Press Releases

On the eve of FDIC’s Community Reinvestment Act examination of TAB Bank, advocates file petition with 44,500+ signatures and analysis of consumer complaints showing deception, debt collection and credit reporting harms from loans up to 189% WASHINGTON – Today a coalition of consumer advocates filed comments with the Federal Deposit Insurance Corporation (FDIC), including a petition signed by more than 44,500 people and a letter describing hundreds of consumer complaints, urging the FDIC to consider Transportation Alliance Bank’s ( TAB Bank ) predatory rent-a-bank lending in assessing the bank

COVID-19-fueled unemployment and the student debt crisis disproportionately impact women of color. Washington, D.C. — The COVID-19 pandemic exacerbated gender disparities and left millions of women in a precarious financial situation. Its disproportionate impact on Black women and other women of color reduced their ability to repay their outstanding student debt , according to a new report by the Center for Responsible Lending (CRL). The research studied focus groups with women who lost a job during the pandemic. “We already knew that women of color bear the brunt of financial inequities. They

Washington, D.C. – The U.S. House Committee on Financial Services today voted to advance a bill to close the industrial loan company (ILC) loophole. The ILC loophole allows Big Tech and other nonbank companies to offer financial products and services without complying with the safeguards and oversights required of bank holding companies. The “Close the ILC Loophole Act” (H.R. 5912) now heads to the floor for consideration by the entire legislative body. Americans for Financial Reform, Bank Policy Institute, Center for Responsible Lending, Consumer Federation of America, Credit Union National

Advocates highlight benefits of cancellation to all borrowers, and particularly to Black and women borrowers, who bear the brunt of the debt burden. Washington, D.C. – Sixty civil rights, faith, community and consumer advocacy organizations are urging President Biden and Vice President Harris to use executive action to cancel $50,000 of student loan debt per borrower immediately to stimulate the economy, bridge the racial wealth gap and alleviate the financial suffering of millions of Americans. A letter, signed collectively, was sent to the White House Friday evening. “The Biden-Harris

WASHINGTON, D.C. – The Senate yesterday approved the nomination of Todd Harper to serve a full term as chairman of the board of the National Credit Union Administration (NCUA). Mike Calhoun, president of the Center for Responsible Lending (CRL) , issued the following statement: CRL congratulates Todd Harper on his Senate confirmation to a full term as chairman of the NCUA board. Mr. Harper’s extensive experience with legislative oversight and strong relationships with other financial regulators will ensure that the nation’s credit unions continue to promote competition, financial fairness, and

WASHINGTON, D.C. – The Biden administration recently announced it would cancel all outstanding federal student loans held by 560,000 former Corinthian Colleges students. Center for Responsible Lending Senior Policy Counsel Whitney Barkley-Denney made the following statement: We applaud President Biden and Vice President Harris for this move. Tens of thousands of former Corinthian students who had been defrauded by their school, and left wondering for years how they’d recover the money they lost, are now at ease. The administration now needs to immediately cancel $50,000 of student loan debt

BATON ROUGE, LA – Last night, Governor John Bel Edwards of Louisiana vetoed SB 381, a bill that would have expanded predatory lending in the state by legalizing larger loans with longer terms at triple-digit annual interest rates. Statement from Davante Lewis, Director of Public Affairs and Outreach for the Louisiana Budget Project : Louisiana Budget Project applauds Governor Edwards for recognizing the harm that triple-digit interest debt traps cause working families. We applaud his veto of SB 381, a narrowly passed bill that was supported only by companies interested in making high-cost

Military servicemembers, veterans, and their families report outrageously high interest rates and deceptive lending practices WASHINGTON – The predatory lending practices of EasyPay Finance and Utah-based, FDIC-supervised Transportation Alliance Bank (TAB Bank) are hurting military servicemembers, veterans, and their families, according to a new report from a coalition of consumer advocacy groups released in advance of Memorial Day. EasyPay Finance, which charges up to 189% APR, is popping up as a financing option at furniture stores, auto repair shops, pet stores and other retail outlets

WASHINGTON, DC – The Senate today voted to confirm Sandra Thompson’s nomination to a full five-year term as Director of the Federal Housing Finance Agency (FHFA) – the federal regulator that oversees Fannie Mae and Freddie Mac. Mike Calhoun, president of the Center for Responsible Lending (CRL) , issued the following statement: CRL applauds the Senate for confirming Sandra Thompson to a full term as director of FHFA. Ms. Thompson has provided strong leadership as FHFA Acting Director, and is committed to seeing that Fannie Mae, Freddie Mac and the Federal Home Loan Banks act to advance housing

Advocates urge auto repair chains, including AAMCO, Meineke, and Midas, to stop offering predatory auto repair loans with interest rates of as high as 189% WASHINGTON – Today, a coalition of consumer advocacy groups sent letters to major national auto repair chains AAMCO and Precision Tune Auto Care (Icahn Enterprises), Big O Tires and Midas (TBC Corporation), Grease Monkey (FullSpeed Automotive), JiffyLube, and Meineke (Driven Brands) urging their stores and franchisees to stop offering financing through EasyPay Finance and Utah-based TAB Bank, which issue loans at rates up to 189%, even in