Press Releases

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...

Advocates urge auto repair chains, including AAMCO, Meineke, and Midas, to stop offering predatory auto repair loans with interest rates of as high as 189% WASHINGTON – Today, a coalition of consumer advocacy groups sent letters to major national auto repair chains AAMCO and Precision Tune Auto Care (Icahn Enterprises), Big O Tires and Midas (TBC Corporation), Grease Monkey (FullSpeed...

Auto repair chains like Charlotte-based Meineke, and local repair shops nationwide are steering customers to predatory lenders engaged in deceptive and abusive practices, charging up to 189% APR WASHINGTON – A new, just-released report by the Stop The Debt Trap coalition finds auto repair shops across the country, including Meineke, headquartered in Charlotte, are offering predatory loans through EasyPay Finance...

WASHINGTON, D.C. – The Senate today approved the nomination of Julia Gordon to be Assistant Secretary of Housing and Urban Development and FHA Commissioner. In response, Mike Calhoun, president of the Center for Responsible Lending (CRL), made the following statement: CRL congratulates Julia Gordon on her confirmation today to lead FHA. She is a dynamic executive who has worked on...

National auto repair chains like AAMCO, JiffyLube, Meineke, and Midas, and local repair shops are steering customers to predatory lenders engaged in deceptive and abusive practices, charging up to 189% APR WASHINGTON – A report released today by the Stop The Debt Trap coalition finds auto repair shops across the country are offering predatory loans through EasyPay Finance and Transportation...

WASHINGTON – New research released today by the Center for Responsible Lending (CRL) shows that cancelling $10,000 of federal student loan debt—the minimal amount most often discussed— would only retire 22 percent of Black student debt and 28 percent of Latino debt. It would also provide similarly limited relief to other borrowers, including first generation college students and those already...

WASHINGTON, D.C. – Federal banking regulators today announced proposed rules to revise and modernize the Community Reinvestment Act (CRA). In response, Mike Calhoun, president of the Center for Responsible Lending (CRL), made the following statement: Federal banking regulators today issued a notice of proposed rulemaking to modernize the rules that implement the Community Reinvestment Act (CRA). This represents a significant...

WASHINGTON – In response to the Consumer Financial Protection Bureau’s (CFPB) call for public input on how to save Americans billions in junk fees charged by financial companies, leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services. The letter was submitted by Americans for Financial Reform (AFR)...

Hiding Ability to Compare True Costs of Loan Options Lets Lenders Take Advantage of Consumers WASHINGTON – The Center for Responsible Lending (CRL) today released a video for Financial Literacy Month to educate the public on why readily providing the APR (annual percentage rate) of payday loans is essential to providing financial fairness for consumers, and to urge Congress and...

WASHINGTON, D.C. – Starting today at 10 AM ET, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the CFPB’s Semiannual Report to Congress. He will also testify on the report before the House Committee on Financial Services tomorrow at 10 AM ET. “Director Chopra’s actions to protect...