Dear friend, | The need for change in our financial systems has never been clearer. Skyrocketing inflation rates have American families backed into a corner. Predatory lenders remain all too eager to offer products disguised as life rafts but that ultimately leave borrowers unable to get their heads above water, with triple digit interest rates and hidden fees. The racial wealth gap, resulting from centuries of structural inequity, continues to widen, and today the disparity between Black and white homeownership rates is worse than in 1960 when housing discrimination was legal. While we hope that many student loan borrowers will feel some relief thanks to the Biden Administration’s cancellation plan, and the payment pause has been extended once more, we must still contend with the broken system for financing higher education. | | | For too long, our financial system has created barriers instead of opportunities for many, especially Black and brown communities, low-to-moderate income workers and families, women, and veterans and military servicemembers. But at the Center for Responsible Lending (CRL), we are focused on comprehensive solutions that help those who have been historically underserved and excluded. We have the expertise throughout the financial sector to see the interconnectedness of credit, debt, student loans, and homeownership, and we are working on holistic reforms across these areas. We envision a future in which Americans can establish and sustain financial security and generational wealth, where financial companies that harm people and communities are held accountable and face real consequences for their actions. Our 20-year track record shows that when we are bold in our policy advocacy and research, we make a difference in the lives of those we serve. We have big ideas for 2023, including promoting inclusive mortgage products to help close the racial homeownership gap, pushing for regulatory oversight so that predatory lenders can’t exploit people and communities, modernizing underwriting and credit standards, ensuring that Income Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF) are accessible to student borrowers, and fighting the weaponization of the criminal justice system against low-wealth individuals. However, we cannot do it without you. As a nonprofit organization, we rely on the support of our donors to carry out our mission. Will you stand with us and help us fight for economic justice for American workers and families by making a 100% tax-deductible gift to CRL today? You can champion financial fairness by giving now at responsiblelending.org/donate. We thank you for your support and wish you and your loved ones peace and prosperity in the upcoming holiday season and in 2023. Sincerely, |  | Sarah Ludwig
Founder & Co-Director, New Economy Project & CRL Board Member | 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. | Copyright © Center for Responsible Lending, All rights reserved.
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