Press Releases

WASHINGTON, D.C. — Yesterday, the Trump administration dropped two appeals defending a rule that would have restricted which employers qualify for Public Service Loan Forgiveness (PSLF). Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending, made the following statement: The rule of law matters, and so does keeping promises to borrowers. Congress created PSLF to ensure that...

Washington, DC — The Julian Bond Institute (JBI) at the Center for Responsible Lending (CRL) today released a new report, “Homeownership Further Out of Reach: The Number of Years First-Time Homebuyers Need to Save for Down Payment and Closing Costs Has Doubled Since 2019.” The analysis demonstrated a sharp increase in the years to save across race, income, frontline workers...

Durham, N.C. — The Center for Responsible Lending (CRL) and its Julian Bond Institute (JBI) today released new research, “ The Cost of Payday Loan Apps in Your State,” with state-specific data demonstrating very high costs and rates of reborrowing. CRL illustrates this information through an interactive map as well as factsheets for all 50 states, DC, and nationwide. “Our...

DURHAM, NC – High-cost lenders continue to use out of state “Rent-a-Bank” partnerships to evade North Carolina interest rate caps and consumer protections, making it harder for households to meet their basic needs and build financial stability, according to a report issued today by the Durham-based Center for Responsible Lending (CRL). The report, “ Above the Law: How Tech-Enabled High-Cost...

WASHINGTON, DC — The U.S. House Committee on Financial Services is scheduled to vote as soon as Wednesday on a bill (H.R. 7866) that would hamper states’ ability to stop out-of-state lenders from charging 100%+ APR to their residents. Identical companion legislation has been introduced in the Senate as S. 3889. “This bill would exacerbate the affordability crisis by exposing...

On news that the lender Enova International — which is publicly listed and operates consumer brands CashNetUSA and NetCredit and small business lender OnDesk ­— withdrew its application to become a bank, Center for Responsible Lending President Mike Calhoun issued the following statement: Unaffordable, predatory lending that financially destroys working families and small businesses should have no place in our...

Julian Bond Institute Report Highlights Aspirations and Hurdles to Financial Stability for Atlanta’s Westside DURHAM, NC – Residents of English Avenue and Vine City want planned reinvestment in the Westside Atlanta neighborhoods to include expanded opportunities for economic mobility, protections and safeguards against community wealth-stripping, and increased access to banking services and financial education to help residents achieve the financial...

120+ Advocates Urge FDIC, OCC, and Fed To Deny OppFi’s Request to Acquire BNC Bank WASHINGTON – A broad coalition filed comments urging regulators to deny the application of the predatory lender Opportunity Financial (“OppFi”) to acquire a national bank. If the deal is approved, OppFi could offer loans up to 195% APR, and payday loan apps carrying even higher...

WASHINGTON, D.C. — The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) today proposed massive changes to the Community Reinvestment Act (CRA). In response, Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement: This plan would siphon away investment from the very communities in rural and urban America that most...

DURHAM, N.C. — Today, the Center for Responsible Lending (CRL) announced that Center for Community Self-Help Executive Vice President Crystal German will become president of CRL’s Julian Bond Institute (JBI), starting August 1. Alongside this new role at JBI, Ms. German will continue as EVP at Self-Help, where she leads its mortgage credit, community engagement, marketing and communications, and fundraising...