Press Releases

Portland, OR — Today, the Oregon Senate passed House Bill 4116, which stops online lenders from exploiting a loophole in federal law to charge consumer loan interest rates above Oregon's 36% cap through “rent-a-bank” schemes. The bill now moves to Governor Tina Kotek's desk to be signed into law. “Predatory ‘rent-a-bank’ loans have high rates of interest, defaults, and repeat...

Friend of the Court Brief in Texas Fair Housing Case Calls Out Troubling Terms of Settlement Agreement HOUSTON – A coalition, led by the National Fair Housing Alliance (NFHA) and composed of nonprofit organizations focused on fair housing, civil rights, and immigration advocacy, today asked a federal court in Texas to refuse to enter the proposed settlement agreement in Consumer...

WASHINGTON, D.C. — A federal district court on Friday dismissed Missouri v. Trump and refused to approve a proposed settlement that would have dismantled the Saving on a Valuable Education (SAVE) student loan repayment plan. As a result of the dismissal, the injunction that kept millions of borrowers from making payments under SAVE has been lifted, and those enrolled can...

WASHINGTON, DC - Senators Steve Daines (R-MT) and Mark Warner (D-VA) recently introduced the Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act to increase and strengthen community development financial institutions (CDFIs). Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: CDFIs play a vital role in boosting housing supply, particularly affordable housing...

Administration’s actions contradict affordability claims expected in president’s speech tonight WASHINGTON, D.C. – With this evening’s State of the Union address expected to feature the president arguing that his administration is tackling our nation’s affordability crisis, Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement: President Trump’s Administration has repeatedly greenlit predatory loans with annual interest rates...

WASHINGTON, DC – With the State of the Union tonight, advocates and former Consumer Financial Protection Bureau (CFPB) staff gathered today across from the U.S. Court of Appeals for the D.C. Circuit. The full court heard arguments on National Treasury Employees Union v. Vought, a case that could allow the Trump Administration to cut funding and staff at the CFPB...

Following the release of a White House report on the Consumer Financial Protection Bureau (CFPB) yesterday, Center for Responsible Lending (CRL) Vice President Graciela Aponte-Diaz issued the following statement: There's a glaring omission in this report. The Consumer Financial Protection Bureau has saved Americans trillions of dollars by protecting them from financial exploitation and providing guardrails that keep predatory lenders...

WASHINGTON, D.C. – Amid a national conversation on limiting interest rates, the Center for Responsible Lending (CRL) applauds U.S. Senator Jack Reed (D-R.I.) for introducing the Predatory Lending Elimination Act (S. 3793), legislation to create a strong, permanent cap of 36% annual percentage rate (APR), including fees, on consumer credit – covering credit cards as well as installment, car-title, and...

Durham, North Carolina – The Center for Responsible (CRL) today released a report on the harm to consumers from a lender charging annual percentage rates (APRs) up to 195%, “Lost Opportunities: How OppFi Traps Borrowers in Unaffordable Debt.” The report outlines a path for state legislators to more effectively stop the scheme by which OppFi and a handful of other...

St. Paul, Minnesota – With President Trump and Congress discussing a national cap on loan interest rates, the Center for Responsible Lending and Minnesota-based Exodus Lending today released a timely report on a recently enacted state rate cap, “ Escape from the Debt Trap: Relief for Minnesotans After State Ends Payday Lending.” Minnesotans had been charged a 220% Annual Percentage...