Press Releases

OCC Proposes Rent-a-Bank Rule Today; Proposed Rule is on Agenda for FDIC Meeting on Nov. 19 Washington, D.C. - Advocates reacted with outrage to a new proposal from two federal bank regulators that could make it easier for payday and other high-cost lenders to use banks as a fig leaf so that online lenders can offer predatory loans at interest...

New legislation would protect people from the financial quicksand of high-interest loans First bill to extend Military Lending Act’s rate cap protection to all Americans Learn more about this map, showing the APR of a typical payday loan in those states without strong interest rate caps. For instance, in Illinois it is 404% and in Wisconsin 574%. WASHINGTON, D.C. –...

WASHINGTON, D.C. - A coalition of 61 consumer, civil rights, and community groups today sent letters to three federal bank regulators urging them not to allow their banks to help payday lenders evade state interest rate limits. The groups sent separate letters to the Federal Deposit Insurance Corp. (FDIC), which regulates the only banks currently involved in rent-a-bank schemes; the...

WASHINGTON, D.C.— Today, the U.S. Department of Education released the final version of federal regulations for accreditation and state authorization for online institutions. Set to take effect in July 2020, the new rules would lead to a spiraling decline in the quality of the nation’s higher education system, costly and fruitless expenditures of student time and money, and a cost...

WASHINGTON, D.C. – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced today that his agency reached an agreement with the U.S. Department of Justice (DOJ) on the use of the False Claims Act for Federal Housing Administration single family loans. Center for Responsible Lending President Mike Calhoun made the following statement: CRL applauds HUD and the...

Continuing state action will hasten fair practices across the industry DURHAM, N.C. – A new wave of state legislation passed in 2019 continues the trend of states addressing abuses in the student loan servicing industry, according to a report by the Center for Responsible Lending (CRL) titled, Stepping Up: States Move to Hold Student Loan Servicers Accountable. The analysis notes...

WASHINGTON, D.C. – The U.S. Supreme Court said today that it will take up  Seila Law LLC v. Consumer Financial Protection Bureau (CFPB), a case attempting to undermine the independence of the nation’s consumer protection watchdog.  Seila Law LCC is pushing the Supreme Court to give President Trump influence and control over how the CFPB oversees the financial services industry. Specifically...

WASHINGTON, D.C. – Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement today on the passing of U.S. Congressman Elijah Cummings, Chairman of the House Committee on Oversight and Reform: We are saddened by the passing of Chairman Elijah Cummings. He was a steadfast leader who served his community and country with passion and conviction. For...

WASHINGTON, D.C. – Today, the U.S. House of Representatives Committee on Education and Labor introduced the College Affordability Act, a bill to lower the costs of college for students and improve the quality of education. The bill includes important provisions to make quality higher education more accessible and affordable for students and families, including indexing the Pell Grant to inflation...

2008 Crisis Echoes Through American Politics As Americans Seek More WASHINGTON, DC – As candidates vie to set the agenda for the next presidency, Democratic primary voters in Iowa, New Hampshire, Nevada, and South Carolina strongly support a tough approach to oversight and reform of Wall Street, according to a new poll conducted by the bipartisan team of Lake Research...