CRL is working to monitor the unfolding developments of the COVID-19 pandemic and its financial and economic effects on LMI communities and communities of color. As the response to the crisis continues, CRL is advocating for strong consumer protections and financial relief for the consumers, workers and small businesses that are always among the hardest hit by any national emergency or economic downturn.
This situation is rapidly developing. We will continue to update this page with related statements, articles, and resources.
CRL Policy Recommendations
- Financial Implications of the Criminal Legal System: Policy Recommendations during COVID-19
- The Paycheck Protection Program Continues to be Disadvantageous to Smaller Businesses, Especially Businesses Owned by People of Color and the Self-Employed
- COVID-19 Crisis Requires Comprehensive Response to Protect Financial Security, CARES Act Falls Short
- State Consumer Protection Response to the COVID-19 Crisis
- Small Business Support Must Extend to Businesses of Color
- Student Debt Cancellation is Essential to Economic Recovery from COVID-19
- Congress Should Pause Debt Collection and Protect Assets, Including Stimulus Checks During COVID-19 Crisis
- Housing Policy Recommendations for Economic Recovery from COVID-19
- Congress Must Protect Consumers from Predatory Lending During the COVID-19 Crisis
- Banks Should Not Read Federal Regulators’ COVID-19 Small Dollar Loan Guidance as Permitting Payday Loans
- Congress Should Halt Outrageous Bank Overdraft Fees During COVID-19 Crisis
Partner Policy Recommendations
- Consumer Federation of America - Public Policy Changes Needed During the COVID-19 Crisis
- National Low Income Housing Coalition - COVID-19, Coronavirus and Housing/Homelessness
- UnidosUS - Corona Virus, Our Policy Priorities
CRL Statements, Comments, & Letters
- Senate Approves President Biden’s $1.9 Trillion COVID-19 Relief Bill (March 6)
- Stronger Community Reinvestment Act Needed to Advance Racial Equity, CRL Says in Comment on Federal Reserve Board Proposal (February 18)
- New Map Reflects Trend Toward Capping Payday Loan Interest Rates Across a COVID-Ravaged Country (February 17)
- House Passes New COVID Relief Package to Address Crisis (September 30)
- Durable Support Across Party Lines For Tough Wall Street Rules and Oversight (September 29)
- Senators Warren, Schumer Urge President Trump to Provide Broad Federal Student Debt Cancellation (September 17)
- Senate’s Narrow COVID Bill Is Inadequate, Doesn’t Fully Address Economic Fallout (September 10)
- Trump Administration’s Executive Orders Fail to Address Deep Economic Distress (August 11)
- New COVID-19 Relief Package Fails to Provide Necessary Relief for Commuharrnities of Color (July 28)
- Student Debt Cancellation for All Borrowers Is a Must in the Next Coronavirus Relief Package (July 15)
- Short Application Extension of Paycheck Protection Program (July 1)
- Testimony on Loan Forgiveness and Other Challenges of the Paycheck Protection Program (June 17)
- PPP Flexibility Act Headed to President’s Desk Brings Necessary but Insufficient Changes to Troubled Business Loan Program (June 4)
- Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit (May 29)
- House’s PPP Flexibility Act Addresses Some Business Loan Program Issues, More Structural Fixes Needed (May 29)
- President Trump Vetoes Bipartisan Resolution to Prevent 2019 Harmful Student Debt Rule (May 29)
- https://www.responsiblelending.org/media/new-joint-bank-regulators-guidance-not-excuse-banks-return-issuing-payday-loans (May 20)
- OCC’s Updated CRA Rule Will Harm LMI Families & Communities of Color (May 20)
- HEROES Act Shows Strong Promise, Senate Must Now Fill Voids to Further Protect Consumers and Student Loan Borrowers (May 15)
- Comment to the Small Business Administration: The Paycheck Protection Program Continues To Be Disadvantageous to Smaller Businesses, Especially Businesses Owned by People of Color and the Self-Employed (May 15)
- Joint Statement: Narrowing Student Debt Cancellation In HEROES Act Leaves Out Millions (May 14)
- House’s HEROES Act Would Help Financially Vulnerable Families (May 13)
- Ensuring Minority Depository Institutions and Community Development Financial Institutions Get Fair Share of Funds Allocated by the Paycheck Protection Increase Act of 2020 (April 26)
