Press Releases

WASHINGTON, D.C. – The Senate today approved the nomination of Michael Barr to serve as Vice Chair for Supervision at the Federal Reserve. Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: More than ever, we need knowledgeable financial regulators at the helm of our country. Michael Barr is a well-qualified choice for Vice Chair...

WASHINGTON, D.C. – Today at 10:15 am et at the House Triangle, Congresswoman Carolyn B. Maloney (D-NY) and Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA) will be joined by consumer protection advocates to urge action on their legislation to crack down on predatory overdraft fees. Center for Responsible Lending Senior Policy Counsel Nadine Chabrier, who will speak at the...

On the eve of FDIC’s Community Reinvestment Act examination of TAB Bank, advocates file petition with 44,500+ signatures and analysis of consumer complaints showing deception, debt collection and credit reporting harms from loans up to 189% WASHINGTON – Today a coalition of consumer advocates filed comments with the Federal Deposit Insurance Corporation (FDIC), including a petition signed by more than...

COVID-19-fueled unemployment and the student debt crisis disproportionately impact women of color. Washington, D.C. — The COVID-19 pandemic exacerbated gender disparities and left millions of women in a precarious financial situation. Its disproportionate impact on Black women and other women of color reduced their ability to repay their outstanding student debt, according to a new report by the Center for...

Washington, D.C. – The U.S. House Committee on Financial Services today voted to advance a bill to close the industrial loan company (ILC) loophole. The ILC loophole allows Big Tech and other nonbank companies to offer financial products and services without complying with the safeguards and oversights required of bank holding companies. The “Close the ILC Loophole Act” (H.R. 5912)...

Advocates highlight benefits of cancellation to all borrowers, and particularly to Black and women borrowers, who bear the brunt of the debt burden. Washington, D.C. – Sixty civil rights, faith, community and consumer advocacy organizations are urging President Biden and Vice President Harris to use executive action to cancel $50,000 of student loan debt per borrower immediately to stimulate the...

WASHINGTON, D.C. – The Senate yesterday approved the nomination of Todd Harper to serve a full term as chairman of the board of the National Credit Union Administration (NCUA). Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: CRL congratulates Todd Harper on his Senate confirmation to a full term as chairman of the NCUA...

WASHINGTON, D.C. – The Biden administration recently announced it would cancel all outstanding federal student loans held by 560,000 former Corinthian Colleges students. Center for Responsible Lending Senior Policy Counsel Whitney Barkley-Denney made the following statement: We applaud President Biden and Vice President Harris for this move. Tens of thousands of former Corinthian students who had been defrauded by their...

BATON ROUGE, LA – Last night, Governor John Bel Edwards of Louisiana vetoed SB 381, a bill that would have expanded predatory lending in the state by legalizing larger loans with longer terms at triple-digit annual interest rates. Statement from Davante Lewis, Director of Public Affairs and Outreach for the Louisiana Budget Project: Louisiana Budget Project applauds Governor Edwards for...

Military servicemembers, veterans, and their families report outrageously high interest rates and deceptive lending practices WASHINGTON – The predatory lending practices of EasyPay Finance and Utah-based, FDIC-supervised Transportation Alliance Bank (TAB Bank) are hurting military servicemembers, veterans, and their families, according to a new report from a coalition of consumer advocacy groups released in advance of Memorial Day. EasyPay Finance...