Press Releases

WASHINGTON, D.C. – In what the current administration has already acknowledged is one of the nation’s worst affordability crises for America’s working and middle classes, Russell Vought, acting director of the Consumer Financial Protection Bureau (CFPB), today issued an advisory opinion that aims to let certain, app-based, financial technology (fin-tech) payday lenders continue concealing the true, high-cost price of their...

WASHINGTON, DC – The Center for Responsible Lending has urged the acting director of the Consumer Financial Protection Bureau (CFPB), Russell Vought, to withdraw a proposed rule that would weaken the Equal Credit Opportunity Act (ECOA), a 51-year-old civil rights law that prohibits lending discrimination based on personal characteristics, including sex, race, age and national origin. “If it goes into...

Washington, D.C. — The Center for Responsible Lending (CRL), The Leadership Conference on Civil and Human Rights, the League of United Latin American Citizens, Legal Defense Fund and National CAPACD — National Coalition for Asian Pacific American Community Development submitted a comment letter yesterday to the Consumer Financial Protection Bureau. The letter opposes the CFPB’s Notice of Proposed Rulemaking (NPRM)...

Providing window into problems facing families nationwide, original research about Colorado borrowers shows expensive credit is already burying people in debt, debunking argument for legalizing even costlier credit DENVER, COLO. – The Center for Responsible Lending (CRL) today released the report “ Buried in Debt: High-Cost Credit Products Harm Working Coloradans.” The report’s findings refute a misguided argument often made...

WASHINGTON, DC – Nearly 200 labor, consumer, and civil rights organizations today issued a stark warning to Congress: as families struggle under record affordability pressures, legislation poised for reintroduction — modeled on last year’s H.R. 7428 — would open the door for payday loan apps to take even more from the already stretched-thin paychecks of military servicemembers and other workers...

WASHINGTON, D.C. – The U.S. Department of Education announced Tuesday that it will reassign many of its core responsibilities to other federal agencies. Jaylon Herbin, director of federal policy at the Center for Responsible Lending, issued the following statement: The move represents an alarming escalation in the administration’s broader effort to dismantle the Department of Education and weaken its ability...

Ending Agency's Role Will Increase Housing Inequality, Encourage Financial Predators WASHINGTON, DC - The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule that makes significant changes under the Equal Credit Opportunity Act (ECOA). The bureau’s proposal will end the disparate impact standard for enforcement actions, allow lenders to discourage applicants by race, and limit the use of special...

Andrew Kushner, senior policy counsel at the Center for Responsible Lending, which applauded the decision by judges on the 10th Circuit Court of Appeals, said: "I think you will see other states take an interest in this and go down the same path that Colorado has.

Tenth Circuit Court of Appeals Finds that Federal Law Allows States to Opt to Enforce Their Interest Rate Limits DENVER – A panel of the U.S. Circuit Court of Appeals for the Tenth Circuit today held that Colorado can protect its residents from out-of-state loans from state-chartered banks that carry interest rates above what is permitted under Colorado law. Predatory...

WASHINGTON, DC -- The Department of Education today published a final regulation limiting Public Service Loan Forgiveness for student loan borrowers, eliminating promised financial relief to students who forgo more lucrative career options to serve their communities. Jaylon Herbin, director of federal policy at the Center for Responsible Lending, issued the following statement: The PSLF regulation published today is the...