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Press Releases

November 23, 2020
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) released a policy report illustrating a path out of the student debt crisis and proposing solutions for a more equitable and efficient higher education system. Road to Relief: Supporting Federal Student Loan Borrowers During the COVID-19 Crisis and Beyond lays out a roadmap with four recommendations for policymakers to provide substantial relief to student borrowers as they navigate the COVID-19 public health crisis and recession, allowing them to emerge with greater financial...
November 21, 2020
DURHAM, N.C. – Yesterday, Federal Reserve Chairman Jerome Powell announced his intention to comply with a request by Treasury Secretary Steven Mnuchin that the Federal Reserve return unused emergency relief funds by the end of the year. Center for Responsible Lending Executive Vice President Keith Corbett made the following statement: Our country continues to be roiled by a pandemic that is taking the lives of hundreds of thousands of people. The worst impacts of this catastrophe, both health-wise and economically, are being experienced in Black and Brown communities. And yet the...
November 19, 2020
Impact felt most by lower wealth families and families of color WASHINGTON, D.C. – Late yesterday, the Federal Housing Finance Agency (FHFA) released its final rule on capital requirements for Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs) that FHFA oversees and that provide financial backing for half of all mortgages in America. Center for Responsible Lending (CRL) Executive Vice President Nikitra Bailey released the following statement: During the Financial Crisis, taxpayers stepped in to save Fannie Mae and Freddie Mac. The GSEs were rescued and receive ongoing...
November 18, 2020
Washington, D.C. — Today, over 235 organizations sent a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. In the letter, 238 nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce the racial wealth gap, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and...
November 12, 2020
DURHAM, N.C. – Today, the Center for Responsible Lending released a report outlining higher education policy recommendations that states should enact to avoid repeating the unequal recovery of 2010, as our nation deals with the dual crises of an out-of-control pandemic and the resulting economic collapse. The CRL report, “System Reboot: Challenges & Opportunities at the State Level for Higher Education During COVID-19 & Beyond,” recommends states take steps in the following areas to protect students most impacted by disruptions to their college education and the burdens of...
November 7, 2020
WASHINGTON, D.C. - Today, it was announced that Joseph Biden will be the 46th President of the United States along with Kamala Harris as his Vice President. Center for Responsible Lending President Mike Calhoun released the following statement: The COVID-19 economic collapse has left the finances of many families in tatters, especially in Black and Brown communities, which have been hit the hardest by the crisis. The situation is dire, making quick enactment of long-overdue relief measures vitally important. To prevent mass foreclosures, evictions, bankruptcies, and other financial...
November 4, 2020
DURHAM, N.C. – Nebraskans voted for Initiative 428 to stop triple-digit predatory lending by reducing annual interest rates from an average of over 400% to 36%. The initiative passed by an overwhelming majority of 83% of the vote. Nebraska joins Colorado (2018) and South Dakota (2016) in enacting this reform through a citizen’s initiative in recent years. Payday loans carry an average of 400% interest rates and are designed to create a long-term cycle of debt. The average borrower ends up with 10 loans per year and payday lenders derive 75% of their fees from borrowers who end up with more...
October 30, 2020
One-Third of U.S. Adults with a Credit Report Have Debt in Collection Washington, D.C. – The National Consumer Law Center, on behalf of its low income clients, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Federation of America, and the National Association of Consumer Advocates, expressed relief that the Consumer Financial Protection Bureau’s final debt collection rule drops or punts on some of the most harmful parts of its proposal, but advocates still opposed the high call cap that will permit telephone harassment and noted with concern that the...
October 29, 2020
CFPB Repeal Rule Will Leave Consumers at the Mercy of Payday Lenders’ Abuses WASHINGTON, D.C. – The National Association for Latino Community Asset Builders (NALCAB), represented by Public Citizen and the Center for Responsible Lending (CRL), sued the U.S. Consumer Financial Protection Bureau (CFPB) today in the U.S. District Court for the District of Columbia, seeking to overturn a regulation issued in July 2020 concerning short-term payday and auto-title lending (a link to the complaint is here). The regulation repeals consumer protection measures that the agency adopted in 2017 to...
October 28, 2020
Bank regulator’s rule would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – The Office of the Comptroller of the Currency (OCC) yesterday issued a so-called "true lender" rule that would facilitate "rent-a-bank" schemes where a non-bank lender forms a superficial partnership with a bank in order to charge interest rates beyond what state laws allow non-banks to charge. Center for Responsible Lending (CRL) Director of State Policy Lisa Stifler issued the following statement: This new rule creates an avenue that would facilitate...

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