- Advocate And Industry Organizations Urge Treasury Secretary Mnuchin to Set Aside $10 Billion in Replenished PPP Funds for CDFIs and MDIs, Provide Relief for Business Owners of Color (April 26)
- Small Business Package Still Leaves Business Owners of Color Out In The Cold (April 23)
- Senate Excludes Businesses of Color in Second Round of PPP Funding (April 21)
- California and Federal Officials Can Stop Creditors Collecting Debts from Funds Intended for Meeting Basic Needs (April 17)
- Support Must Extend to Main Street Small Businesses and Businesses of Color in Next Relief Package (April 16)
- Senate COVID-19 Deal Falls Short of Providing Full Relief for Working Families (March 25)
- House Democrats’ COVID-19 Response Bill Prioritizes Working Families, Provides Relief for Consumers & Borrowers (March 23)
- Coalition Urges Congress to Protect Families from Financial Devastation (March 20)
Partner Statements
- National Coalition for Asian Pacific American Community Development (National CAPACD) - In Response to Xenophobia Fueled by Corona Virus Epidemic, National CAPACD Stands with Chinatown Businesses
- Coalition Letter in Support for Borrower Assistance for Federally Held Student Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (April 13)
- Faith & Credit Roundtable (March 23)
- Coalition Supports 36% Interest Rate Cap on Consumer Loans During COVID-19 Crisis (March 20)
Virtual Townhall: COVID-19 Financial Services Relief & The Black Community
Resources for Consumers
- US Department of Internal Revenue Service - Coronavirus Tax Relief and Economic Impact Payments
- Consumer Financial Protection Bureau - Protecting your finances during the Coronavirus Pandemic
- Consumer Financial Protection Bureau - How do I stop automatic payments from my bank account?
- Consumer Action - Resources for consumers impacted by the COVID-19 outbreak
- National Consumer Law Center - Consumer Debt Advice
- National Fair Housing Alliance - COVID-19, Fair Housing
- National Fair Housing Alliance - Summary of Temporary Relief Available for Single-Family Mortgage Borrowers Impacted by the COVID-19 National Emergency
- National Housing Law Project - Protecting Renter and Homeowner Rights During Our National Health Crisis
- Prosperity Now - COVID-19 Resources, A list of resources to help us all weather these uncertain times. Housing & Homeownership, Taxes, Emergency Savings
- Joint Center for Housing Studies of Harvard University - COVID-19 Housing Resources
- What you need to know about the CARES Act and your student loans - What you need to know about the CARES Act and your student loans
Related Articles
- Where you bank can make a big difference for racial justice (July 4)
- They were struggling to repay their student loans before the pandemic. Now it’ll get worse (June 27)
- CRL's Ellen Harnick on KCBS Radio in San Francisco (June 18)
- The next COVID-19 relief bill must include student debt cancellation (June 3)
- Black businesses hit hard by COVID-19 fight to stay afloat (June 1)
- During COVID-19, Some Student Loan Borrowers Find Temporary Relief (May 20)
- How the stimulus package affects federal student loans (April 14)
- Student loans get put on hold in coronavirus stimulus bill. Here's what to know. (March 30)
- Banks may soon offer Americans more loan options—here’s what experts say you need to know before borrowing (March 27)
Megan Leonhardt | CNBC - The Trump administration promised borrowers a break on their student loans. They’re still waiting (March 20)
Annie Nova | CNBC Online - ¿De cuánto será el cheque del Estado? Congreso y Tesoro aún lo negocian (March 19)
Ana B. Nieto | El Diario - Relief for underwater homeowners will be different this time, lenders say (March 19)
Kevin Wack | American Banker - Why Trump's student loan interest waiver won't immediately help you (March 18)
Katie Lobosco | CNN Online - In memo, Rep. Maxine Waters lists stimulus priorities, ignoring industries (March 18)
Jim Saksa | Roll Call - Will Trump's Promise Really Help Borrowers? (March 17)
Kery Murakami | Inside Higher Ed News - Trump waives interest on federal student loans amid coronavirus outbreak (March 16)
Yahoo Finance News TV