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Press Releases

July 21, 2021
WASHINGTON, D.C. — Today, the Center for Responsible Lending (CRL), the Institute for College Access and Success (TICAS), the American Federation of Teachers (AFT), New America’s Higher Education Program, and Veterans Education Success (VES) submitted a letter to the U.S. Department of Education opposing the proposed acquisition of Walden University by Adtalem, a corporation that operates for-profit educational institutions. Adtalem has reached agreement to acquire Walden from another for-profit operator, Laureate Education. The Department gave preliminary approval for the change of...
July 16, 2021
WASHINGTON, D.C. – Today, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) formally introduced three bills to help more people afford to have a roof over their head without sacrificing food, medicine, or other life necessities. The legislative package – the Downpayment Toward Equity Act of 2021, Ending Homelessness Act of 2021, and Housing Is Infrastructure Act of 2021 – has received the endorsement of the Center for Responsible Lending (CRL). “Chairwoman Waters is a long-time champion of fair and affordable housing. Her proposed legislative package addresses our...
July 14, 2021
WASHINGTON, DC – Provisions of the Fair Housing Act which fight our nation’s legacy of government-sponsored residential segregation and discrimination could again be enforced if a proposed federal rule is adopted by the Department of Housing and Urban Development (HUD), according to a letter released by fair housing groups. The letter supports restoration of the Affirmatively Furthering Fair Housing (AFFH) rule which is essential to fostering inclusive housing in communities, and was submitted by the Lawyers’ Committee for Civil Rights Under Law, the NAACP Legal Defense Fund, the Center for...
July 9, 2021
WASHINGTON, D.C. – One of the largest student loan debt servicers, the Pennsylvania Higher Education Assistance Authority (PHEAA), announced Thursday that it would no longer service student loans when its contract with the federal government ends in December. PHEAA, which operates as FedLoan Servicing, services student loans for about 8.5 million borrowers, representing approximately 20 percent of all federal student loan borrowers. Center for Responsible Lending (CRL) Senior Policy Counsel Whitney Barkley-Denney issued the following statement: The student debt repayment system in...
July 1, 2021
WASHINGTON, D.C. – Yesterday, President Biden signed bipartisan Congressional legislation rescinding the misleadingly named “true lender” rule issued by the Office of the Comptroller of the Currency (OCC) late last year. Sen. Chris Van Hollen (D-Md.), Senate Banking Chair Sherrod Brown (D-Ohio), House Financial Services Chair Maxine Waters (D-CA), and Rep. Jesus “Chuy” Garcia (D-IL) led the push to overturn the rule. The rule enabled the “rent-a-bank” scheme, in which high-cost lenders pay a bank willing to pose as the lender on loan documents in order to charge interest rates far in...
June 30, 2021
WASHINGTON, D.C. -- Rep. Carolyn B. Maloney (NY-12) today introduced the Overdraft Protection Act of 2021. This legislation, aimed at establishing fair and transparent practices related to provision of overdraft coverage programs, would provide strong consumer protections and protect vulnerable populations from abusive bank practices. Center for Responsible Lending (CRL) Senior Policy Counsel Rebecca Borné released the following statement: We applaud Congresswoman Maloney for her efforts to curb abusive overdraft fees imposed by banks, which disproportionately affect low-income and...
June 28, 2021
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a final rule on mortgage servicing under the Real Estate Settlement Procedures Act (RESPA). Many families are experiencing long-term income disruptions due to the pandemic and economic crisis – particularly families of color. Over two million homeowners are in payment forbearances scheduled to end this fall and winter. Forbearance exits will strain the system as homeowner and servicer communications reach record levels and as, ideally, servicers process many loan modifications. Center for Responsible Lending...
June 24, 2021
WASHINGTON, D.C. – Today, the U.S. Department of Housing and Urban Development (HUD), under Secretary Marcia Fudge’s leadership, released a proposed rule that would restore the power of the “disparate impact” standard, a crucial legal tool used to identify and eliminate discrimination. Center for Responsible Lending Senior Policy Counsel Melissa Stegman issued the following statement: Housing discrimination is a stain on our nation’s conscience. It unjustly robs people of their freedom to live where they choose and in turn, to access jobs, education, a healthy environment, and more...
June 24, 2021
WASHINGTON, D.C. – Today, the U.S. House of Representatives – following the Senate’s lead – passed, on a bipartisan basis, legislation that will curb the spread of predatory loans carrying annual interest rates near or above 100 percent. The bill, S.J. Res. 15, does this by rescinding a rule, issued late last year by the Office of the Comptroller of the Currency (OCC), which facilitates “rent-a-bank” schemes aimed at evading state usury laws. As the White House has already indicated its support for the bill, it is now expected to be signed into law within the next few days. “Eliminating...
June 23, 2021
SCOTUS rules that the FHFA leadership structure is unconstitutional WASHINGTON, D.C. – This morning, the Supreme Court of the United States (SCOTUS) issued a decision affecting housing giants Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs) that financially back every other mortgage in America. The SCOTUS decided, in Collins v. Yellen, that the director of the Federal Housing Finance Agency (FHFA), which regulates and serves as the conservator of the GSEs, can be fired “at will” by the President. Center for Responsible Lending Senior Policy Counsel Melissa Stegman issued...

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