Press Releases

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...

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...

WASHINGTON, D.C. – The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) yesterday announced a first-of-its-kind collaborative agreement for fair housing and fair lending coordination. The Memorandum of Understanding between the agencies aims to promote “information sharing, coordination on investigations, compliance reviews, and the ongoing monitoring of” Fannie Mae and Freddie Mac, which...

Washington, D.C. — The Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) issued a new joint policy brief revealing that almost two-thirds (63%) of student loan borrowers enrolled in Income-Driven Repayment Plans (IDR) serviced by Navient who made voluntary loan payments during the COVID-19 federal student loan payment pause are underwater—unable to repay even $1 of...

WASHINGTON, D.C. – Fannie Mae announced yesterday that positive rental payment history will be considered in its automated underwriting system starting on September 18. Center for Responsible Lending President Mike Calhoun said, “The housing system is replete with inequitable barriers that prevent credit-worthy renters of color and low-income renters from becoming homeowners, denying them a primary path for building family...

WASHINGTON, D.C. – Today, The U.S. Department of Education announced its support of state laws and regulations addressing student loan servicing issues. This action reverses and corrects the anti-borrower position of the previous Administration, which attempted to block state governments from protecting their borrowers against predatory behavior by student loan servicers. Center for Responsible Lending Senior Policy Counsel Whitney Barkley-Denney...

WASHINGTON, D.C. - Center for Responsible Lending President Mike Calhoun released the following statement on the passing of AFL-CIO President Richard Trumka: We are saddened by the passing of AFL-CIO President Richard Trumka. The working people of America have lost a fierce human rights and labor activist. Unafraid to speak truth to power, Trumka challenged classism, pushed for economic programs...

WASHINGTON, D.C. – Today, the U.S. Department of Education announced its final extension of the federal student loan repayment forbearance, which includes the suspension of interest accrual and collections activity through January 2022. The previous deadline was September 30th, 2021. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: The pandemic-induced economic...

WASHINGTON, D.C. – Today, the leadership of Independence University told its faculty the school will close on August 1 in an email that also instructed recipients not to inform students and borrowers of the closure. Independence U. Lays Off Staff, Says Feds Stopped Aid | Republic Report Independence University announced to its staff this week that they would be laid...

CRL to testify in support of legislation at Senate hearing scheduled for tomorrow morning WASHINGTON, D.C. – Today, U.S. Senators Jack Reed (D-R.I.) and Sherrod Brown (D-Ohio) – chairs of the Senate Armed Services and Senate Banking committees respectively – along with Senators Jeff Merkley (D-Ore.) and Chris Van Hollen (D-Md.) introduced the Veterans and Consumers Fair Credit Act. The...