CRL Congratulates Michael Barr on His Senate Confirmation as Vice Chair at the Federal Reserve

WASHINGTON, D.C. – The Senate today approved the nomination of Michael Barr to serve as Vice Chair for Supervision at the Federal Reserve. Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: More than ever, we need knowledgeable financial regulators at the helm of our country. Michael Barr is a well-qualified choice for Vice Chair for Supervision at the Federal Reserve. Mr. Barr has a record of standing up for regulations – like the Community Reinvestment Act and overdraft protections – that promote financial fairness for all Americans, and for

Press Conference with Congresswoman Maloney, Senators Booker and Warren on Predatory Overdraft Fees

WASHINGTON, D.C. – Today at 10:15 am et at the House Triangle , Congresswoman Carolyn B. Maloney (D-NY) and Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA) will be joined by consumer protection advocates to urge action on their legislation to crack down on predatory overdraft fees. Center for Responsible Lending Senior Policy Counsel Nadine Chabrier , who will speak at the upcoming event, issued the following statement: High-cost overdraft fees compound the problems of financially vulnerable families, with Black and Latino checking account holders disproportionately harmed. Legislation

In Evaluating TAB Bank, FDIC Should Consider Harm, Possible Legal Violations, from Predatory Lending

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

Black Women Have Not Financially Recovered from the Pandemic, Struggle to Repay Student Loans

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

Bank, Credit Union and Consumer Groups Support Committee Vote to Close the Industrial Loan Company Loophole

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

Coalition of 60 Diverse Advocacy Organizations Demand Biden-Harris Administration to Cancel Student Loan Debt

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

CRL Congratulates Todd Harper on His Senate Confirmation as Chairman of NCUA

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

Biden Administration’s Announcement to Cancel Federal Student Loans for Former Corinthian Colleges Borrowers

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

Groups Praise Louisiana Governor's Veto of Bill Expanding Predatory Lending

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

New Report Shows How TAB Bank and EasyPay Finance’s Predatory Loans Harm Veterans and Servicemembers

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