Press Releases

WASHINGTON, D.C. – Following the White House’s announcement that it would nominate Martin Gruenberg to serve as Chair of the Federal Deposit Insurance Corporation (FDIC), Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement : We applaud President Biden’s nomination of Marty Gruenberg for FDIC Chair. Marty is an experienced leader with a strong track record of protecting depositors, taxpayers, and consumers. The U.S. Senate should confirm his nomination without delay. We look forward to continued work with Marty toward a fair, inclusive financial

WASHINGTON, D.C. – The high burden of student loan debt limits the future financial options of graduates of Historically Black Colleges and Universities (HBCU) and breaks the promise of a college education as a great equalizer, according to a new research report published today by the Center for Responsible Lending (CRL). The report, “Paying from the Grave,” highlights the impacts of systemic racism on wealth accumulation for families and unequal resource distribution among institutions. The research finds that student debt prevents many HBCU graduates from engaging in wealth-building

Washington, D.C. – The Center for Responsible Lending (CRL) and National Consumer Law Center (NCLC) today expressed support for the Protecting Wages of Essential Workers Act of 2022 (Protecting Wages Act). The bill will ensure that working Americans who hold consumer debt are not hit with excessive wage seizures that leave them unable to afford necessities. The legislation also prohibits debt collectors from using threats of jail to coerce payment of a debt. The Protecting Wages Act (H.R.9224), introduced this week by Rep. Alma Adams (D-NC) , is designed to better protect families coping with

WASHINGTON, D.C. – A federal appeals court last week temporarily stopped the Biden administration’s student debt cancellation plan, which is set to provide up to $20,000 in relief to eligible graduates from the nation’s more than 44 million student loan borrowers. In response, Jaylon Herbin, outreach and policy manager for the Center for Responsible Lending (CRL), made the following statement : Opponents of student debt relief are trying to prevent millions of Americans, including Black women and low-wealth borrowers disproportionately burdened by student debt, from enjoying wealth-building

WASHINGTON, D.C. – After a panel of judges on the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure was unconstitutional, Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: The court’s misguided opinion would stop the Consumer Financial Protection Bureau from providing critical protections for American families. This ruling would undermine the consumer bureau’s effectiveness as an independent watchdog. It would let payday lenders continue to offer financial products and

WASHINGTON, D.C. – Today at 10:45 am ET at the House Triangle , and live-streamed on the Center for Responsible Lending’s Facebook page , Congresswoman Chrissy Houlahan (D-PA) and affected small business owners will call attention to the financial devastation more than 300,000 American small businesses are now facing due to unforgiven PPP loans totaling more than $3.7 billion , and to demand that the U.S. Small Business Administration (SBA) act immediately to rescind the “Good Faith Error” rule , which currently prevents lenders from forgiving the loans. Center for Responsible Lending

WASHINGTON – Today, small business owners (full statements below) from Illinois, Texas, Maryland, California, Washington, and North Carolina joined with U.S. Representative Chrissy Houlahan (D-PA), American Business Immigration Coalition (ABIC), and the Center for Responsible Lending (CRL) and Small Business Majority (SBM) to Demand the Small Business Administration (SBA) reform the “good faith error” rule, one of more than 60 rules passed by SBA during the pandemic, which prevents lenders from forgiving the loans that are now devastating more than 300,000 American small businesses with more

CRL: 85 percent of survey respondents suffer negative consequences from larger, longer-term loans with triple-digit interest WASHINGTON, DC – High-cost installment loans, taking a rising share of the lending market over the past decade, often compound borrowers’ financial problems, according to new research released today by the Center for Responsible Lending. The report, “ Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans ,” provides a rare look at the significant challenges high-cost personal installment loans create for many borrowers. These challenges include the inability

WASHINGTON, D.C. – The market for personal loans is massive and growing, yet the fintechs and other non-bank lenders who make such loans are not subject to regular oversight by the Consumer Financial Protection Bureau (CFPB), which has “created an unlevel playing field and a large risk to consumers,” write the Consumer Bankers Association (CBA) and the Center for Responsible Lending (CRL). The groups jointly filed a petition for the CFPB to develop a rule that would define larger participants in the market for personal loans so that sizable non-depository lenders would be subject to consistent

Washington, D.C. — The Center for Responsible Lending (CRL), American Business Immigrant Coalition (ABIC), and more than 20 consumer, civil rights and advocacy groups and lenders, recently submitted a letter urging the U.S. Treasury Department and U.S. Small Business Administration (SBA) to reverse the Good Faith Error Rule that has prevented more than 300,000 small business owners from obtaining forgiveness of Paycheck Protection Program (PPP) loans. Co-signers of the letter also include the Small Business Majority, Main Street Alliance, Opportunity Finance Network, National CAPACD, NALCAB