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Press Releases

August 5, 2020
WASHINGTON, DC – The Center for Responsible Lending (CRL), The Leadership Conference on Civil and Human Rights, NAACP, National CAPACD, and UnidosUS submitted a joint comment to the Consumer Financial Protection Bureau (CFPB) in response to the agency’s Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) that fails to protect consumers against stale, time-barred “zombie” debt, for which the statute of limitations has expired. The rule supplements a proposed debt collection rule that the CFPB released last year. The Supplemental NPRM gives the green light for debt collectors to...
July 31, 2020
WASHINGTON, D.C. - The Center for Responsible Lending, National Consumer Law Center, and National Community Reinvestment Coalition filed an amicus brief in Lacewell v. Office of the Comptroller of the Currency (OCC), in support of the plaintiff, the New York State Department of Financial Services (DFS), against the OCC’s plan to issue “special purpose national bank” charters to nonbank lenders. In the brief, the group urged the Second Circuit Court of Appeals to uphold the lower court’s decision to block the OCC from issuing nonbank "bank" charters since doing so would allow free reign for...
July 29, 2020
Washington, D.C. — The Bank Policy Institute (BPI), Center for Responsible Lending (CRL) and Independent Community Bankers of America (ICBA) today urged Congress to impose a three-year moratorium on industrial loan company licensing applications. The moratorium on Federal Deposit Insurance Corporation approvals would provide Congress time to close the ILC loophole and ensure ILCs and their parent companies don’t pose unnecessary risks to consumers and taxpayers. “ILCs offer banking products and services that are functionally indistinguishable from those offered by banks, but the ILC...
July 29, 2020
WASHINGTON, D.C. - Today, State Attorneys General from California, Illinois, and New York filed a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently announced final rule that encourages online nonbank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The rule was strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations. At least 45 states and the District of Columbia (D.C.) cap...
July 28, 2020
WASHINGTON D.C. – Last night, the U.S. Senate unveiled a $1 trillion rescue package called the HEALS Act in response to the ongoing public health and economic crisis resulting from the COVID-19 pandemic. The bill falls far short of what is needed to support families and businesses in this crisis. It fails to include additional funding to state and local governments, extend the eviction moratorium and provide rental assistance, include provisions to protect consumers from predatory debt collection practices, provide relief for student loan borrowers, and add structural program fixes needed for...
July 24, 2020
WASHINGTON, D.C. - This week, President Trump issued an unconstitutional memorandum barring undocumented immigrants from being counted in the Census when lawmakers redraw Congressional Districts next year. Center for Responsible Lending President Mike Calhoun released the following statement: This unconstitutional memorandum is effectively robbing immigrants of their humanity, agency, and dignity as contributing and integral members of American society and culture. Undocumented people deserve to be counted and live in communities where they’re treated and represented fairly. The...
July 23, 2020
Fair housing advocates denounce Trump’s newest effort to eliminate a critical tool to desegregate communities and call on the president to instead concentrate on ensuring housing equity during a pandemic. Washington, D.C.- Today, a coalition of civil rights, affordable housing and consumer advocacy organizations condemned the move by the Trump administration to eliminate a critical tool for addressing systemic racism and segregation in our communities. In its haste to undermine this central component of the Fair Housing Act, the administration has done an end run around the normal...
July 21, 2020
On Thursday, July 23, CRL to host virtual discussion to commemorate Dodd-Frank anniversary with special introductions by Congresswoman Maxine Waters & U.S. Senator Elizabeth Warren View virtual talk and RSVP details. WASHINGTON, D.C. – Center for Responsible Lending (CRL) President Mike Calhoun released the following statement marking the 10-year anniversary since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law: Dodd-Frank is landmark legislation that has given consumers, especially low-income Americans and consumers of color, a much-needed and...
July 21, 2020
OCC Seeks to Bless Bank/Payday Lender Partnerships that Enabled Evasion of NC Usury Caps in Early 2000’s Durham, NC — Yesterday, the Office of the Comptroller of the Currency (OCC) proposed a rule that would allow predatory lenders to partner with out-of-state banks for the purpose of evading North Carolina’s interest rate cap. The “true lender” rule would enable the same situation that the North Carolina Banking Commissioner put a stop to in 2006. Payday lenders like Advance America were operating all over the state, charging annual interest rates up to 400%, which violated North...
July 20, 2020
Bank regulator’s plan would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) proposed a so-called “true lender” rule that would facilitate fraudulent “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 law allows non-banks to charge. Center for Responsible Lending (CRL) Director of State Policy Lisa Stifler issued the following statement: The last thing we need now are more predatory, high...

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