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Press Releases

June 1, 2020
WASHINGTON, D.C. - Center for Responsible Lending President Mike Calhoun released the following statement today on the recent protests that took place over the weekend: Communities across the country rightly expressed their raw, unfiltered emotions because of the complacency that has allowed racism and oppression to continue in the United States. The senseless killings of unarmed black men and women—like George Floyd, Ahmaud Arbery, Breonna Taylor, and so many others before them—by irrational, and often racist, law enforcement officers are both heart-shattering and enraging. These...
May 29, 2020
WASHINGTON, D.C. - Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The Federal Deposit Insurance Corp. proposed a similar rule but has not finalized it. The rules were strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations, and may face legal challenges. At least 45...
May 29, 2020
Coalition of civil rights and consumer organizations urge Senate to include provisions to strengthen PPP’s infrastructure WASHINGTON, D.C. - The U.S. House of Representatives recently passed H.R. 7010, the Paycheck Protection Program Flexibility Act. The bill makes two important improvements to the Paycheck Protection Program (PPP), including extending the covered expense period from 8 to 24 weeks and pushing back the PPP processing deadline from June 30 to December 31, 2020. The legislation did not include several key fixes that are critically important for ensuring that the smallest...
May 29, 2020
WASHINGTON, D.C. – Today, President Donald Trump vetoed H.J. Res. 76, a resolution which would have invalidated the Department of Education’s 2019 harmful Borrower Defense (BD) Rule. The 2019 rule weakens accountability for predatory for-profit colleges and prevents defrauded students from accessing relief. Center for Responsible Lending Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: Despite bipartisan Congressional support, and advocacy by several veterans groups, the Trump Administration has once again chosen to shield predatory for-...
May 20, 2020
Around a decade ago, banks’ “deposit advance” products put borrowers in an average of 19 loans per year at more than 200% annual interest Important FDIC consumer protections repealed WASHINGTON, D.C. – Today, four banking regulators jointly issued new small dollar lending guidance that lacks the explicit consumer protections it should have. At the same time, it does require that loans be responsible, fair, and safe and sound, so banks would be wrong to use it as cover to once again issue payday loans or other high-interest credit. The guidance also explicitly advises against loans that...
May 20, 2020
WASHINGTON, D.C. - Today, the Office of the Comptroller of the Currency (OCC) released the final version of a rule to modernize the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corp., which jointly released the CRA proposed rule with the OCC, did not join in this final announcement. The Federal Reserve Board did not sign on to the proposed rule or the final rule. OCC Comptroller Joseph Otting also announced that he is stepping down from the agency. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: The final rule...
May 15, 2020
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act shows strong promise and addresses important needs of low-wealth families impacted by COVID-19, such as mortgage and forbearance relief, extended unemployment benefits and food assistance, and protections against harmful debt collection activities and...
May 13, 2020
WASHINGTON, D.C. – The U.S. House of Representatives, led by Speaker Nancy Pelosi (D-Calif.), yesterday released the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act would help prevent families from losing their homes and stop an avalanche of debt that threatens to bury them. The HEROES Act would help protect the communities and families that have been hardest hit by...
May 12, 2020
“A majority of Americans across all regions of the U.S. support permanently reducing student loan debt by $20,000 for all borrowers.” WASHINGTON, D.C. - The Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) released a bipartisan poll today showing that Americans around the country and across partisan identities strongly support student debt reduction during the COVID-19 pandemic. Specifically, the poll indicates that a majority of voters support at least $20,000 in student debt reduction. Lake Research Partners and Chesapeake Beach Consulting designed this...
April 23, 2020
WASHINGTON, D.C. - Today, the U.S. House of Representatives approved a small business package that the U.S. Senate approved by unanimous consent earlier this week. The bill aims to replenish funding for the Paycheck Protection Program (PPP), the loan program designed to help struggling small businesses hurt by the COVID-19 crisis. In the bill, lawmakers agreed to appropriate $310 billion to the PPP, which ran out of its initial funding capacity last week. Unfortunately, like the initial PPP funding, most of these new funds will continue to go to larger, wealthier and less diverse...

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