Press Releases

Bank regulator’s plan would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) proposed a so-called “true lender” rule that would facilitate fraudulent “rent-a-bank” schemes where a non-bank lender forms a superficial partnership with a bank in order to charge interest rates beyond what state...

For Planning Purposes: ***Advisory for Thursday, July 23, AT 3:30 p.m. ET/ 12:30 p.m. PT*** The Civil Rights Fight Behind Dodd-Frank: A Reflection of the Last Decade With special speakers: Congresswoman Maxine Waters & U.S. Senator Elizabeth Warren WASHINGTON, D.C. - On Thursday, July 23, at 3:30 p.m. ET/ 12:30 p.m. PT, the Center for Responsible Lending (CRL) will host...

WASHINGTON, D.C. – Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement today on the passing of civil rights hero U.S. Congressman John Lewis: We are heartbroken by the passing of Congressman John Lewis. His steadfast leadership and immeasurable contribution to the civil rights movement’s fight for freedom and justice changed the course of our nation’s...

Student Debt Cancellation Will Boost the Economy and Create Jobs Washington, D.C. — Today, 101 civil rights, consumer and advocacy organizations and think tanks sent a joint letter to House and Senate leadership, urging them to include student debt cancellation in the next economic stimulus package. Led by Center for Responsible Lending, American for Financial Reform, Demos, and Freedom to...

Bank of America, Quicken Loans, Citi , Wells Fargo, National Association of Realtors call on HUD to hold off on issuing a final Disparate Impact Rule WASHINGTON, D.C. – Today, leading civil rights groups commended mortgage lenders and industry leaders now advocating for the Department of Housing and Urban Development (HUD) to refrain from issuing a final Disparate Impact rule. These civil rights organizations are also renewing their own push for the agency to pull its dangerous proposal that would gut longstanding civil...

As families are knocked down by the COVID-19 public health and economic crisis, the CFPB keeps families exposed to financial ruin from unaffordable 400% interest rate loans WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau’s (CFPB) Trump-appointed Director Kathy Kraninger released a final rule that eliminates basic protections from payday and car-title loans that trap consumers in debt. Today’s...

The bank regulator’s plan provides an avenue for lenders to evade state laws that cap interest rates and to harm families suffering most in this economic downturn Described as “recipe for disaster” and as a way to “fuel financial exclusion" WASHINGTON, D.C. – The Center for Responsible Lending (CRL) joined with a broad coalition of advocacy organizations in two public...

WASHINGTON, D.C. - Last night, the U.S. Senate approved a bill to extend the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) application deadline. The bill extends the PPP authorization cutoff from June 30 to August 8, 2020, preserving funding for additional PPP loans. The bill now goes to the U.S. House of Representatives for consideration. The Senate legislation also...

WASHINGTON, D.C. - Today, the U.S. Supreme Court released their decision in Seila Law LLC v. Consumer Financial Protection Bureau, where it found that the CFPB's leadership structure, which features a single head removable only for inefficiency, neglect, or malfeasance, is unconstitutional. In January, the Center for Responsible Lending and Cohen Milstein Sellers & Toll PLLC (Cohen Milstein) submitted an amicus brief to the...

WASHINGTON, D.C.— The Federal Financial Institutions Examination Council (FFIEC) released its 2019 Home Mortgage Disclosure Act (HMDA) data this week, covering the vast majority of mortgages made in the United States in the past year. Like previous years, the data revealed that borrowers of color remain underserved in the conventional market. Despite a modest increase in the share of home-purchase...