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Press Releases

July 21, 2020
OCC Seeks to Bless Bank/Payday Lender Partnerships that Enabled Evasion of NC Usury Caps in Early 2000’s Durham, NC — Yesterday, the Office of the Comptroller of the Currency (OCC) proposed a rule that would allow predatory lenders to partner with out-of-state banks for the purpose of evading North Carolina’s interest rate cap. The “true lender” rule would enable the same situation that the North Carolina Banking Commissioner put a stop to in 2006. Payday lenders like Advance America were operating all over the state, charging annual interest rates up to 400%, which violated North...
July 20, 2020
Bank regulator’s plan would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) proposed a so-called “true lender” rule that would facilitate fraudulent “rent-a-bank” schemes where a non-bank lender forms a superficial partnership with a bank in order to charge interest rates beyond what state law allows non-banks to charge. Center for Responsible Lending (CRL) Director of State Policy Lisa Stifler issued the following statement: The last thing we need now are more predatory, high...
July 20, 2020
For Planning Purposes: ***Advisory for Thursday, July 23, AT 3:30 p.m. ET/ 12:30 p.m. PT*** The Civil Rights Fight Behind Dodd-Frank: A Reflection of the Last Decade With special speakers: Congresswoman Maxine Waters & U.S. Senator Elizabeth Warren WASHINGTON, D.C. - On Thursday, July 23, at 3:30 p.m. ET/ 12:30 p.m. PT, the Center for Responsible Lending (CRL) will host a virtual panel discussion to commemorate 10 years since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which established the Consumer Financial Protection Bureau (CFPB). The...
July 18, 2020
WASHINGTON, D.C. – Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement today on the passing of civil rights hero U.S. Congressman John Lewis: We are heartbroken by the passing of Congressman John Lewis. His steadfast leadership and immeasurable contribution to the civil rights movement’s fight for freedom and justice changed the course of our nation’s history. He was the son of sharecroppers who became a devoted public servant continuing to push America towards her ideals along the way. He truly embodied what it means to be an American...
July 15, 2020
Student Debt Cancellation Will Boost the Economy and Create Jobs Washington, D.C. — Today, 101 civil rights, consumer and advocacy organizations and think tanks sent a joint letter to House and Senate leadership, urging them to include student debt cancellation in the next economic stimulus package. Led by Center for Responsible Lending, American for Financial Reform, Demos, and Freedom to Prosper, the letter stresses the ways that if left unaddressed, the student debt trap will deepen our current recession, slow our economic recovery, exacerbate inequality, and deepen a crisis already...
July 15, 2020
Bank of America, Quicken Loans, Citi , Wells Fargo, National Association of Realtors call on HUD to hold off on issuing a final Disparate Impact Rule WASHINGTON, D.C. – Today, leading civil rights groups commended mortgage lenders and industry leaders now advocating for the Department of Housing and Urban Development (HUD) to refrain from issuing a final Disparate Impact rule. These civil rights organizations are also renewing their own push for the agency to pull its dangerous proposal that would gut longstanding civil rights protections for addressing systemic racism in housing. Like...
July 7, 2020
As families are knocked down by the COVID-19 public health and economic crisis, the CFPB keeps families exposed to financial ruin from unaffordable 400% interest rate loans WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau’s (CFPB) Trump-appointed Director Kathy Kraninger released a final rule that eliminates basic protections from payday and car-title loans that trap consumers in debt. Today’s action guts the 2017 CFPB Payday Rule by eliminating that rule’s main consumer protection: the commonsense requirement that lenders verify borrowers have the ability to repay a loan...
July 2, 2020
The bank regulator’s plan provides an avenue for lenders to evade state laws that cap interest rates and to harm families suffering most in this economic downturn Described as “recipe for disaster” and as a way to “fuel financial exclusion" WASHINGTON, D.C. – The Center for Responsible Lending (CRL) joined with a broad coalition of advocacy organizations in two public comment letters warning the Federal Deposit Insurance Corporation (FDIC) that its proposed rule for chartering additional underregulated Industrial Loan Companies (ILCs) would expand predatory, high-interest lending. The...
July 1, 2020
WASHINGTON, D.C. - Last night, the U.S. Senate approved a bill to extend the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) application deadline. The bill extends the PPP authorization cutoff from June 30 to August 8, 2020, preserving funding for additional PPP loans. The bill now goes to the U.S. House of Representatives for consideration. The Senate legislation also decouples the PPP authorization from the SBA 7(a) program, eliminating the risk that the regular 7(a) program could shut down when the PPP hits its authorization cap. More than $100 billion in relief...
June 29, 2020
WASHINGTON, D.C. - Today, the U.S. Supreme Court released their decision in Seila Law LLC v. Consumer Financial Protection Bureau, where it found that the CFPB's leadership structure, which features a single head removable only for inefficiency, neglect, or malfeasance, is unconstitutional. In January, the Center for Responsible Lending and Cohen Milstein Sellers & Toll PLLC (Cohen Milstein) submitted an amicus brief to the United States Supreme Court in the case on behalf of their clients, community development financial institutions (CDFIs) Self-Help Credit Union, Hope Enterprise...

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