Press Releases

Washington, D.C. – Russel Vought, acting director of the Consumer Financial Protection Bureau (CFPB), recently submitted a request for a dramatically lower level of funding and a separate request to bypass a DC Circuit Court stay pending appeal, two steps that would allow the watchdog agency to reduce its workforce by 70 percent, significantly reducing oversight of financial firms and...

Washington, D.C. – The U.S. Department of Education (ED) yesterday announced the Federal Student Assistance Partnership, which will begin transferring administration of the federal student loan system to the U.S. Department of the Treasury. In response, Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), issued the following statement: This unlawful move is the latest step in...

Washington, DC – The Center for Responsible Lending (CRL) recently filed an amicus (friend of the court) brief with National Consumer Law Center in the Ninth Circuit Court of Appeals to support Sergeant Terrance Moss’s lawsuit against lender Cleo AI Inc. on behalf of himself and similarly situated active-duty military personnel and their dependents seeking to hold Cleo accountable for...

WASHINGTON, D.C. — Yesterday, the U.S. Court of Appeals for the Eighth Circuit directed a lower court to enter a settlement that would dismantle the Saving on a Valuable Education (SAVE) repayment plan, an affordable student loan program designed to keep payments manageable and prevent balances from growing due to unpaid interest. The decision marks a sharp reversal from earlier...

Portland, OR — Today, the Oregon Senate passed House Bill 4116, which stops online lenders from exploiting a loophole in federal law to charge consumer loan interest rates above Oregon's 36% cap through “rent-a-bank” schemes. The bill now moves to Governor Tina Kotek's desk to be signed into law. “Predatory ‘rent-a-bank’ loans have high rates of interest, defaults, and repeat...

Friend of the Court Brief in Texas Fair Housing Case Calls Out Troubling Terms of Settlement Agreement HOUSTON – A coalition, led by the National Fair Housing Alliance (NFHA) and composed of nonprofit organizations focused on fair housing, civil rights, and immigration advocacy, today asked a federal court in Texas to refuse to enter the proposed settlement agreement in Consumer...

WASHINGTON, D.C. — A federal district court on Friday dismissed Missouri v. Trump and refused to approve a proposed settlement that would have dismantled the Saving on a Valuable Education (SAVE) student loan repayment plan. As a result of the dismissal, the injunction that kept millions of borrowers from making payments under SAVE has been lifted, and those enrolled can...

WASHINGTON, DC - Senators Steve Daines (R-MT) and Mark Warner (D-VA) recently introduced the Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act to increase and strengthen community development financial institutions (CDFIs). Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: CDFIs play a vital role in boosting housing supply, particularly affordable housing...

Administration’s actions contradict affordability claims expected in president’s speech tonight WASHINGTON, D.C. – With this evening’s State of the Union address expected to feature the president arguing that his administration is tackling our nation’s affordability crisis, Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement: President Trump’s Administration has repeatedly greenlit predatory loans with annual interest rates...

WASHINGTON, DC – With the State of the Union tonight, advocates and former Consumer Financial Protection Bureau (CFPB) staff gathered today across from the U.S. Court of Appeals for the D.C. Circuit. The full court heard arguments on National Treasury Employees Union v. Vought, a case that could allow the Trump Administration to cut funding and staff at the CFPB...