Testimony

CRL's views on the proposed Consumer Financial Protection Agency. CRL President Michael Calhoun testifed before the House Financial Services Committee on September 30, 2009, stressing the importance of an independent agency that also preserves the ability of states to take action to protect consumers.

In this testimony and working paper presented before the Senate Committee on Banking, Housing, and Urban Affairs, Eric Stein, CRL Senior Vice-President, reminded lawmakers that consumer concerns must not be lost in proposed housing finance reforms. Key recommendations include: Preserving broad consumer access to credit Requiring secondary market entities to serve a national market Converting stock ownership of secondary market entities to mutual ownership; and Ensuring small and regional lenders remain competitive in the secondary mortgage market

CRL Senior Policy Counsel Ellen Harnick testifies in a joint public hearing held in Atlanta, GA regarding regulatory reforms to the Community Reinvestment Act, and urges the following improvements to CRA: 1. Broaden CRA assessment areas to reflect the actual scope of bank activity. 2. Require that the activities of bank affiliates count toward the CRA rating of their parent institution. 3. Encourage fair and affordable savings and transactions services specifically targeted to meet the needs of low- and moderate-income individuals, including the unbanked and under-banked. 4. Strengthen...

Committee: Ohio Senate Finance and Financial Institutions Committee