Press Releases

Call on Congress to Pass Federal 36% Interest Rate Cap Limit Washington, D.C. – Consumer advocates Center for Responsible Lending, National Consumer Law Center, and Americans for Financial Reform Education Fund criticized the Federal Deposit Insurance Corporation (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder their loans through banks so the non-bank lenders can charge...

WASHINGTON, D.C. – This week, the Consumer Financial Protection Bureau (CFPB) released two Notices of Proposed Rulemaking (NPRMs). The proposals would extend the temporary Government-Sponsored Enterprises Patch (GSE Patch) and amend the definition of “qualified mortgage” (QM) by removing the debt-to-income limit and replacing it with a price-based approach. The QM rule was created under the ability to repay provision...

*** ADVISORY FOR WEDNESDAY, JUNE 17, 2020 AT APPROXIMATELY 1 P.M. ET/10 A.M. PT *** WASHINGTON, D.C. - On Wednesday, June 17, at approximately 1 p.m. ET/ 10 a.m. PT, Center for Responsible Lending (CRL) Director of Federal Advocacy and Senior Counsel Ashley Harrington will testify in a virtual hearing before the U.S. House of Representatives' Committee on Small Business...

Transparency and structural changes still needed to ensure funds reach the smallest small businesses and business owners of color WASHINGTON, D.C. – Last night, the U.S. Senate, by unanimous consent, approved the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010). Since the bill already passed the House of Representatives, it now goes to the president, who is expected to...

Banks collected more than $11.68 billion in 2019 through abusive overdraft practices that drain consumers’ checking accounts Congress, Regulators, and Banks all have the responsibility and power to ease burden on consumers WASHINGTON, D.C. – A new report released today by the Center for Responsible Lending (CRL) finds that in 2019 banks collected more than $11.68 billion in overdraft-related fees through abusive practices that drain massive...

WASHINGTON, D.C. - Center for Responsible Lending President Mike Calhoun released the following statement today on the recent protests that took place over the weekend: Communities across the country rightly expressed their raw, unfiltered emotions because of the complacency that has allowed racism and oppression to continue in the United States. The senseless killings of unarmed black men and women—like...

Coalition of civil rights and consumer organizations urge Senate to include provisions to strengthen PPP’s infrastructure WASHINGTON, D.C. - The U.S. House of Representatives recently passed H.R. 7010, the Paycheck Protection Program Flexibility Act. The bill makes two important improvements to the Paycheck Protection Program (PPP), including extending the covered expense period from 8 to 24 weeks and pushing back...

WASHINGTON, D.C. - Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The Federal Deposit Insurance Corp. proposed a similar rule but has not finalized it...

WASHINGTON, D.C. – Today, President Donald Trump vetoed H.J. Res. 76, a resolution which would have invalidated the Department of Education’s 2019 harmful Borrower Defense (BD) Rule. The 2019 rule weakens accountability for predatory for-profit colleges and prevents defrauded students from accessing relief. Center for Responsible Lending Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: Despite...

Around a decade ago, banks’ “deposit advance” products put borrowers in an average of 19 loans per year at more than 200% annual interest Important FDIC consumer protections repealed WASHINGTON, D.C. – Today, four banking regulators jointly issued new small dollar lending guidance that lacks the explicit consumer protections it should have. At the same time, it does require that...