must Not Facilitate Predatory Lending, Groups Say in Comment Letter

WASHINGTON, D.C. – Last Friday, credit unions and advocates registered their strong opposition to a proposal by the National Credit Union Administration (NCUA) that would allow credit union subsidiaries to engage in predatory lending that is explicitly illegal for federal credit unions. The proposal by NCUA, which regulates credit unions across the country, would do significant harm by permitting high-cost lending to credit union members and consumers. The harm may be especially pronounced for communities of color, which are disproportionately impacted by predatory lending. The Center for

Senate Hearing Shows Bank Rule That Helps Predatory Lending May Soon Be Nixed By Congress

Video highlights, below, on the harms of predatory rent-a-bank schemes WASHINGTON, D.C. – Today, the U.S. Senate Committee on Banking, Housing, and Urban Development held a hearing, “The Reemergence of Rent-a-Bank?,” focused on legislation to rescind a bank regulator rule that facilitates this predatory lending scheme. The regulation, issued by the Office of the Comptroller of the Currency (OCC), can be eliminated through a legislative tool that prevents the possibility of a Senate filibuster, but that action must be taken before an upcoming deadline in May. Video highlights of the hearing

CRL Applauds Confirmation of Vanita Gupta as Associate Attorney General

WASHINGTON, D.C. - Today, the U.S. Senate confirmed Vanita Gupta to be Associate Attorney General at the U.S. Department of Justice (DOJ). Gupta is the first woman of color to hold the position. Center for Responsible Lending President Michael Calhoun issued the following statement: Vanita Gupta is an accomplished advocate and litigator who has led the Civil Rights Division at the U.S. Department of Justice (DOJ) under President Barack Obama. Her history of public service and proven track record of fighting for civil rights and economic fairness is second to none. Ms. Gupta has devoted her

New Report Shows Saving for Mortgage Down Payment is a Substantial Barrier to Homeownership that Particularly Hits Communities of Color and Essential Workers

Data reflects dire need for down payment assistance and student debt relief that would help support path to homeownership WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released a new report “ Hardship for Renters: Too Many Years to Save for Mortgage Down Payment and Closing Costs .” The report calculates how long it would take for a typical renter household to save for a mortgage down payment and closing costs for a median-priced house and how this varies by race/ethnicity, household type, location, and occupation. For instance, the report data show that the typical white

The Passing of Vice President Walter Mondale, Co-Author of the Landmark Fair Housing Act of 1968

Washington, D.C. – Former Vice President Walter Mondale, an outspoken supporter of civil rights and co-author of the landmark Fair Housing Act of 1968, which sought to end racial discrimination in housing and create inclusive communities, died yesterday at the age of 93. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Vice President Walter Mondale was a giant of civil rights while in the U.S. Senate and during some of the most significant, contentious moments in our nation’s history. The introduction of the Fair Housing Act — and its

Derek Chauvin Conviction

WASHINGTON, D.C. – Today, a jury convicted former police officer Derek Chauvin of the murder of George Floyd, finding him guilty on all three counts. Center for Responsible Lending President Michael Calhoun issued the following statement: We all watched in horror last year as Derek Chauvin denied George Floyd the breath of life with a knee to his neck. While our fear that this obvious and extreme act of brutality might go unpunished has lifted, our hearts still hold the sorrow of precious lives needlessly lost. This brutal killing is part of the long legacy of racism and the killing of Black

Confirmation Hearing Held for Kristen Clarke for Justice Department Civil Rights Chief

Washington, D.C. – The U.S. Senate Judiciary Committee this week heard testimony from Kristen Clarke, President Biden’s nomination for Justice Department Civil Rights Chief. Ms. Clarke, who appeared Wednesday during a 2 1/2-hour nomination hearing, is president of the Lawyers’ Committee for Civil Rights Under Law. She would be the first Black woman to hold the position since the Justice Department’s Civil Rights Division was established in 1957. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Kristen Clarke’s upcoming confirmation vote

Over 415 Orgs Call on President Biden to Cancel Federal Student Debt Immediately using Executive Action

Washington, D.C. — Today, over 415 organizations sent an updated letter to President Biden and Vice President Harris, calling on them to use executive authority to cancel federal student debt immediately. In the letter, the 416 advocacy groups highlight that cancelling student debt would stimulate the economy, help reduce racial wealth gaps, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy.” Further, this action would be an

CRL Commends Biden Housing Department for Acting to Restore Fair Housing Rules that were Defanged by Trump Administration

WASHINGTON, D.C. – Today, the U.S. Department of Housing and Urban Development (HUD), led by Secretary Marcia Fudge, announced steps to restore two key fair housing rules that the Trump Administration had gutted: (1) a regulation on the "disparate impact" standard for proving discrimination and (2) a regulation for the dismantling of segregation, as required by the Affirmatively Furthering Fair Housing (AFFH) section of the 1968 Fair Housing Act. The Office of Management and Budget posted notices indicating that the HUD rules have been accepted for review. "President Biden and Secretary Fudge