Press Releases

Hiding Ability to Compare True Costs of Loan Options Lets Lenders Take Advantage of Consumers WASHINGTON – The Center for Responsible Lending (CRL) today released a video for Financial Literacy Month to educate the public on why readily providing the APR (annual percentage rate) of payday loans is essential to providing financial fairness for consumers, and to urge Congress and...

WASHINGTON, D.C. – Starting today at 10 AM ET, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the CFPB’s Semiannual Report to Congress. He will also testify on the report before the House Committee on Financial Services tomorrow at 10 AM ET. “Director Chopra’s actions to protect...

WASHINGTON, D.C. – The U.S. Department of Education announced today changes to its income-driven repayment (IDR) programs that will allow thousands of borrowers to receive immediate relief. About 40,000 borrowers are also scheduled to have their loans cancelled through the Department’s Public Service Loan Forgiveness (PSLF) program. In response, Jaylon Herbin, outreach and policy manager at the Center for Responsible...

WASHINGTON, D.C. –The Biden Administration announced today that it will nominate Michael Barr as Vice Chair for Supervision at the Federal Reserve. In response, Mike Calhoun, president of the Center for Responsible Lending (CRL), made the following statement: More than ever, our country needs knowledgeable financial regulators at the helm of our country. Michael Barr is a well-qualified choice for...

WASHINGTON, D.C. – The Biden Administration announced today that it will extend the federal student loan payment pause until August 31st, 2022. In response, Jaylon Herbin, outreach and policy manager at the Center for Responsible Lending (CRL), made the following statement: The latest extension of the federal student loan payment pause signals the need for a more permanent solution –...

Washington, D.C. — A broad coalition of bank and credit union associations and consumer organizations submitted a letter today to the U.S. House Committee on Financial Services urging passage of the Close the ILC Loophole Act, introduced by Representatives Chuy Garcia (D-IL) and Lance Gooden (R-TX). The ILC loophole allows large technology companies — such as Japanese e-commerce firm Rakuten...

WASHINGTON, D.C. — Borrowers using both federal student loans and Income-Share Agreements (ISAs) could pay as much as 25 percent of their discretionary income in repayment for a decade, according to a report published today by the Center for Responsible Lending (CRL). The report also found that ISA underwriting criteria could lead to negative impacts for women and people of...

Calls for federal regulators to protect all Americans from harmful overdraft fees WASHINGTON, D.C. – Citigroup (Citi), one of the five largest banks in America, announced yesterday it will end all overdraft fees and non-sufficient fund fees (aka bounced check fees). It is the biggest bank thus far to do this. Center for Responsible Lending (CRL) Policy and Litigation Counsel...

Today, 145 organizations sent a letter to the “Big Three” credit bureaus (Equifax, Experian, and Transunion) and to the Consumer Data Industry Association (CDIA), the trade association that represents them, urging them to take needed actions to correct credit report problems for transgender and nonbinary consumers. The signatory organizations include LGBTQI+ advocacy organizations, community centers, chambers of commerce, businesses, and...

Washington, D.C. – The Center for Responsible Lending (CRL) and a coalition of 51 small business advocates submitted a letter to Congress today calling for fair treatment for microbusinesses seeking forgiveness of Paycheck Protection Program (PPP) loans. The letter states that more than 400,000 microbusinesses that received PPP loans of $25,000 or less in 2020 are being required to repay...