Press Releases

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...

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)...

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...

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...

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...

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...

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...

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...

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...

Auto repair chains like Charlotte-based Meineke, and local repair shops nationwide are steering customers to predatory lenders engaged in deceptive and abusive practices, charging up to 189% APR WASHINGTON – A new, just-released report by the Stop The Debt Trap coalition finds auto repair shops across the country, including Meineke, headquartered in Charlotte, are offering predatory loans through EasyPay Finance...