Dear friend,

On behalf of the Center for Responsible Lending, I want to extend our sincere gratitude for your support throughout 2022. Thank you for standing alongside us this year as we worked to promote financial fairness and economic opportunity for all, end predatory lending, and close the racial wealth gaps.

2022 has truly been a historic year for advancing economic justice, and we have a lot to celebrate:

• President Biden announced that his administration will cancel $10,000 of student loan debt for borrowers who earn less than $125,000 as individual tax filers and $20,000 for Pell Grant recipients, providing billions in relief to the nation’s borrowers. The Administration also extended student loan payment forbearance through the end of this year.
• Several banks including Ally Bank, Bank of America, Capitol One, Citibank, and others have either eliminated overdraft fees or dramatically reduced them. CRL continues to advocate for passage of the Overdraft Protection Act authored by Congresswoman Carolyn Maloney (D-N.Y.), which would require each overdraft fee to be reasonable and limit the frequency with which they are charged. The Biden Administration has also promised to crack down on overdraft and other "junk fees."
• New Mexico joined 18 other states and the District of Columbia in capping interest rates at 36% for small dollar loans. CRL provided technical support to allies that led to Louisiana Governor John Bel Adams vetoing a bill that would have legalized interest rates over 300% for certain loan products. We published research indicating strong public support for 36% rate caps in both Louisiana and Rhode Island.
• CRL submitted written testimony to the U.S. House Financial Services Committee and testified on inequality, homeownership, and the long-term effects of the current housing market.

While there is still so much work to be done, we want to take this opportunity to reflect on the hard work and achievements of our staff, board, and allies during the past year—made possible only by the generosity of our donors and supporters. It is thanks to you that we have so much to celebrate as 2022 draws to a close. When we stand together, we can make a real difference for low-wealth and low-income workers and families, communities of color, and others who have been disenfranchised by our financial systems. Thank you for standing with us.

On behalf of CRL, I wish you and your family peace and joy through the upcoming holiday season and all the best in 2023.

With gratitude,

Mike Calhoun
President

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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