Press Releases

Washington, D.C.– The Department of Education (ED) yesterday announced it has extended the pause of student loan repayment, interest and collections through June 30, 2023. The announcement comes as the administration awaits a requested Supreme Court ruling regarding lawsuits that have prevented its student loan cancellation plan from moving forward. Jaylon Herbin, director of federal campaigns at the Center for...

Washington, D.C.– The Department of Education (ED) and Department of Justice (DOJ) announced yesterday policy changes to the bankruptcy discharge process for student loan borrowers. The new changes simplify and standardize the process for economically distressed borrowers to discharge their debts. Whitney Barkley-Denney, deputy director of state policy and senior policy counsel at the Center for Responsible Lending (CRL), made...

New Product is Credit and Should be Regulated as Such WASHINGTON, DC – As the shopping season arrives, the Center for Responsible Lending (CRL) today released a short video explaining concerns about the exploding Buy Now Pay Later market and calling for the credit product to carry the same protections as credit cards. Buy Now Pay Later offers appear online...

WASHINGTON, D.C. – Following the White House’s announcement that it would nominate Martin Gruenberg to serve as Chair of the Federal Deposit Insurance Corporation (FDIC), Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: We applaud President Biden’s nomination of Marty Gruenberg for FDIC Chair. Marty is an experienced leader with a strong track record...

WASHINGTON, D.C. – The high burden of student loan debt limits the future financial options of graduates of Historically Black Colleges and Universities (HBCU) and breaks the promise of a college education as a great equalizer, according to a new research report published today by the Center for Responsible Lending (CRL). The report, “Paying from the Grave,” highlights the impacts...

Washington, D.C. – The Center for Responsible Lending (CRL) and National Consumer Law Center (NCLC) today expressed support for the Protecting Wages of Essential Workers Act of 2022 (Protecting Wages Act). The bill will ensure that working Americans who hold consumer debt are not hit with excessive wage seizures that leave them unable to afford necessities. The legislation also prohibits...

WASHINGTON, D.C. – A federal appeals court last week temporarily stopped the Biden administration’s student debt cancellation plan, which is set to provide up to $20,000 in relief to eligible graduates from the nation’s more than 44 million student loan borrowers. In response, Jaylon Herbin, outreach and policy manager for the Center for Responsible Lending (CRL), made the following statement...

WASHINGTON, D.C. – After a panel of judges on the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure was unconstitutional, Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: The court’s misguided opinion would stop the Consumer Financial Protection Bureau from providing critical protections for...

WASHINGTON – Today, small business owners (full statements below) from Illinois, Texas, Maryland, California, Washington, and North Carolina joined with U.S. Representative Chrissy Houlahan (D-PA), American Business Immigration Coalition (ABIC), and the Center for Responsible Lending (CRL) and Small Business Majority (SBM) to Demand the Small Business Administration (SBA) reform the “good faith error” rule, one of more than 60...

WASHINGTON, D.C. – Today at 10:45 am ET at the House Triangle, and live-streamed on the Center for Responsible Lending’s Facebook page, Congresswoman Chrissy Houlahan (D-PA) and affected small business owners will call attention to the financial devastation more than 300,000 American small businesses are now facing due to unforgiven PPP loans totaling more than $3.7 billion, and to demand...