CRL in the News

The law will take effect on January 1st, 2027. The typical rate for a payday loan in the state has been 261% APR, according to research from the Center for Responsible Lending (CRL). “Thanks to the dedication of Rhode Island lawmakers and advocates, the Ocean State will no longer have payday loan sharks. This law will prevent payday lenders from...

“For many people who live paycheck to paycheck, this will be a financially devastating law,” said Center for Responsible Lending President Mike Calhoun. “This act of Congress will take critical resources away from people with the least wealth, making it more likely they will go bankrupt. Alongside steep cuts to health insurance coverage and food assistance, it will nearly halve...

In 2022, the most recent data available, Rhode Island borrowers paid an estimated $2.8 million on interest and fees associated with payday loans, based on the $28.2 million of money borrowed across 80,650 loans, according to a January 2025 report by the Center for Responsible Lending. Research by Pew and the Center for Responsible Lending also contradict opponents’ arguments that...

Blunt Rochester’s bill is co-sponsored by Republican Mike Rounds of South Dakota, among other senators. Blunt Rochester says she is proud to have a bipartisan bill that is also supported by the VA, the National Consumer Law Center and the Center for Responsible Lending.

The Consumer Financial Protection Bureau has been an effective watchdog for consumers, and its secure, independent funding is key to its effectiveness. That's why a new proposal from the Senate Banking Committee for the massive budget bill now quickly moving through Congress (H.R. 1) to eliminate this source of funding for the Consumer Bureau is so dangerous. Congress wisely created...

While we don’t have a central database on total debt, different studies can shed light on the types of consumers who use BNPL services. There are some data points about BNPL users that suggest they’re “financially vulnerable,” said Nadine Chabrier, senior litigation and policy counsel at the Center for Responsible Lending.

Critics say the bill as drafted exempts app-based lenders from state laws that “prohibit lending that is discriminatory, is deceptive, or carries extremely high interest rates.” The Center for Responsible Lending said in a statement that the new law makes it easier for Marylanders to be sucked into “financial quicksand” because of payday loan apps. “The bill becoming law but...

EWA providers make their money from repeat users, said Whitney Barkley Denney, deputy director of state policy and senior policy counsel at the Center for Responsible Lending. “They take out maybe $50 or $100 before payday, payday comes around, they don't have the $50 or $100 on payday, so they need to borrow it again,” she said. “And so we...

For more than a decade, consumers have lauded the Consumer Financial Protection Bureau (CFPB) for its myriad accomplishments that have brought transparency and fairness to the financial marketplace. Earlier this year, a survey commissioned by the Center for Responsible Lending found that 82 percent of Americans believe it is important to regulate financial services to ensure they are fair for...

Consumer groups like the National Consumer Law Center and the Center for Responsible Lending have long argued that overdraft fees disproportionately impact low-income households. These reforms are intended to protect vulnerable consumers and reduce the risk of debt spirals caused by repeated fees.