Press Releases

WASHINGTON, D.C. – The market for personal loans is massive and growing, yet the fintechs and other non-bank lenders who make such loans are not subject to regular oversight by the Consumer Financial Protection Bureau (CFPB), which has “created an unlevel playing field and a large risk to consumers,” write the Consumer Bankers Association (CBA) and the Center for Responsible...

400% Interest Payday Loans Lead Borrowers into Long-Term Debt Trap DURHAM, NC – The Center for Responsible Lending (CRL) today released the first episode of its “In Focus” video series, designed to break down complex financial issues and make them easier to understand. In the series, CRL financial experts will help people recognize and prevent financial exploitation, to promote financial...

Debt Buyers’ Lawsuit Assembly Lines Should Be Dismantled for Lack of Appropriate Documentation of Debt Raleigh, NC – Yesterday, the North Carolina Supreme Court heard oral arguments in the case of Townes v. Portfolio Recovery Associates (PRA), for which the Center for Responsible Lending (CRL) and several other organizations submitted an amicus brief. The brief urges North Carolina courts to...

WASHINGTON, D.C. – A new Morning Consult poll commissioned by the Center for Responsible Lending (CRL) found that the federal student loan payment pause has helped struggling borrowers pay for daily living expenses and other debts. Of those surveyed, 37% said the payment pause helped them pay for gas, food and transportation while 31% said it helped them pay for...

WASHINGTON, D.C. – The Biden Administration announced today that it will cancel $10,000 of student loan debt for borrowers who earn less than $125,000 as individual tax filers and $20,000 for Pell Grant recipients, providing billions in relief to the nation’s borrowers. The administration will also extend the federal student loan payment pause through December 31, 2022. In response, Jaylon...

Proposed mega-bank would be the sixth largest in the U.S. Federal bank regulators haven’t formally rejected a merger application in over 15 years, but Biden Administration has highlighted market concentration WASHINGTON, D.C. – Amid growing concern about corporate consolidation, the Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund are leading a letter calling for the Federal...

Washington, D.C. – The U.S. Department of Education announced yesterday that it will discharge all remaining federal student loans for borrowers who attended ITT Technical Institute (ITT) from January 2005 through September 2016. The relief, $3.9 billion in total, will benefit about 208,000 borrowers. In response, Jaylon Herbin, outreach and policy manager for the Center for Responsible Lending (CRL), made...

New report supports movement to end cash bail in San Francisco Bay Area and across the U.S. WASHINGTON, D.C. - A new report released today by the Center for Responsible Lending (CRL) highlights how bail bond companies, acting with little regulatory oversight, saddle low-income and low-wealth families with unmanageable debt burdens that have devastating short- and long-term financial consequences, particularly...

WASHINGTON, D.C. – Today, the U.S. House Committee on Financial Services voted to advance to the full House legislation authored by Congresswoman Carolyn Maloney (D-N.Y.), the Overdraft Protection Act (H.R. 4277). “Excessive overdraft fees take advantage of families when they experience tough times, making their lives even harder,” said Nadine Chabrier, senior policy counsel at the Center for Responsible Lending...

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...