Press Releases

Proposal defies congressional intent and undermines borrowers’ reliance on the program WASHINGTON, D.C. — The Center for Responsible Lending (CRL) submitted a comment letter yesterday urging the U.S. Department of Education to withdraw its proposed changes to the Public Service Loan Forgiveness (PSLF) program. The comment letter warns that the proposal would let the Education Department exclude otherwise eligible employers...

In response to news reports that the Consumer Financial Protection Bureau will be allowed to continue with its plans to lay off more than 1,000 employees at the watchdog agency following a ruling from the U.S. Court of Appeals for the D.C. Circuit in NTEU v. Vought, Mike Calhoun, president at the Center for Responsible Lending, issued the following statement...

Washington, D.C. – The Center for Responsible Lending released today Policy Recommendations for Rooftop Solar Financing, a report outlining how policymakers and regulators can enact reforms to ensure responsible rooftop solar installation and financing is available for all homeowners. With the federal government recently scaling back oversight and enforcement of consumer protections, the report strongly urges states to take the lead...

More action is needed to give Veteran borrowers and their families the assistance they deserve WASHINGTON – Yesterday, in a significant victory for Veteran homeowners and their families, the VA Home Loan Program Reform Act was enacted into law. The new law provides a path for Veteran homeowners who have fallen behind on mortgage payments to get current on payments...

Washington, D.C. — Moments ago, the U.S. Supreme Court issued a ruling allowing the Trump administration to move forward with sweeping layoffs at the U.S. Department of Education. In response, Mitria Spotser, vice president of the Center for Responsible Lending (CRL), made the following statement: The law is clear. Only Congress holds the authority to dismantle the Department of Education...

RI becomes 21st state, alongside D.C., to prohibit triple-digit interest rate credit DURHAM, N.C. – After a long struggle – almost fifteen years after legislation was first introduced – Rhode Island Governor Dan McKee has signed into law a bill that will prohibit payday lenders from charging annual percentage rates (APRs) higher than 36%. The law will take effect on...

WASHINGTON, DC – Responding to Congress passing and sending to President's Trump’s desk H.R. 1, legislation with gargantuan consequences for America, Center for Responsible Lending President Mike Calhoun issued the following statement: For many people who live paycheck-to-paycheck, this will be a financially devastating law. This act of Congress will take critical resources away from people with the least wealth...

WASHINGTON, DC – Today, the U.S. Senate passed legislation (H.R. 1), nicknamed the big brutal bill, that includes an historic cut to funds available for the Consumer Financial Protection Bureau – slashing the annual funding limit by nearly half. If enacted, the bill would set a cap on annual funding that is below the amount that CFPB directors appointed by...

WASHINGTON, DC – With the U.S. Senate today failing to pass an amendment that would have removed cuts to the Consumer Financial Protection Bureau in the big brutal bill (H.R. 1) and moving toward the budget bill’s final passage, the chamber moves closer to cutting the CFPB’s annual funding limit by nearly half. If enacted, the bill would create a...

WASHINGTON, DC – According to news reports, the U.S. Senate Parliamentarian has ruled that the big budget bill (H.R. 1) cannot zero out funding for the Consumer Financial Protection Bureau (CFPB) as that would violate Senate rules. “This provision was an attempt to shut down the only federal financial watchdog for consumers. The Parliamentarian’s correct ruling is a relief for anyone...