Skip to main content

Search form

Press Releases

July 29, 2021
WASHINGTON, D.C. – Today, the leadership of Independence University told its faculty the school will close on August 1 in an email that also instructed recipients not to inform students and borrowers of the closure. Independence U. Lays Off Staff, Says Feds Stopped Aid | Republic Report Independence University announced to its staff this week that they would be laid off in the next 60 days because the school lost accreditation and federal funding, but claimed the school would stay open. Enrolling about 7,000 students, it is the last remaining college operated by the Center for Excellence...
July 28, 2021
CRL to testify in support of legislation at Senate hearing scheduled for tomorrow morning WASHINGTON, D.C. – Today, U.S. Senators Jack Reed (D-R.I.) and Sherrod Brown (D-Ohio) – chairs of the Senate Armed Services and Senate Banking committees respectively – along with Senators Jeff Merkley (D-Ore.) and Chris Van Hollen (D-Md.) introduced the Veterans and Consumers Fair Credit Act. The legislation would establish a national 36% annual percentage rate (APR) cap for consumer loans while making clear that it would not interfere with state rate limits lower than that. The bill will be...
July 23, 2021
OAKLAND, CALIF. – California’s Department of Financial Protection and Innovation (DFPI) this week released a report revealing that the state’s payday lenders made fewer than 6.1 million loans with a value of $1.68 billion in 2020, which represents a 40 percent decline overall and a 30 percent decline in customers from 2019. The decrease can be attributed to several factors, including stimulus checks issued by the federal government, local moratoriums on payments and loan forbearances during the COVID-19 pandemic. The decline is consistent with trends in other states and other forms of...
July 21, 2021
Washington, D.C. – The Office of the Comptroller of the Currency (OCC) this week announced that it will work to rescind Trump-era rules that weakened the Community Reinvestment Act (CRA) and that it will work jointly with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) to strengthen and modernize regulations implementing the CRA. The 2020 CRA rule implemented new standards for evaluating bank performance and for collecting, maintaining, and reporting data used in the evaluation process. The framework was controversial from its inception and was adopted...
July 21, 2021
WASHINGTON, D.C. — Today, the Center for Responsible Lending (CRL), the Institute for College Access and Success (TICAS), the American Federation of Teachers (AFT), New America’s Higher Education Program, and Veterans Education Success (VES) submitted a letter to the U.S. Department of Education opposing the proposed acquisition of Walden University by Adtalem, a corporation that operates for-profit educational institutions. Adtalem has reached agreement to acquire Walden from another for-profit operator, Laureate Education. The Department gave preliminary approval for the change of...
July 16, 2021
WASHINGTON, D.C. – Today, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) formally introduced three bills to help more people afford to have a roof over their head without sacrificing food, medicine, or other life necessities. The legislative package – the Downpayment Toward Equity Act of 2021, Ending Homelessness Act of 2021, and Housing Is Infrastructure Act of 2021 – has received the endorsement of the Center for Responsible Lending (CRL). “Chairwoman Waters is a long-time champion of fair and affordable housing. Her proposed legislative package addresses our...
July 14, 2021
WASHINGTON, DC – Provisions of the Fair Housing Act which fight our nation’s legacy of government-sponsored residential segregation and discrimination could again be enforced if a proposed federal rule is adopted by the Department of Housing and Urban Development (HUD), according to a letter released by fair housing groups. The letter supports restoration of the Affirmatively Furthering Fair Housing (AFFH) rule which is essential to fostering inclusive housing in communities, and was submitted by the Lawyers’ Committee for Civil Rights Under Law, the NAACP Legal Defense Fund, the Center for...
July 9, 2021
WASHINGTON, D.C. – One of the largest student loan debt servicers, the Pennsylvania Higher Education Assistance Authority (PHEAA), announced Thursday that it would no longer service student loans when its contract with the federal government ends in December. PHEAA, which operates as FedLoan Servicing, services student loans for about 8.5 million borrowers, representing approximately 20 percent of all federal student loan borrowers. Center for Responsible Lending (CRL) Senior Policy Counsel Whitney Barkley-Denney issued the following statement: The student debt repayment system in...
July 1, 2021
WASHINGTON, D.C. – Yesterday, President Biden signed bipartisan Congressional legislation rescinding the misleadingly named “true lender” rule issued by the Office of the Comptroller of the Currency (OCC) late last year. Sen. Chris Van Hollen (D-Md.), Senate Banking Chair Sherrod Brown (D-Ohio), House Financial Services Chair Maxine Waters (D-CA), and Rep. Jesus “Chuy” Garcia (D-IL) led the push to overturn the rule. The rule enabled the “rent-a-bank” scheme, in which high-cost lenders pay a bank willing to pose as the lender on loan documents in order to charge interest rates far in...
June 30, 2021
WASHINGTON, D.C. -- Rep. Carolyn B. Maloney (NY-12) today introduced the Overdraft Protection Act of 2021. This legislation, aimed at establishing fair and transparent practices related to provision of overdraft coverage programs, would provide strong consumer protections and protect vulnerable populations from abusive bank practices. Center for Responsible Lending (CRL) Senior Policy Counsel Rebecca Borné released the following statement: We applaud Congresswoman Maloney for her efforts to curb abusive overdraft fees imposed by banks, which disproportionately affect low-income and...

Pages