Press Releases

WASHINGTON, DC – The Consumer Financial Protection Bureau (CFPB) today issued a proposed interpretive rule that will ensure important legal protections for consumers who use fast-growing wage advance loan products. The proposed rule clarifies that so-called earned wage advance (EWA) products are loans, and that many tips and fees, like expedited delivery fees, are finance charges under the federal Truth...

WASHINGTON, DC – Michael Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement in support of the Federal Housing Finance Agency’s approval of a Freddie Mac limited pilot program to purchase single-family closed-end second mortgages: As a research brief CRL co-authored shows, many homeowners have few financially sound options to access their home equity in today’s...

WASHINGTON, D.C. — A pair of federal judges in Kansas and Missouri on Monday issued injunctions that temporarily halt portions of the Biden administration’s new student loan repayment plan, Saving on a Valuable Education (SAVE). These rulings will delay any plans from the administration to provide millions in student debt relief under the program and significantly reduce monthly payments for...

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule for Buy Now Pay Later (BNPL) lenders. “We welcome this rule as a step toward ensuring consumers have the protections that they reasonably expect from a credit card. We look forward to the CFPB’s continued work in this market,” said Nadine Chabrier, litigation and policy counsel...

WASHINGTON, D.C. – The Center for Responsible Lending (CRL) urged the U.S. Department of Education to amend their notice of proposed rulemaking to expand forgiveness of capitalized interest— unpaid interest that is added to the principal of the loan— in a comment letter submitted Friday evening. “We support the Administration’s proposal and believe that these regulatory changes will have a...

WASHINGTON, D.C. – The U.S. Supreme Court just announced that the secure, independent funding structure of the Consumer Financial Protection Bureau is constitutionally sound, thereby averting the economic and political chaos that an adverse ruling likely would have caused. The case, Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America, Limited (CFSA), was originally brought by CFSA...

WASHINGTON, DC – Richard Cordray, the chief operating officer of the U.S. Department of Education’s Federal Student Aid office, announced late last week that he was resigning from the agency. He is expected to formally leave his post at the end of June. Michael Calhoun, president of the Center for Responsible Lending, issued the following statement: Richard Cordray’s leadership was...

WASHINGTON, DC -- Ginnie Mae president Alanna McCargo announced late last week that she was resigning from the agency effective May 3. Michael Calhoun, president of the Center for Responsible Lending, issued the following statement: Alanna McCargo was an advocate for sustainable, equitable and affordable housing, and she ensured that Ginnie Mae remained focused on its mission to increase access...

Washington, D.C., — The Biden administration announced today its first set of draft rules proposing billions in student debt forgiveness to more than 30 million borrowers, including those whose balances have grown from accrued interest and have been in repayment for years. In response, Mitria Spotser, vice president and federal policy director at the Center for Responsible Lending (CRL), made...

Groups say bills before House committee hide true cost of cash advance apps, erase consumer protections WASHINGTON, D.C. – The U.S. House of Representatives Financial Services Committee will vote tomorrow morning on several pieces of legislation that could harm consumers. The Center for Responsible Lending (CRL) joined dozens of advocacy organizations in letters opposing two of these bills: the “Earned...