Dear friend,

The racial wealth gap in America today is staggering, with the median white household holding nearly eight times the wealth of the median Black household. The past two years have made this inequity even more glaring, with the pandemic taking its greatest toll on communities of color. As we look towards the new year ahead, the Center for Responsible Lending (CRL) is dedicated to closing the racial wealth gap through our policy and advocacy work.

The early days of the pandemic nearly halved the number of Black business owners. Homeownership remains the greatest tool for wealth accumulation, and yet today the racial homeownership gap is higher than it was in 1960, when housing discrimination was legal. Twenty years after college, the median debt of white student loan borrowers has been reduced by 94%, while Black borrowers at the median still owe 95% of their cumulative borrowing total. These issues are all interconnected and result from discrimination that is built into our current economic systems. Now is the time to change that: the current administration is generally supportive of economic justice policies, and we believe we can leverage our expertise and experience to push for measures like down payment assistance for first generation homebuyers, student debt cancellation, and support for small businesses owned by people of color.

However, we cannot do it without supporters like you. Since our founding in 2002, CRL has always prioritized low-to-moderate income families, people of color, women, veterans, and other financially vulnerable communities in our fight for policies that protect consumers and create opportunities for wealth building. Will you continue supporting us in this fight by making a tax-deductible donation to the Center of Responsible Lending today?

Thank you for your support, and we wish you all the best in the upcoming holiday season and in 2022.

The Center for Responsible Lending (CRL) is a leading nonprofit, nonpartisan organization focused on financial fairness and opportunity. Fighting for economic justice for low- and middle-income families, military personnel and veterans, and people of color is our mission and highest priority.

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