Press Releases

Washington, D.C. – The U.S. Department of Education announced yesterday that it will discharge all remaining federal student loans for borrowers who attended ITT Technical Institute (ITT) from January 2005 through September 2016. The relief, $3.9 billion in total, will benefit about 208,000 borrowers. In response, Jaylon Herbin, outreach and policy manager for the Center for Responsible Lending (CRL) , made the following statement: We applaud the administration for providing relief to the tens of thousands of former ITT Tech students who had been defrauded by their school. However, while

New report supports movement to end cash bail in San Francisco Bay Area and across the U.S. WASHINGTON, D.C. - A new report released today by the Center for Responsible Lending (CRL) highlights how bail bond companies, acting with little regulatory oversight, saddle low-income and low-wealth families with unmanageable debt burdens that have devastating short- and long-term financial consequences, particularly for Black and Latino families. CRL partnered with the Lawyers’ Committee for Civil Rights of the San Francisco Bay Area (LCCRSF) to conduct interviews with San Francisco Bay Area

WASHINGTON, D.C. – Today, the U.S. House Committee on Financial Services voted to advance to the full House legislation authored by Congresswoman Carolyn Maloney (D-N.Y.), the Overdraft Protection Act (H.R. 4277) . “Excessive overdraft fees take advantage of families when they experience tough times, making their lives even harder,” said Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL) . “The Overdraft Protection Act would provide consumers with much-needed relief by requiring the cost of each overdraft fee to be reasonable, limiting how frequently the fee is

WASHINGTON, D.C. – The Senate today approved the nomination of Michael Barr to serve as Vice Chair for Supervision at the Federal Reserve. Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: More than ever, we need knowledgeable financial regulators at the helm of our country. Michael Barr is a well-qualified choice for Vice Chair for Supervision at the Federal Reserve. Mr. Barr has a record of standing up for regulations – like the Community Reinvestment Act and overdraft protections – that promote financial fairness for all Americans, and for

WASHINGTON, D.C. – Today at 10:15 am et at the House Triangle , Congresswoman Carolyn B. Maloney (D-NY) and Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA) will be joined by consumer protection advocates to urge action on their legislation to crack down on predatory overdraft fees. Center for Responsible Lending Senior Policy Counsel Nadine Chabrier , who will speak at the upcoming event, issued the following statement: High-cost overdraft fees compound the problems of financially vulnerable families, with Black and Latino checking account holders disproportionately harmed. Legislation

On the eve of FDIC’s Community Reinvestment Act examination of TAB Bank, advocates file petition with 44,500+ signatures and analysis of consumer complaints showing deception, debt collection and credit reporting harms from loans up to 189% WASHINGTON – Today a coalition of consumer advocates filed comments with the Federal Deposit Insurance Corporation (FDIC), including a petition signed by more than 44,500 people and a letter describing hundreds of consumer complaints, urging the FDIC to consider Transportation Alliance Bank’s ( TAB Bank ) predatory rent-a-bank lending in assessing the bank

COVID-19-fueled unemployment and the student debt crisis disproportionately impact women of color. Washington, D.C. — The COVID-19 pandemic exacerbated gender disparities and left millions of women in a precarious financial situation. Its disproportionate impact on Black women and other women of color reduced their ability to repay their outstanding student debt , according to a new report by the Center for Responsible Lending (CRL). The research studied focus groups with women who lost a job during the pandemic. “We already knew that women of color bear the brunt of financial inequities. They

Washington, D.C. – The U.S. House Committee on Financial Services today voted to advance a bill to close the industrial loan company (ILC) loophole. The ILC loophole allows Big Tech and other nonbank companies to offer financial products and services without complying with the safeguards and oversights required of bank holding companies. The “Close the ILC Loophole Act” (H.R. 5912) now heads to the floor for consideration by the entire legislative body. Americans for Financial Reform, Bank Policy Institute, Center for Responsible Lending, Consumer Federation of America, Credit Union National

Advocates highlight benefits of cancellation to all borrowers, and particularly to Black and women borrowers, who bear the brunt of the debt burden. Washington, D.C. – Sixty civil rights, faith, community and consumer advocacy organizations are urging President Biden and Vice President Harris to use executive action to cancel $50,000 of student loan debt per borrower immediately to stimulate the economy, bridge the racial wealth gap and alleviate the financial suffering of millions of Americans. A letter, signed collectively, was sent to the White House Friday evening. “The Biden-Harris

WASHINGTON, D.C. – The Senate yesterday approved the nomination of Todd Harper to serve a full term as chairman of the board of the National Credit Union Administration (NCUA). Mike Calhoun, president of the Center for Responsible Lending (CRL) , issued the following statement: CRL congratulates Todd Harper on his Senate confirmation to a full term as chairman of the NCUA board. Mr. Harper’s extensive experience with legislative oversight and strong relationships with other financial regulators will ensure that the nation’s credit unions continue to promote competition, financial fairness, and