Press Releases

Washington, D.C. — The Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) issued a new joint policy brief revealing that almost two-thirds (63%) of student loan borrowers enrolled in Income-Driven Repayment Plans (IDR) serviced by Navient who made voluntary loan payments during the COVID-19 federal student loan payment pause are underwater—unable to repay even $1 of...

WASHINGTON, D.C. – Fannie Mae announced yesterday that positive rental payment history will be considered in its automated underwriting system starting on September 18. Center for Responsible Lending President Mike Calhoun said, “The housing system is replete with inequitable barriers that prevent credit-worthy renters of color and low-income renters from becoming homeowners, denying them a primary path for building family...

WASHINGTON, D.C. – Today, The U.S. Department of Education announced its support of state laws and regulations addressing student loan servicing issues. This action reverses and corrects the anti-borrower position of the previous Administration, which attempted to block state governments from protecting their borrowers against predatory behavior by student loan servicers. Center for Responsible Lending Senior Policy Counsel Whitney Barkley-Denney...

WASHINGTON, D.C. – Today, the U.S. Department of Education announced its final extension of the federal student loan repayment forbearance, which includes the suspension of interest accrual and collections activity through January 2022. The previous deadline was September 30th, 2021. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: The pandemic-induced economic...

WASHINGTON, D.C. - Center for Responsible Lending President Mike Calhoun released the following statement on the passing of AFL-CIO President Richard Trumka: We are saddened by the passing of AFL-CIO President Richard Trumka. The working people of America have lost a fierce human rights and labor activist. Unafraid to speak truth to power, Trumka challenged classism, pushed for economic programs...

WASHINGTON, D.C. – Today, the leadership of Independence University told its faculty the school will close on August 1 in an email that also instructed recipients not to inform students and borrowers of the closure. Independence U. Lays Off Staff, Says Feds Stopped Aid | Republic Report Independence University announced to its staff this week that they would be laid...

CRL to testify in support of legislation at Senate hearing scheduled for tomorrow morning WASHINGTON, D.C. – Today, U.S. Senators Jack Reed (D-R.I.) and Sherrod Brown (D-Ohio) – chairs of the Senate Armed Services and Senate Banking committees respectively – along with Senators Jeff Merkley (D-Ore.) and Chris Van Hollen (D-Md.) introduced the Veterans and Consumers Fair Credit Act. The...

OAKLAND, CALIF. – California’s Department of Financial Protection and Innovation (DFPI) this week released a report revealing that the state’s payday lenders made fewer than 6.1 million loans with a value of $1.68 billion in 2020, which represents a 40 percent decline overall and a 30 percent decline in customers from 2019. The decrease can be attributed to several factors...

WASHINGTON, D.C. — Today, the Center for Responsible Lending (CRL), the Institute for College Access and Success (TICAS), the American Federation of Teachers (AFT), New America’s Higher Education Program, and Veterans Education Success (VES) submitted a letter to the U.S. Department of Education opposing the proposed acquisition of Walden University by Adtalem, a corporation that operates for-profit educational institutions. Adtalem...

Washington, D.C. – The Office of the Comptroller of the Currency (OCC) this week announced that it will work to rescind Trump-era rules that weakened the Community Reinvestment Act (CRA) and that it will work jointly with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) to strengthen and modernize regulations implementing the CRA. The 2020 CRA rule...