New Joint Bank Regulators’ Guidance Not an Excuse for Banks to Return to Issuing Payday Loans

Around a decade ago, banks’ “deposit advance” products put borrowers in an average of 19 loans per year at more than 200% annual interest Important FDIC consumer protections repealed WASHINGTON, D.C. – Today, four banking regulators jointly issued new small dollar lending guidance that lacks the explicit consumer protections it should have. At the same time, it does require that...

OCC’s Updated CRA Rule Will Harm LMI Families & Communities of Color

WASHINGTON, D.C. - Today, the Office of the Comptroller of the Currency (OCC) released the final version of a rule to modernize the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corp., which jointly released the CRA proposed rule with the OCC, did not join in this final announcement. The Federal Reserve Board did not sign on to the proposed...

HEROES Act Shows Strong Promise, Senate Must Now Fill Voids to Further Protect Consumers and Student Loan Borrowers

WASHINGTON, D.C. – Today, the U.S. House of Representatives passed the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act shows strong promise and addresses important needs of low-wealth families impacted by...

House’s HEROES Act Would Help Financially Vulnerable Families

WASHINGTON, D.C. – The U.S. House of Representatives, led by Speaker Nancy Pelosi (D-Calif.), yesterday released the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act would help prevent families from losing...

New Bipartisan Poll Shows Strong Support for Student Loan Debt Cancellation During COVID-19 Pandemic

“A majority of Americans across all regions of the U.S. support permanently reducing student loan debt by $20,000 for all borrowers.” WASHINGTON, D.C. - The Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) released a bipartisan poll today showing that Americans around the country and across partisan identities strongly support student debt reduction during the COVID-19 pandemic...

Small Business Package Still Leaves Business Owners of Color Out In The Cold

WASHINGTON, D.C. - Today, the U.S. House of Representatives approved a small business package that the U.S. Senate approved by unanimous consent earlier this week. The bill aims to replenish funding for the Paycheck Protection Program (PPP), the loan program designed to help struggling small businesses hurt by the COVID-19 crisis. In the bill, lawmakers agreed to appropriate $310 billion...

Senate Excludes Businesses of Color in Second Round of PPP Funding

WASHINGTON, D.C. – The U.S. Senate passed a deal today to replenish funding for the Paycheck Protection Plan (PPP), the loan program designed to help small businesses slammed by the coronavirus crisis. Lawmakers agreed to send an additional $310 billion to the PPP, which ran out of its initial funding capacity last week. Like the initial PPP funding, most of...

California and Federal Officials Can Stop Creditors Collecting Debts from Funds Intended for Meeting Basic Needs

Oakland, CA – As people en masse are losing their jobs and income, creditors are taking from desperately needed stimulus checks in order to collect on debts. The Center for Responsible Lending today continued its call for state and federal officials to take immediate action to protect this emergency funding. Marisabel Torres, Center for Responsible Lending’s Director of California Policy...

CFPB Impedes Ability to Ensure All Americans are Fairly Served in the Housing Market by Exempting Companies from Data Reporting

Move Puts Communities of Color, Low- and Moderate-Income Families, and Rural Communities at Risk WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday issued a final rule that exempts more than 1,700 additional financial companies from reporting Home Mortgage Disclosure Act (HMDA) data about their lending. HMDA was enacted to combat lending discrimination by requiring companies to report public...

Support Must Extend to Main Street Small Businesses and Businesses of Color in Next Relief Package

WASHINGTON, D.C. – Today, the Small Business Administration announced that it exhausted its $350 billion funding capacity and is unable to accept new applications. Congress has not been able to agree on how to update the agency’s Paycheck Protection Plan (PPP), a provision of the CARES Act designed to provide forgivable loans to small businesses during the COVID-19 pandemic. Read...