Press Releases

WASHINGTON, D.C. – The United States House of Representatives today passed the Comprehensive Debt Collection Improvement Act (H.R. 2547). Introduced by House Financial Services Committee Chairwoman Maxine Waters, the Act is comprised of eight bills that would collectively enact critical debt collection reforms aimed at protecting vulnerable consumers. If passed into law, the Act would, in part, prohibit the collection of medical debt for two years after a procedure, as well as prohibit credit reporting of debt arising from medically necessary procedures. It also would amend the Fair Debt

WASHINGTON, D.C. - In a 52 - 47 vote tonight, the U.S. Senate voted to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork. S.J. Res. 15, a resolution under the Congressional Review Act (CRA), was introduced by Senators Chris Van Hollen (D-MD) and Sherrod Brown (D-OH). Rep. “Chuy” García introduced a parallel resolution, H.J. Res. 35, in the U.S. House of Representatives. Now that the Senate approved the resolution, the House has until the end of this legislative session to vote on it. Advocates

WASHINGTON, D.C. – The U.S. Senate has begun consideration of legislation (S.J. Res. 15) to rescind a federal bank agency rule that facilitates predatory lending. A vote is expected around 5:30 pm et. The rule, issued by the Office of the Comptroller of the Currency (OCC), makes it easier for lenders to charge high interest rates, in violation of state usury laws, through “rent-a-bank” schemes. “The OCC rule promotes illegal, predatory lending that traps financially vulnerable families in debt,” said Center for Responsible Lending Director of State Policy Lisa Stifler, who recently testified

WASHINGTON, D.C. - Join us today, Monday, May 10 at 2:30 pm ET to hear about the real world impacts of the "fake lender" ruleand why Congress must immediately pass S.J. Res. 15 / H.J. Res 35 under the Congressional Review Act (CRA) to repeal the rule. The fake lender rule by the Office of the Comptroller of the Currency (OCC) protects predatory lenders that evade state interest rate laws by laundering their loans through a rogue bank. RSVP now. Hear about: A restaurant owner fighting $67,000 in loans at 268% APR loan, a rate the predatory lenders are justifying by the OCC rule; A disabled

WASHINGTON, D.C. - Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as Congress debates overturning the OCC’s “fake lender” rule. The fake lender rule will enable a massive expansion of predatory lending in all 50 states if the rule is permitted to remain in effect. Congress must pass the Congressional Review Act (CRA) resolution introduced by Senators Sherrod

WASHINGTON, D.C. – Last Friday, credit unions and advocates registered their strong opposition to a proposal by the National Credit Union Administration (NCUA) that would allow credit union subsidiaries to engage in predatory lending that is explicitly illegal for federal credit unions. The proposal by NCUA, which regulates credit unions across the country, would do significant harm by permitting high-cost lending to credit union members and consumers. The harm may be especially pronounced for communities of color, which are disproportionately impacted by predatory lending. The Center for

Video highlights, below, on the harms of predatory rent-a-bank schemes WASHINGTON, D.C. – Today, the U.S. Senate Committee on Banking, Housing, and Urban Development held a hearing, “The Reemergence of Rent-a-Bank?,” focused on legislation to rescind a bank regulator rule that facilitates this predatory lending scheme. The regulation, issued by the Office of the Comptroller of the Currency (OCC), can be eliminated through a legislative tool that prevents the possibility of a Senate filibuster, but that action must be taken before an upcoming deadline in May. Video highlights of the hearing

WASHINGTON, D.C. - Today, the U.S. Senate confirmed Vanita Gupta to be Associate Attorney General at the U.S. Department of Justice (DOJ). Gupta is the first woman of color to hold the position. Center for Responsible Lending President Michael Calhoun issued the following statement: Vanita Gupta is an accomplished advocate and litigator who has led the Civil Rights Division at the U.S. Department of Justice (DOJ) under President Barack Obama. Her history of public service and proven track record of fighting for civil rights and economic fairness is second to none. Ms. Gupta has devoted her

Data reflects dire need for down payment assistance and student debt relief that would help support path to homeownership WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released a new report “ Hardship for Renters: Too Many Years to Save for Mortgage Down Payment and Closing Costs.” The report calculates how long it would take for a typical renter household to save for a mortgage down payment and closing costs for a median-priced house and how this varies by race/ethnicity, household type, location, and occupation. For instance, the report data show that the typical white

Washington, D.C. – Former Vice President Walter Mondale, an outspoken supporter of civil rights and co-author of the landmark Fair Housing Act of 1968, which sought to end racial discrimination in housing and create inclusive communities, died yesterday at the age of 93. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Vice President Walter Mondale was a giant of civil rights while in the U.S. Senate and during some of the most significant, contentious moments in our nation’s history. The introduction of the Fair Housing Act — and its