Press Releases

DURHAM, NC – Payday and car title lenders continue to operate in states with weak consumer protections, extracting nearly $3 billion in fees each year from low-wealth communities, according to a report released today by the Center for Responsible Lending (CRL). “ The Debt Trap Drives the Fee Drain: Payday and Car-Title Lenders Drain Nearly $3 Billion in Fees Every...

DURHAM, NC - The Center for Responsible Lending (CRL) released a new map today showing triple-digit annual interest rates for single-payment payday loans in 28 states across the nation, even as several states move to cap rates around 36% to stop predatory payday lending within their borders. The map shows annual interest rates ranging from 140% to 662% for states...

OAKLAND, CA – Governor Jared Polis signed into law yesterday a measure to prevent online and out-of-state lenders from making high-cost loans in violation of Colorado law. The measure could be taken up in other states as a powerful tool for addressing the growing problem of lenders end-running state consumer protections through evasive schemes and legal maneuvering. Ellen Harnick, executive...

Washington, D.C.– The Senate voted today in favor of a resolution under the Congressional Review Act (CRA) that seeks to dismantle President Biden's historic student debt relief plan and force millions of borrowers into retroactive repayment of their student loans, including waived interest. The bill also nullifies the Biden administration’s latest income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF)...

DURHAM, NC – Governor Tim Walz signed into law last week a measure capping annual interest rates on payday loans at 36% in Minnesota, with strict limitations on loans bearing annual rates from 37% to 50%. Payday loans above 50% will be outlawed. The measure is expected to stop predatory payday lending as Minnesotans know it, eliminating loans that carry...

Washington, D.C.– The Center for Responsible Lending (CRL) noted that a debt ceiling bill which resumes student debt payments – on a shorter timeline than previously announced – creates a repayment burden that reduces the economic security of working Americans still struggling to recover from the negative effects of the pandemic and rising inflation. View CRL’s letter to Congress. “Restarting...

Washington, D.C.– The House is expected to vote today on a resolution under the Congressional Review Act (CRA) to repeal President Biden's student debt relief plan, end the current loan payment suspension and require retroactive student loan payments from borrowers, including waived interest. In addition, using the CRA – a tool that allows Congress to reverse final rules issued by...

Proposed rule would require lenders to comply with California law, but triple-digit interest rates could remain OAKLAND, CA – Consumer advocates praised the California Department of Financial Protection and Innovation (DFPI) for requiring fintech cash advances to comply with the laws that govern other forms of credit and for cracking down on “tips” used to disguise interest. The groups voiced...

Such an unprecedented ruling would harm financial institutions, especially smaller entities, and consumers as well as imperil the Federal Reserve and Medicare WASHINGTON, D.C. – The Supreme Court would roil financial markets if it adopted an unprecedented lower court ruling warn several small financial institutions in an amicus brief for Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association...

CRL urges bank to address concerns raised in merger review WASHINGTON, D.C. – Today, TD Bank and First Horizon Bank announced the termination of their merger agreement, citing uncertainty about the timetable to obtain regulatory approvals. The Center for Responsible Lending (CRL) along with civil rights and consumer group partners had urged the Federal Reserve and the Office of the...