Rep. Maxine Waters Takes Strong Stand for Fair Housing at HUD

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Charlene Crowell | Center for Responsible Lending
“Fifty years ago, Congress empowered HUD to dismantle legalized discrimination in housing to create opportunity for all as where you live is a factor in so many of life’s outcomes, including education and healthcare,” noted Nikitra Bailey, an EVP with the Center for Responsible Lending (CRL). “Rep. Waters’ new bill requires HUD to remain steadfast in its responsibility to foster...

Federal Regulator Ready to Reform CRA But Won’t Say If Discrimination Exists

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Charlene Crowell | Center for Responsible Lending
“The CRA has done important work to drive financial equity and ensure banks serve all communities where they have a financial footprint,” noted Scott Astrada, Federal Advocacy Director with the Center for Responsible Lending. “Comptroller Otting’s proposal to radically restructure the law should be closely scrutinized because, given his remarks, he is apparently oblivious to the historic and systemic discrimination...

Find Out Why the CFPB Has Been Declared Unconstitutional Twice in One Year

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Cornerstone Home Lending, Inc.
The CFPB needs these liberties, supporters say, to maintain its primary purpose in protecting American consumers of financial products and services. Within its seven years of operation, the CFPB has supplied 31 million Americans with over $12.4 billion in relief funds in cases of illegal financial dealings. “The 2008 financial crisis proved the need for the CFPB, a successful independent...

Student-Debt Forgiveness Is a Wonderful Boon, Until the IRS Comes Calling

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Josh Mitchell | The Wall Street Journal
Borrowers generally are better off because they are having debt forgiven, but Ashley Harrington of the Center for Responsible Lending, a consumer-advocacy group, said many student-loan borrowers are unaware they will face a big tax bill. “We’re very concerned” about the borrowers’ ability to repay," she said.

What Stress? It's Good to Be a Bank

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Peter Eavis
But critics of the banks say the banks could be doing more under the current rules to expand whom they lend to, especially when they have so much spare capital. Michael Calhoun, president of the Center for Responsible Lending, said deregulation could lead to less lending. He asserted that possible changes to the Community Reinvestment Act could reduce the presence...

Trump Administration Offers GSE Privatization Plan

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Phil Hall | National Mortgage Professional Magazine
“A decade ago, excessive Wall Street greed and predatory lending led to a tsunami of unnecessary foreclosures that took away the homes of millions of hardworking families," said Nikitra Bailey, Executive Vice President at the Center for Responsible Lending. "That experience should have served as a warning to this administration about the harmful costs of reckless deregulation letting greed go...

Federal Court Rules Consumer Bureau Structure Unconstitutional

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Sylvan Lane | The Hill
“The 2008 financial crisis proved the need for the CFPB, a successful independent consumer watchdog," said Will Corbett, litigation counsel at the Center for Responsible Lending, which supports strict loan protections for consumers. “This decision is a clear and completely inappropriate example of legislating from the bench.”

Federal Judge Rules that Consumer Protection Bureau is Unconstitutional

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Renae Merle | The Washington Post
Will Corbett, litigation counsel for the Center for Responsible Lending, called the ruling inappropriate. “Under the radical logic of this court’s ruling, our consumer watchdog would be eliminated and the door would be reopened for financial predators, such as those who steal from 9/11 heroes,” he said in a statement.

The Dismantling of the CFPB is Leaving Vulnerable Consumers Unprotected and Supercharging the Racial Wealth Divide

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David Newville, Doug Ryan, and Emanuel Nieves | ProsperityNow
The Urban Institute reported that people of color lost more housing wealth than Whites did between 2007 (before the financial crisis), and 2010. Another example, from Pew, shows that Blacks are twice as likely than their White peers to use payday loans, and Latino borrowers are 1.5 times as likely. Recent research from the Center for Responsible Lending found that...