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Press Releases

January 6, 2021
Washington, D.C. – The Center for Responsible Lending (CRL) strongly condemns the acts of violence seen today at the U.S. Capitol Building during the improper Congressional attempts to overturn the state-certified electoral votes for President-elect Joe Biden and Vice President-elect Harris. CRL President Mike Calhoun released the following statement: There should be no place for today’s events in an organized democracy such as ours. We pray for the future of our nation, the safety of our citizens and lawmakers, and the preservation of our democracy. We call for a peaceful transfer of...
January 5, 2021
WASHINGTON, D.C. – With just days left in President Trump’s Administration, a federal government agency has been moving forward with a proposal that could essentially force banks to finance payday and predatory installment lenders charging annual interest rates above 100% along with a range of other companies that pose risks to banks and the public. The Office of the Comptroller of the Currency (OCC) yesterday ended its comment period on the proposed rule, officially titled “Fair Access to Financial Services,” which is expected to limit banks’ ability to decide not to serve certain industries...
December 22, 2020
Advocates argue that the OCC letter issued late Friday will not save the OCC rule that facilitates usurious loans with interest rates that are higher than what state laws allow WASHINGTON, D.C. – Several civil rights and consumer groups filed an amicus brief in support of the attorneys general of California, Illinois, and New York in their case against a rule from the Office of the Comptroller of the Currency (OCC) that encourages predatory lending through “rent-a-bank” schemes. The OCC’s non-bank interest rate rule facilitates non-bank lenders’ efforts to form superficial partnerships...
December 21, 2020
WASHINGTON, D.C. – Today, Congress is set to pass a coronavirus relief package that is crucial and yet falls short of fully addressing the great, pressing needs of a nation in crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington made the following statement: As the number of dead surpasses 315,000 and millions of families find themselves at risk of losing their homes, Congress finally presents us with a relief package that is sorely needed. But it is not expansive enough to bring necessary relief and stability to our nation,...
December 18, 2020
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released the second part of its final debt collection rule, which includes new provisions on time-barred or “zombie” debt for which the statute of limitations has expired, validation notices, and language access, among others. The first part of the rule, released in October, focused on telephone calls and electronic communications. Despite the urging of many advocacy organizations, including the Center for Responsible Lending (CRL), the CFPB’s final rule does not ban the collection of time-barred debt out of court....
December 17, 2020
Washington, D.C. – Today, the Center for Responsible Lending, Bank Policy Institute and the Independent Community Bankers of America issued the following joint statement in response to a vote by the FDIC to approve a final rule on Industrial Loan Companies (ILCs): On Tuesday, the Federal Deposit Insurance Corporation finalized its rule governing supervision of parent companies of industrial loan companies. The FDIC has stated that this rule will formalize and strengthen the existing supervisory processes and policies that apply to parent companies of ILCs that are not subject to Federal...
December 15, 2020
Makes it easier for lenders to exploit more financially vulnerable families WASHINGTON, D.C. – Today, the Federal Deposit Insurance Corporation (FDIC) approved a new final rule to facilitate chartering additional under-regulated Industrial Loan Companies (ILCs). The FDIC rule will encourage non-bank companies to acquire banks or seek ILC charters for their subsidiaries that enable those ILCs to preempt state consumer protection laws, including interest rate caps, without the federal oversight of the parent company required for traditional banks. The FDIC is already ignoring rent-a-bank...
December 11, 2020
Access to safe mortgage products and wealth-building opportunities of homeownership are at stake Update to implementation of the Dodd-Frank law’s overhaul of the housing market and its requirement that lenders check borrowers’ ability-to-repay WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday released two final rules that update guidelines for what are considered borrower-safe qualified mortgage (QM) loans that provide lenders protection against litigation. The first rule is the General QM Final Rule. The second rule establishes a separate category for QMs,...
December 7, 2020
WASHINGTON, D.C. – Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement on the passing last night of longtime U.S. Senator Paul Sarbanes (D-Md.), who chaired the Senate Banking, Housing, and Urban Affairs Committee: Our heartfelt condolences go out to Senator Sarbanes’s family as they mourn his passing. For decades, Senator Sarbanes was a champion for affordable, sustainable housing and for consumer protection. He brought to light predatory mortgage lending practices that proliferated in the early 2000s, including hidden costs and...
December 4, 2020
WASHINGTON, D.C. - Secretary of Education Betsy DeVos announced Friday evening that the Trump Administration will extend the federal student loan repayment forbearance, including suspension of interest accrual and collections activity, through Jan. 31, 2021. Center for Responsible Lending Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: While we are relieved that payments will not resume in January, a one-month extension is insufficient. Congress needs to approve a stimulus relief package that will pause student loan payments for the...

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