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Press Releases

November 7, 2020
WASHINGTON, D.C. - Today, it was announced that Joseph Biden will be the 46th President of the United States along with Kamala Harris as his Vice President. Center for Responsible Lending President Mike Calhoun released the following statement: The COVID-19 economic collapse has left the finances of many families in tatters, especially in Black and Brown communities, which have been hit the hardest by the crisis. The situation is dire, making quick enactment of long-overdue relief measures vitally important. To prevent mass foreclosures, evictions, bankruptcies, and other financial...
November 4, 2020
DURHAM, N.C. – Nebraskans voted for Initiative 428 to stop triple-digit predatory lending by reducing annual interest rates from an average of over 400% to 36%. The initiative passed by an overwhelming majority of 83% of the vote. Nebraska joins Colorado (2018) and South Dakota (2016) in enacting this reform through a citizen’s initiative in recent years. Payday loans carry an average of 400% interest rates and are designed to create a long-term cycle of debt. The average borrower ends up with 10 loans per year and payday lenders derive 75% of their fees from borrowers who end up with more...
October 30, 2020
One-Third of U.S. Adults with a Credit Report Have Debt in Collection Washington, D.C. – The National Consumer Law Center, on behalf of its low income clients, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Federation of America, and the National Association of Consumer Advocates, expressed relief that the Consumer Financial Protection Bureau’s final debt collection rule drops or punts on some of the most harmful parts of its proposal, but advocates still opposed the high call cap that will permit telephone harassment and noted with concern that the...
October 29, 2020
CFPB Repeal Rule Will Leave Consumers at the Mercy of Payday Lenders’ Abuses WASHINGTON, D.C. – The National Association for Latino Community Asset Builders (NALCAB), represented by Public Citizen and the Center for Responsible Lending (CRL), sued the U.S. Consumer Financial Protection Bureau (CFPB) today in the U.S. District Court for the District of Columbia, seeking to overturn a regulation issued in July 2020 concerning short-term payday and auto-title lending (a link to the complaint is here). The regulation repeals consumer protection measures that the agency adopted in 2017 to...
October 28, 2020
Bank regulator’s rule would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – The Office of the Comptroller of the Currency (OCC) yesterday issued a so-called "true lender" rule that would facilitate "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 laws allow non-banks to charge. Center for Responsible Lending (CRL) Director of State Policy Lisa Stifler issued the following statement: This new rule creates an avenue that would facilitate...
October 20, 2020
OCC Overhaul of an Anti-redlining Law Will Perversely Encourage Redlining Washington, D.C. – A harmful new rule for the Community Reinvestment Act (CRA) – an anti-redlining law – remains in place after the U.S. Senate yesterday voted against H.J. Res. 90, legislation that would have rescinded the regulation. The Office of the Comptroller of the Currency (OCC) finalized the rule earlier this year. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Redlining is not a thing of the past and continues to be very real for the 41% and 32...
October 14, 2020
Association for 208 of the Nation’s Largest Corporations Lauded for Call to Restore Major Tools for Eliminating Discrimination and Advancing Housing Equity WASHINGTON, DC – Today, the National Fair Housing Alliance and Center for Responsible Lending, two of the nation’s leading groups working for equitable lending, commended the Business Roundtable for supporting disparate impact and Affirmatively Furthering Fair Housing (AFFH) – two major tools for eliminating discrimination and structural barriers to equal housing opportunities. The Business Roundtable (BRT), which is comprised of 208...
October 14, 2020
Especially Given National Reckoning on Racial Injustice and the Economic Crisis, FHFA Must Do More to Fulfill Affordable Housing Mission Washington, D.C. – As low-income homeowners struggle with bills and as millions of mortgage-ready people of color are excluded from sustainable homeownership, several leading civil rights, consumer, and housing groups yesterday submitted an official comment letter that calls for the Federal Housing Finance Agency (FHFA) to take action now to expand access to responsible home loans, including by setting more robust affordable housing goals. The affordable...
October 13, 2020
Debt collectors too often lack sufficient documentation to prove ownership of debt Greater enforcement and stronger laws needed to protect California consumers OAKLAND, CALIF. – A new report released today by the Center for Responsible Lending (CRL) finds debt collectors in California may have seized more than $700 million from consumers between 2012 and 2017, even though they frequently lack sufficient documentation to establish the validity and ownership of an individual’s debt. The CRL report, “The State of Debt Collection in California” finds that the decks are still stacked...
September 30, 2020
Updated HEROES Act Deserves Immediate Consideration by U.S. Senate WASHINGTON, D.C. – This evening, the U.S. House of Representatives passed a new comprehensive COVID-19 aid package – an updated version of the HEROES Act. If the bill is also passed by the Senate and signed into law, it would allocate $2.2 trillion and improve the Paycheck Protection Program to better serve the smallest businesses, including businesses owned by Black and Brown people that were shut out of the assistance program due to the prioritization of wealthier and larger enterprises. It would also extend and expand...

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