Press Releases

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...

WASHINGTON, DC – Today, the U.S. Senate passed legislation (H.R. 1), nicknamed the big brutal bill, that includes an historic cut to funds available for the Consumer Financial Protection Bureau – slashing the annual funding limit by nearly half. If enacted, the bill would set a cap on annual funding that is below the amount that CFPB directors appointed by...

WASHINGTON, DC – According to news reports, the U.S. Senate Parliamentarian has ruled that the big budget bill (H.R. 1) cannot zero out funding for the Consumer Financial Protection Bureau (CFPB) as that would violate Senate rules. “This provision was an attempt to shut down the only federal financial watchdog for consumers. The Parliamentarian’s correct ruling is a relief for anyone...

Washington, D.C. — Education Secretary Linda McMahon appeared before the House Appropriations Committee today to discuss the White House’s proposed 2026 budget for the U.S. Department of Education. The proposal outlines $67 billion in cuts, a 15 percent reduction in discretionary funding for the Department. Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: The...

ANNAPOLIS, Md. –  With the window closing fast for Maryland Governor Wes Moore to sign or veto legislation, NAACP Maryland State Conference and the Center for Responsible Lending (CRL) today released a letter from over 40 advocates for civil rights, consumers, and workers urging the Governor to veto HB 1294. This legislation would give app-based payday lenders a special exemption...

Washington, DC – The Julian Bond Institute (JBI) today revealed the first members of its new Research Advisory Council, representing a range of educational institutions, community members and financial industry participants that will advise the institute on research selection, research design, and analysis of findings. Including community perspectives and industry stakeholders in the institute’s research provides insights into the real-world...

Veterans Affairs Servicing Purchase Program Provided ‘Last Resort’ for Veterans, Congress Must Act Quickly to Fill the Gap WASHINGTON – Today, the U.S. Department of Veterans Affairs (VA) dramatically increased the risk of foreclosure for tens of thousands of Veterans and their families. The VA discontinued the Veterans Affairs Servicing Purchase (VASP) program, the only VA mortgage assistance option that...

Veto would help millions of families struggling with the high cost of living WASHINGTON, DC – The Center for Responsible Lending today joined a group of consumer, economic justice and civil rights organizations in sending a letter to the White House, urging President Trump to veto S.J. Res 18, legislation that would eliminate a Consumer Financial Protection Bureau (CFPB) rule...

Passage would send the bill to the president’s desk to be signed into law WASHINGTON, DC – The U.S. House of Representatives will vote today on S.J.Res.18, legislation that would overturn a Consumer Financial Protection Bureau rule designed to reduce the typical price of an overdraft fee at very large banks and credit unions from around $35 to an amount...