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Press Releases

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...
December 3, 2020
Durham, NC — Over half (55%) of surveyed North Carolinians with student debt who earn less than $50,000 in annual income report a decrease in their household income since the onset of COVID-19, according to a Morning Consult survey commissioned by the Center for Responsible Lending. Despite a pause in payments for many student loan borrowers as provided in the relief CARES Act, nearly three quarters (73%) report stress associated with their student debt. More than two-thirds (69%) report they would have trouble with unexpected financial emergencies or are falling behind in their finances...
November 23, 2020
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) released a policy report illustrating a path out of the student debt crisis and proposing solutions for a more equitable and efficient higher education system. Road to Relief: Supporting Federal Student Loan Borrowers During the COVID-19 Crisis and Beyond lays out a roadmap with four recommendations for policymakers to provide substantial relief to student borrowers as they navigate the COVID-19 public health crisis and recession, allowing them to emerge with greater financial...
November 21, 2020
DURHAM, N.C. – Yesterday, Federal Reserve Chairman Jerome Powell announced his intention to comply with a request by Treasury Secretary Steven Mnuchin that the Federal Reserve return unused emergency relief funds by the end of the year. Center for Responsible Lending Executive Vice President Keith Corbett made the following statement: Our country continues to be roiled by a pandemic that is taking the lives of hundreds of thousands of people. The worst impacts of this catastrophe, both health-wise and economically, are being experienced in Black and Brown communities. And yet the...
November 19, 2020
Impact felt most by lower wealth families and families of color WASHINGTON, D.C. – Late yesterday, the Federal Housing Finance Agency (FHFA) released its final rule on capital requirements for Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs) that FHFA oversees and that provide financial backing for half of all mortgages in America. Center for Responsible Lending (CRL) Executive Vice President Nikitra Bailey released the following statement: During the Financial Crisis, taxpayers stepped in to save Fannie Mae and Freddie Mac. The GSEs were rescued and receive ongoing...
November 18, 2020
Washington, D.C. — Today, over 235 organizations sent a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. In the letter, 238 nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce the racial wealth gap, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and...
November 12, 2020
DURHAM, N.C. – Today, the Center for Responsible Lending released a report outlining higher education policy recommendations that states should enact to avoid repeating the unequal recovery of 2010, as our nation deals with the dual crises of an out-of-control pandemic and the resulting economic collapse. The CRL report, “System Reboot: Challenges & Opportunities at the State Level for Higher Education During COVID-19 & Beyond,” recommends states take steps in the following areas to protect students most impacted by disruptions to their college education and the burdens of...
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...

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