Press Releases

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...

Voters of both parties and independent voters also agree that payday loan app interest rates should be capped at 36 percent and follow other consumer protections Washington, D.C. — A new poll commissioned by Americans for Financial Reform and the Center for Responsible Lending found that 86 percent of voters across parties agree that financial technology companies should follow the...

Unprecedented bids could create the first national banks dedicated to predatory lending WASHINGTON, D.C. — More than 60 consumer, civil rights, labor, small business, legal services and community groups, and academics yesterday urged the Federal Reserve Board of Governors to hold public hearings and take a vote of the governors on the bids of two Chicago-based, high-cost lenders, Enova International...

With auto loan debt at a historic high, report calls for Trump Administration, states to tackle predatory practices DURHAM, N.C. — With auto loan delinquencies and defaults as well as vehicle repossessions at the highest levels since the Great Recession, the Center for Responsible Lending (CRL) today released a new report, “ ‘We Woke Up to Them Taking Our Car’...

WASHINGTON, DC — It was announced this morning that former Congressman Barney Frank, co-author of the eponymous Dodd-Frank Wall Street Reform and Consumer Protection Act, has died. “Our heart goes out to Congressman Frank’s husband, family, and friends for their loss,” said Mike Calhoun, president at the Center for Responsible Lending. “In the aftermath of the 2008 financial crisis, the...

Julian Bond Institute's “Ambition Without Access” survey finds the racial wealth gap is not a motivation problem — it is a structural access problem WASHINGTON, DC — Amid historic affordability challenges in the U.S., a new study released today by the Julian Bond Institute for Financial Equity Research (JBI) debunks preconceived notions that younger, more diverse generations lack motivation to...

Groups Urge Lawmakers to Reject Enova and OppFi’s National Bank Applications and to Support State and Federal Interest Rate Limits WASHINGTON – Today, over 100 consumer, civil rights, and community organizations sent a letter urging members of Congress to stop predatory bank loans by opposing the unprecedented national bank applications of Enova and OppFi. The letter also urged members to...

Washington, D.C. — The Consumer Financial Protection Bureau released its final 1071 small business lending data rule yesterday, which severely weakens key requirements to collect demographic information from borrowers. Graciela Aponte-Diaz, vice president of community engagement at the Center for Responsible Lending (CRL), made the following statement: Less data results in less transparency and less understanding of the small business...

Harms of Opp-Fi Bank’s High-Cost Loans Recently Were Highlighted in CRL Report Washington, DC – Federal banking regulators must not allow predatory lenders to acquire a national bank charter and expand their ability to offer high-cost loans that cause long-term financial distress for working people struggling to manage today’s affordability challenges, said the Center for Responsible Lending (CRL). Opportunity Financial...