Press Releases

WASHINGTON, D.C. – U.S. Senator Bill Cassidy (R-LA) and Congresswoman Lisa McClain (R-MI) introduced companion Congressional Review Act (CRA) resolutions yesterday to repeal the Saving on a Valuable Education, or “SAVE,” income-driven repayment (IDR) plan announced by the Biden administration earlier this year. The CRA is a tool Congress can use to overturn final rules from federal agencies. Under SAVE...

DURHAM, NC - Consumers who use Earned Wage Advance (EWA) and digital cash advance applications are taking them repeatedly, paying fees and so-called tips, and using the advances to cover basic living expenses, according to survey results released today by the Center for Responsible Lending (CRL). The survey, which asked consumers about their experiences with EWA and cash advance apps...

OAKLAND, CA - Payday lending activity increased significantly in California from 2021 to 2022, according to an annual report released by the California Department of Financial Protection and Innovation (DFPI) last month. The report tracks the activity of 109 lenders who voluntarily reported their lending. The number of payday loans surged by over 18.4 percent and the dollar value by...

Washington, D.C. – A federal appeals court on Monday blocked the Biden administration’s new borrower defense to repayment rules aimed at protecting student loan borrowers who attended for-profit institutions and were defrauded by their school. In response, Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending (CRL), made the following statement: The decision by the appeals court...

Washington, D.C. – The Supreme Court of the United States ruled today that President Biden did not have the legal authority to provide up to $20,000 in needed COVID-19 relief to millions of eligible borrowers. Relying upon the emergency authority created by the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act), the Biden administration sought to cancel...

TALLAHASSEE, FL - Self-Help Credit Union and the Center for Responsible Lending (CRL) congratulate advocates who worked to defeat a bill vetoed by Governor Ron DeSantis yesterday that would have increased interest rates on large personal loans made to Florida residents. Advocates from consumer groups, faith groups, legal services and others joined Self-Help and CRL in calling to reject the...

WASHINGTON, D.C. – Today, the U.S. House of Representatives passed H.R. 3564, a bill that would reverse the Federal Housing Finance Agency’s (FHFA’s) recent update to the pricing of home loans that Fannie Mae and Freddie Mac buy. “The FHFA was deliberative and thoughtful in updating the pricing framework for conventional mortgages. The same cannot be said of the House...

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...