Press Releases

WASHINGTON, DC – Bank of America, America’s second-largest retail bank with about $2.35 trillion in assets, today announced it will reduce overdraft fees and non-sufficient funds (NSF) fees (aka bounced check fees) for its consumer banking customers. Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement: Bank of America’s decision will provide much-needed relief for customers who...

Washington, D.C.— A coalition of public interest and advocacy organizations recently urged the Consumer Financial Protection Bureau (CFPB) to expand the data collection and reporting requirements under its proposed rule to implement changes to Section 1071 of the Dodd-Frank Wall Street Reform and Protection Act. The CFPB’s proposal would expand the data collection and reporting requirements in the small business...

79 Groups Ask CFPB to Provide Much Needed Oversight for Emerging Credit Products WASHINGTON, D.C. — The Center for Responsible Lending, Consumer Federation of America, National Consumer Law Center, Student Borrower Protection Center, and 75 additional organizations called for Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to carefully examine fintech credit products and fee models that are evading consumer...

WASHINGTON, D.C. – The Biden Administration announced today that it will extend the federal student loan payment pause until May 1st, 2022. In response, Jaylon Herbin, outreach associate at the Center for Responsible Lending (CRL), made the following statement: We commend the President for safeguarding student loan borrowers at a time of profound economic uncertainty. The extension of the payment...

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is opening an inquiry into large “Buy Now, Pay Later” (BNPL) lenders. “Use of ‘Buy Now, Pay Later’ credit has exploded, so it is important that we understand the impacts of this debt. In opening this inquiry, the Consumer Bureau is taking a great first step in learning...

WASHINGTON, DC – Today President Biden nominated Sandra Thompson to a full five-year term as Director of the Federal Housing Finance Agency (FHFA) – the federal regulator that oversees Fannie Mae and Freddie Mac. Mike Calhoun, president of the Center for Responsible Lending, issued the following statement: “Sandra Thompson has provided strong leadership at FHFA as Acting Director, ensuring that...

“Lack of competition in the banking sector can drive up prices for consumers and stifle economic growth and innovation,” said Mike Calhoun, president of the Center for Responsible Lending. “We need more robust scrutiny of the disproportionately negative impact bank mergers can have on communities of color, rural and low-income Americans. The FDIC should be taking affirmative steps to promote...

WASHINGTON, D.C. – This morning, Capital One, America’s sixth-largest retail bank, announced a complete end to all overdraft fees and non-sufficient fund (NSF) fees (aka bounced check fees) for its consumer banking customers. It is the only bank among the ten largest to take this step. Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement: The people...

WASHINGTON, D.C. – Today, the Center for Responsible Lending called for Congress to pass the Build Back Better Act. The bill aims to combat climate change and strengthen our nation’s human infrastructure, including through an historic investment in housing. Center for Responsible Lending President Mike Calhoun issued the following statement: The Build Back Better Act would make much-needed investments in...

WASHINGTON, D.C. – The Center for Responsible Lending (CRL) today announced its support for bipartisan legislation that would limit the interest rate on consumer loans to no more than 36% Annual Percentage Rate (APR). U.S. Congressmen Jesús “Chuy” García (D-Ill.) and Glenn Grothman (R-Wis.) earlier this week introduced the Veterans and Consumers Fair Credit Act. The bill, H.R. 5974, would...