Read the new issue of CRL's newsletter for the latest updates in the fight against abusive financial practices

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** Spring 2020
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As the nation faces COVID-19, relief for low and moderate income families and communities of color—many of whom have not recovered from the Great Recession of 2008—is CRL’s highest concern, as we also fight for mortgages for credit-worthy borrowers, advance national and grassroots partnerships to influence regulatory actors, and collaborate with state coalitions to achieve borrower safeguards.

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** CRL, Civil Rights, Labor, and Consumer Groups on COVID-19: Full Relief for Working Families Highest Concern
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The current stimulus package has fallen short, therefore, CRL and its national and state partners are actively elevating abusive payday lending practices, student debt cancellation, and additional mortgage relief as immediate priorities.

The collective might of more than 60 groups ([link removed]) advocating for financially vulnerable Americans—people of color and low-to-moderate income families—declared common sense principles for COVID-19 relief on March 20. They were joined by an interfaith coalition of clergy and religious organizations through CRL’s Faith & Credit Roundtable. Also, a broad spectrum of Christian leaders ([link removed]) opposed to usurious small dollar loans was mobilized to submit a letter backing extension of the Military Lending Act’s 36% rate cap to all Americans to protect families from economic exploitation during the pandemic. The current stimulus package has fallen short ([link removed]) , therefore, CRL and its national
and state partners are actively elevating abusive payday lending practices ([link removed]) , student debt cancellation, and additional mortgage relief as immediate priorities.


** A Return to Redlining? Prevent Proposed Community Reinvestment Act Changes
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CRL is challenging another Administration attack on civil rights ([link removed]) —the FDIC and OCC’s proposed changes to the Community Reinvestment Act (CRA). The CRA was designed to expand lending and investment in areas underserved by banks. Nearly a dozen national organizations ([link removed]) , ignored by these agencies, recommended strategies to prevent a return to redlining and ensure that local banking needs are met. Low and moderate income families and communities of color deserve safe and affordable credit and greater clarity for lenders is required. Comment now, before the April 8, 2020 deadline! ([link removed])
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** CRL Joins Amicus Brief Before Supreme Court
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Oral arguments before the Supreme Court were heard on March 3 in a case that would upend CFPB’s structure, oversight role, and ultimately jeopardize protections for those hardest hit by predatory lenders. CRL filed the brief on January 22 on behalf of Self-Help, HOPE Credit Union, INCLUSIV, and NALCAB. Previously, CRL condemned Director Kathy Kraninger’s alignment with the Justice Department ([link removed]) urging SCOTUS to cede its independence to President Trump. The potential of undermining the CFPB’s independence has considerable state and national implications.


** States Forge Ahead Amid Regulatory Threat
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CA Governor Newsom signs bipartisan measure into law in November 2019. CRL staff Graciela Aponte-Diaz and Marisabel Torres (in white shirts) look on, as Delores Huerta stands at the right.

Californians for Economic Justice—a coalition of consumer, civil rights, faith leaders, and other organizations—led the fight in the state to cap interest rates at approximately 36% on installment loans of $2,500 to $10,000. The legislation received bipartisan support ([link removed]) in both chambers of the state legislature and was signed into law by Governor Gavin Newsom. In 2018, nearly 350,000 loans, in the range of $2,500 to $9,999, carried an interest rate of more than 100% in California.
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South Dakotans learned the sky didn’t fall two years after payday loans were made illegal ([link removed]) by voter-affirmed rate cap. CRL’s subsequent Brookings blog post ([link removed]) amplified its research findings, contrasting current federal developments designed to favor payday lenders and threaten state laws through rent-a-bank schemes ([link removed]) , leaving millions vulnerable. Emboldened small dollar lenders are laundering their loans through banks to evade state rate caps, so learn about the latest in your state ([link removed]) .
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CRL’s state and federal teams have mobilized, and CRL testified on Capitol Hill in February about these rent-a-bank schemes (Watch the testimony video ([link removed]) ). American voters across all parties voice concern ([link removed]) about the prospect of rent-a-bank in a recent Morning Consult poll commissioned by CRL.
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Since the American Revolution, states have held power over usury rates. More than 100 civil rights and advocacy groups, including CRL, wrote in opposition to the regulatory rules proposed by the OCC ([link removed]) and FDIC ([link removed]) . CRL also collaborated with leading civil rights and consumer protection organizations on more extensive comment letters to the OCC ([link removed]) and FDIC ([link removed]) .

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Copyright © 2020 Center for Responsible Lending, All rights reserved.

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