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Press Releases

February 22, 2021
WASHINGTON, D.C. – Today, President Biden announced several fixes to the rules of the Paycheck Protection Program (PPP), including one that will ensure a more accurate determination of the level of small business relief that sole proprietors and independent contractors need and are entitled to receive. Over 100 organizations supporting African American, Latino and immigrant-owned businesses recently called for immediate changes to ensure that relief gets to the business owners who need it the most. This important change will help millions of small business owners across the country,...
February 18, 2021
WASHINGTON, D.C. – The Center for Community Self-Help (Self-Help) and its policy-focused affiliate, the Center for Responsible Lending (CRL), called for stronger rules implementing the Community Reinvestment Act (CRA) – a landmark civil rights and anti-redlining law – in their jointly filed comment letter to the Federal Reserve Board on its Advanced Notice of Proposed Rulemaking (ANPR). Melissa Stegman, Senior Policy Counsel at CRL, issued the following statement: The COVID-19 crisis has shown how the deck has been stacked against people of color as they look for a small business loan...
February 17, 2021
Seventeen states and DC now cap rates at around 36% or lower to stop abusive debt trap loans, with Illinois poised to become the eighteenth DURHAM, NC – Today, the Center for Responsible Lending (CRL) released a new map showing the typical annual interest rate of a payday loan in states across the country. The map reflects a trend toward stopping loans of 400% APR and more, with a long way yet to go before protections cover all U.S. families. In spite of the progress, states with rate caps face threats from predatory lenders that are partnering with out-of-state banks in order to evade...
February 12, 2021
WASHINGTON, D.C. – Today, 100 organizations supporting African American, Latino and immigrant-owned businesses called on the Department of Treasury, the Small Business Administration and Congressional leaders to enact immediate changes to ensure that relief through the Paycheck Protection Program (PPP) gets to the business owners who need it the most. Organizations signing on include the Center for Responsible Lending, Local Initiatives Support Coalition, American Business Immigration Coalition, Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), U.S....
February 10, 2021
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released an analysis that connects the dots between student loan default and delinquency rates among Black and Latino business owners and barriers to accessing Paycheck Protection Program (PPP) loans intended to keep small businesses alive during the pandemic. Over 800,000 self-employed people were behind on their student debt before the pandemic and may be ineligible or have the perception that they are ineligible for the relief they need to survive in a faltering economy. Because of structural inequities including racial...
February 5, 2021
Housing and Civil Rights Groups Call for Homeowner Assistance Fund to Avoid New Wave of Foreclosures and Devastating Effects for Communities of Color WASHINGTON, D.C. – Today, leading housing and civil rights groups applauded Senator Jack Reed’s reintroduction of the Homeowner Assistance Fund bill as Congress and the Biden administration consider the next COVID-19 relief package. Senators Sherrod Brown and Patrick Leahy are lead cosponsors of the bill. The Homeowner Assistance Fund would provide a critical safety net for millions of families who are behind on their mortgages or already in...
February 5, 2021
WASHINGTON, D.C. – Today, the U.S. House of Representatives approved the budget resolution for President Biden’s $1.9 trillion COVID-19 relief proposal. This vote comes after Senate Democrats passed the resolution with a simple majority of 51 votes, part of a procedural tool known as reconciliation. Congress will now write a final bill that can be passed by a simple majority in both chambers. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: The budget resolution approved today is a good first step...
February 3, 2021
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) filed a brief in the Supreme Court in support of Thelma McCoy's petition to have the court take up undue hardship discharge for student debt in bankruptcy. Currently and for some time, different courts of appeal have split in how they interpret what is "undue hardship," with some courts taking a holistic "totality of the circumstances" approach and others following a rigid, demanding test known as the Brunner test. A number of courts representing some of the Blackest areas in the country such as the Fifth Circuit, have...
January 26, 2021
WASHINGTON DC - This afternoon, President Joe Biden outlined an agenda and signed executive actions to move forward on several important fronts toward racial equity, including a measure directing the Department of Housing and Urban Development to reassess a Trump Administration rule that hindered a plaintiff’s ability to prove housing discrimination. This Presidential Memorandum acknowledges the role the federal government has played in creating and perpetuating discriminatory housing policy. Center for Responsible Lending (CRL) Executive Vice President Nikitra Bailey said, “President...
January 26, 2021
WASHINGTON, D.C. – Today, Janet Yellen was sworn in as the Secretary of the Treasury after her confirmation yesterday by an 84 to 15 vote of the U.S. Senate. President of the Center for Responsible Lending (CRL) Mike Calhoun made the following statement: Treasury Secretary Yellen’s swift, bipartisan confirmation as the first woman to hold this role is a historic occasion. Her vision and experience are sorely needed in steering us toward a more equitable recovery. Her decades of leadership make her the right person to lead at this moment. Secretary Yellen’s stewardship of the economy will...

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