Press Releases

On breaking news that the high-cost lender OppFi — which charges people up to 195% interest — withdrew its application to become a bank, Center for Responsible Lending (CRL) Policy Counsel Katelin Kaiser issued the following statement: OppFi drains borrowers dry — financially devastating families and communities along the way and making the lender unfit for our insured banking system...

Voters support strong consumer protections as debt forces families to cut back on everyday essentials WASHINGTON, D.C. – Voters across party lines want elected officials to stand up to Wall Street and Big Tech and to crack down on abusive financial practices that contribute to the affordability crisis, according to polling released by the Center for Responsible Lending (CRL) and...

OAKLAND, CA – The Center for Responsible Lending (CRL) joins the nation in mourning Dolores Huerta, the labor leader and civil rights icon who died today at age 96. Huerta co-founded the United Farm Workers union and won better wages and working conditions for farmworkers. Through the Dolores Huerta Foundation, she spent decades championing social and economic justice and grassroots...

Washington, DC — The Julian Bond Institute (JBI) at the Center for Responsible Lending (CRL) today released a new report, “Homeownership Further Out of Reach: The Number of Years First-Time Homebuyers Need to Save for Down Payment and Closing Costs Has Doubled Since 2019.” The analysis demonstrated a sharp increase in the years to save across race, income, frontline workers...

WASHINGTON, D.C. — Yesterday, the Trump administration dropped two appeals defending a rule that would have restricted which employers qualify for Public Service Loan Forgiveness (PSLF). Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending, made the following statement: The rule of law matters, and so does keeping promises to borrowers. Congress created PSLF to ensure that...

Durham, N.C. — The Center for Responsible Lending (CRL) and its Julian Bond Institute (JBI) today released new research, “ The Cost of Payday Loan Apps in Your State,” with state-specific data demonstrating very high costs and rates of reborrowing. CRL illustrates this information through an interactive map as well as factsheets for all 50 states, DC, and nationwide. “Our...

DURHAM, NC – High-cost lenders continue to use out of state “Rent-a-Bank” partnerships to evade North Carolina interest rate caps and consumer protections, making it harder for households to meet their basic needs and build financial stability, according to a report issued today by the Durham-based Center for Responsible Lending (CRL). The report, “ Above the Law: How Tech-Enabled High-Cost...

WASHINGTON, DC — The U.S. House Committee on Financial Services is scheduled to vote as soon as Wednesday on a bill (H.R. 7866) that would hamper states’ ability to stop out-of-state lenders from charging 100%+ APR to their residents. Identical companion legislation has been introduced in the Senate as S. 3889. “This bill would exacerbate the affordability crisis by exposing...

On news that the lender Enova International — which is publicly listed and operates consumer brands CashNetUSA and NetCredit and small business lender OnDesk ­— withdrew its application to become a bank, Center for Responsible Lending President Mike Calhoun issued the following statement: Unaffordable, predatory lending that financially destroys working families and small businesses should have no place in our...

Julian Bond Institute Report Highlights Aspirations and Hurdles to Financial Stability for Atlanta’s Westside DURHAM, NC – Residents of English Avenue and Vine City want planned reinvestment in the Westside Atlanta neighborhoods to include expanded opportunities for economic mobility, protections and safeguards against community wealth-stripping, and increased access to banking services and financial education to help residents achieve the financial...