Press Releases

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...

Voters also support protections on overdraft fees, credit card late fees and privacy WASHINGTON, DC – In advance of Russell Vought’s first-ever congressional testimony as acting director at the Consumer Financial Protection Bureau (CFPB) this week, the Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) today released a new poll demonstrating that, across the political spectrum, likely...

WASHINGTON, D.C. — A federal district court yesterday vacated the Trump administration's Public Service Loan Forgiveness (PSLF) rule that would have allowed the U.S. Department of Education to exclude otherwise eligible employers from the program based on a "substantial illegal purpose" standard. The court’s decision leaves existing PSLF eligibility rules in place and prevents the new restrictions from taking effect...

New polling shows near universal support among voters for requiring apps to charge no more than 36% APR WASHINGTON — A coalition of more than 225 labor, civil rights, consumer and community groups urged members of the U.S. House of Representatives to oppose H.R. 9330, legislation scheduled to be voted on momentarily in the House Financial Services Committee. The groups...