Press Releases

Update: On February 12, 2015, CRL president Mike Calhoun delivered testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs; the hearing was entitled " Regulatory Relief for Community Banks and Credit Unions." (Includes video of the full hearing) In his testimony, Calhoun underlined that responsible regulations and regulatory oversight are critical to the success of small lenders...

Corinthian Colleges and ECMC Group, Inc., closed a deal to sell most of Corinthian's campuses to ECMC, a student loan debt collector. The sale brings mixed news for students: $480 million to forgive private student loan debts and the elimination of a troubling mandatory arbitration policy – but ECMC may ban class action lawsuits, and many federal loan borrowers get...

In response to the President's speech tonight, the Center for Responsible Lending (CRL) has experts available to comment on areas mentioned in the State of the Union address including, mortgage access, student lending and the importance of new rules to rein in reckless practices in the financial sector. Strong Financial and Consumer Protections "With the President's promise to veto legislation...

President Obama is slated to discuss housing recovery and related policies on Thursday, January 8, 2015 from Central High School in Phoenix, Arizona. The Center for Responsible Lending has long been a research and policy leader on housing and mortgage policies. CRL has researched issues including access to credit, abusive mortgage lending practices, discrimination in markets, and family wealth-building. As...

On Thursday, January 8, 2015, President Obama will formally announce plans in Phoenix, AZ to reduce the cost of mortgages insured by the Federal Housing Administration – a government agency that secures mortgages primarily for lower and moderate-income borrowers, especially families of color. The plans will: reduce FHA premiums to help make mortgages more affordable; build on successful policies that...

At a press conference today in front of a payday lending store in downtown San Jose, Representative Zoe Lofgren, Emmett Carson, the CEO of Silicon Valley Community Foundation, and Kyra Kazantzis of the Coalition Against Payday Predators (CAPP) warned consumers not to be grinched by payday lenders during the holiday season. Each spoke at the event about the harm caused...

The Department of Education and other regulators are currently reviewing a planned sale of 56 Corinthian campuses to ECMC Group, Inc., a federal student loan debt collector. This sale would convert the Corinthian campuses into nonprofits, exempting them from some federal regulations applying to for-profit colleges. Yesterday, the Center for Responsible Lending, along with 49 other consumer, civil rights, labor...

Today, at a Consumer Financial Protection Bureau (CFPB) field hearing in Oklahoma City, Center for Responsible Lending (CRL) Policy Counsel Lisa Stifler detailed growing abuses in medical debt collection that can take advantage of financially-distressed consumers and unfairly strip families of wealth. At the hearing, the CFPB released a report showing 43 million Americans have medical debt and announced that...

Gary Kalman, executive vice president at the Center for Responsible Lending, offers the following remarks: All Americans agree that taking advantage of the men and women who serve our nation violates our nation's fundamental values. Today, 40 US Senators have given voice to this value by supporting the Department of Defense's decision to strengthen the Military Lending Act. In a...

Last week, the Consumer Financial Protection hosted a field hearing in Wilmington, DE to discuss proposed regulations for prepaid cards – including how overdraft fees and other credit features should be handled on these prepaid products. Maura Dundon of the Center for Responsible Lending offered the following remarks: The CFPB's proposed rule on prepaid cards, announced at a Wilmington field...