Press Releases

DURHAM, N.C. – Across America but below-the-radar, financial technology companies are using smartphones to issue predatory loans that they deny are loans, lobbying for legal exemptions, and defending against public and private lawsuits for violations of credit laws. To help policymakers and regulators navigate this new landscape, the Center for Responsible Lending (CRL) today released the policy brief “Nickel and...

New data show apps multiply costs and financial insecurity for borrowers – puncturing industry claims DURHAM, N.C. – The Center for Responsible Lending (CRL) today released a report, “Escalating Debt: The Real Impact of Payday Loan Apps Sold as Earned Wage Advances (EWA),” which shows that people who take out these loans experience steep and mounting costs as well as...

Washington, D.C. – Martin Eakes, chief executive officer of the Center for Responsible Lending (CRL), today announced that Seema Agnani has joined the board of directors of the nonprofit, nonpartisan research and policy advocacy organization that works to promote financial fairness and economic opportunity for all, end predatory lending and close the racial wealth gap. Ms. Agnani is chief executive...

Proposal defies congressional intent and undermines borrowers’ reliance on the program WASHINGTON, D.C. — The Center for Responsible Lending (CRL) submitted a comment letter yesterday urging the U.S. Department of Education to withdraw its proposed changes to the Public Service Loan Forgiveness (PSLF) program. The comment letter warns that the proposal would let the Education Department exclude otherwise eligible employers...

In response to news reports that the Consumer Financial Protection Bureau will be allowed to continue with its plans to lay off more than 1,000 employees at the watchdog agency following a ruling from the U.S. Court of Appeals for the D.C. Circuit in NTEU v. Vought, Mike Calhoun, president at the Center for Responsible Lending, issued the following statement...

Washington, D.C. – The Center for Responsible Lending released today Policy Recommendations for Rooftop Solar Financing, a report outlining how policymakers and regulators can enact reforms to ensure responsible rooftop solar installation and financing is available for all homeowners. With the federal government recently scaling back oversight and enforcement of consumer protections, the report strongly urges states to take the lead...

More action is needed to give Veteran borrowers and their families the assistance they deserve WASHINGTON – Yesterday, in a significant victory for Veteran homeowners and their families, the VA Home Loan Program Reform Act was enacted into law. The new law provides a path for Veteran homeowners who have fallen behind on mortgage payments to get current on payments...

Washington, D.C. — Moments ago, the U.S. Supreme Court issued a ruling allowing the Trump administration to move forward with sweeping layoffs at the U.S. Department of Education. In response, Mitria Spotser, vice president of the Center for Responsible Lending (CRL), made the following statement: The law is clear. Only Congress holds the authority to dismantle the Department of Education...

RI becomes 21st state, alongside D.C., to prohibit triple-digit interest rate credit DURHAM, N.C. – After a long struggle – almost fifteen years after legislation was first introduced – Rhode Island Governor Dan McKee has signed into law a bill that will prohibit payday lenders from charging annual percentage rates (APRs) higher than 36%. The law will take effect on...

WASHINGTON, DC – Responding to Congress passing and sending to President's Trump’s desk H.R. 1, legislation with gargantuan consequences for America, Center for Responsible Lending President Mike Calhoun issued the following statement: For many people who live paycheck-to-paycheck, this will be a financially devastating law. This act of Congress will take critical resources away from people with the least wealth...