New California DFPI Report on Consumer Lending

OAKLAND, CA – Following release of a new California Department of Financial Protection and Innovation (DFPI) report, Center for Responsible Lending Director of California Policy Marisabel Torres issued the following statement : This report is the first since California’s groundbreaking law capping annual interest rates at 36% went into effect. The data show that the law essentially eliminated triple-digit interest rate loans that are between $2,500 and $10,000, which is a significant victory in protecting consumers from these predatory products. California policymakers should now take the next

CRL Supports Rep. Waters in Opposing Removal of Housing Funds

“We cannot Build Back Better by eliminating funding for one of the best wealth-building, job-creating, community-stabilizing tools available to working Americans – access to affordable housing,” said Mike Calhoun, president of the Center for Responsible Lending . “We stand with Chairwoman Waters in opposition to efforts to reach a budget reconciliation agreement by stripping assistance for overburdened Americans who increasingly are finding affordable homeownership and rental housing out of reach.” ### Press Contact:

Joint statement in response to Oportun’s Withdrawal for National Bank Charter

The Center for Responsible Lending (CRL), California Reinvestment Coalition (CRC), the League of United Latin American Citizens (LULAC), California LULAC, the Consumer Federation of California (CFC), Haven Neighborhood Services, New Economics for Women (NEW), and a coalition of consumer advocates issued the following joint statement in response to Oportun’s withdrawal of its application for a national bank charter: Our coalition is pleased that Oportun, in the face of significant opposition, withdrew their national bank charter application. However, this matter is far from over since it

Improvements to Federal Public Service Loan Forgiveness Program

“These new Public Service Loan Forgiveness standards will allow hundreds of thousands of Americans to finally access the promised loan forgiveness they earned after working for years in their communities and making their agreed-upon repayments,” said Whitney Barkley-Denney, senior policy counsel at the Center for Responsible Lending. “While more needs to be done, it is encouraging that this Department of Education listened to borrowers and advocates and made much-needed reforms to address some of the failures of the program.” ### Press Contacts: Alfred King

In Today’s Vote, Senators Should Support Rohit Chopra for CFPB Director

WASHINGTON, D.C. – The U.S. Senate is expected to take a final vote today on the nomination of Federal Trade Commission member Rohit Chopra to serve as director of the Consumer Financial Protection Bureau (CFPB). In response to this development, Center for Responsible Lending Acting Federal Advocacy Director Graciela Aponte-Diaz issued the following statement: Rohit Chopra is the consumer watchdog our country needs. He is up to the challenge of protecting people’s wallets from predatory practices, ranging from lending discrimination to COVID relief scams to abusive debt collection practices

Civil Rights, Consumer Protection, and Housing Policy Organizations Applaud Senator Raphael Warnock’s Introduction of the $100 Billion Downpayment Toward Equity Act, Call for Its Immediate Passage

Washington, D.C. — Following Senator Raphael Warnock’s (D-GA) introduction of the Senate companion to the Downpayment Toward Equity Act, which would allocate $100 billion in funding for first-time homebuyers, the National Fair Housing Alliance , the National Coalition for Asian Pacific American Community Development , the National Urban League , the National Community Reinvestment Coalition , the Center for Responsible Lending , UnidosUS , and the Leadership Conference on Civil and Human Rights issued the following statement: “Homeownership remains one of the most important drivers of wealth

Industrial Loan Company Loophole Necessitates Congressional Scrutiny and Legislative Solution

Joint statement by BPI, CRL and ICBA in advance of U.S. Subcommittee hearing on “The Future of Banking” Washington, D.C. — This morning, the U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions will meet to discuss the “The Future of Banking,” including whether to prevent companies that are not banks from using an industrial loan company (ILC) charter to expand their business into financial services without meeting the full slate of safeguards and oversight that applies to bank holding companies. The Bank Policy Institute, Center for Responsible Lending

Civil Rights, Fair Housing And Consumer Groups Urge Congress to Advance Housing Investment and Equity in Historic Human Infrastructure Bill

WASHINGTON, D.C. – Today, national civil rights, housing policy, and consumer protection groups released a letter sent to Congressional leadership and committee chairs calling for inclusion of housing policies that would advance racial and economic equity in the upcoming human infrastructure reconciliation legislation. The letter, linked here , was signed by the Center for Responsible Lending, The Leadership Conference on Civil and Human Rights, National Association for Latino Community Asset Builders, National Coalition for Asian Pacific American Community Development, National Community

PPP Loan Forgiveness Rules: Bait and Switch?

House Committee on Small Business Hears Testimony on Faulty Forgiveness Rules for the Paycheck Protection Program WASHINGTON, D.C. – Experts in small business lending today told a House committee that confusion around the rules of the Paycheck Protection Program (PPP) is inadvertently saddling many of the smallest businesses – disproportionately owned by people of color – with unanticipated debt. “SBA implementation of this unprecedented program was remarkably fast – but it came with a complex and constantly changing set of rules,” Tracy Ward, Director of the SBA 504 Loan Program at Self-Help

CRL and Self-Help Laud Biden Administration and HUD Secretary Fudge for Proposed Rule to Stop Housing Discrimination

WASHINGTON, D.C. – The Center for Responsible Lending (CRL), along with affiliated nonprofits, Self-Help Credit Union and Self-Help Federal Credit Union, today released a comment letter supporting a proposed rule from the U.S. Department of Housing and Urban Development (HUD) to restore the “disparate impact” standard, a crucial legal tool used to identify and eliminate discrimination. Full text of the comment letter is linked here. “Discrimination continues to plague our housing market. It denies economic opportunities to Black and Latino communities and other communities of color, as well as