Press Releases

WASHINGTON, D.C. – The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), has updated and corrected how student debt is calculated for FHA-insured mortgages. This move will expand access to homeownership for more potential mortgage borrowers, especially for borrowers of color, first-time homebuyers, millennials, and low-income Americans. “This change removes an...

Today, Ally Bank announced a complete end to its overdraft fees. In response, Center for Responsible Lending (CRL) Senior Policy Counsel Rebecca Borné issued the following statement: The evidence is clear that overdraft fees are levied most frequently on families who can least afford it, disproportionately harming low-income and Black and Latino Americans. Abusive overdraft practices are causing people who...

WASHINGTON, D.C. – Today, as the country reflects on the one-year anniversary of George Floyd’s murder, the U.S. Senate is voting to confirm Kristen Clarke as head of the U.S. Justice Department’s Civil Rights Division. Ms. Clarke, who is president of the Lawyers’ Committee for Civil Rights Under Law, will be the first woman, first woman of color, and first...

WASHINGTON, D.C. – The United States House of Representatives today passed the Comprehensive Debt Collection Improvement Act (H.R. 2547). Introduced by House Financial Services Committee Chairwoman Maxine Waters, the Act is comprised of eight bills that would collectively enact critical debt collection reforms aimed at protecting vulnerable consumers. If passed into law, the Act would, in part, prohibit the collection...

WASHINGTON, D.C. – The U.S. Senate has begun consideration of legislation (S.J. Res. 15) to rescind a federal bank agency rule that facilitates predatory lending. A vote is expected around 5:30 pm et. The rule, issued by the Office of the Comptroller of the Currency (OCC), makes it easier for lenders to charge high interest rates, in violation of state...

WASHINGTON, D.C. - In a 52 - 47 vote tonight, the U.S. Senate voted to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork. S.J. Res. 15, a resolution under the Congressional Review Act (CRA), was introduced by Senators Chris Van Hollen (D-MD) and Sherrod...

WASHINGTON, D.C. - Join us today, Monday, May 10 at 2:30 pm ET to hear about the real world impacts of the "fake lender" ruleand why Congress must immediately pass S.J. Res. 15 / H.J. Res 35 under the Congressional Review Act (CRA) to repeal the rule. The fake lender rule by the Office of the Comptroller of the Currency...

WASHINGTON, D.C. - Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as Congress debates overturning the OCC’s “fake lender” rule. The fake lender...

WASHINGTON, D.C. – Last Friday, credit unions and advocates registered their strong opposition to a proposal by the National Credit Union Administration (NCUA) that would allow credit union subsidiaries to engage in predatory lending that is explicitly illegal for federal credit unions. The proposal by NCUA, which regulates credit unions across the country, would do significant harm by permitting high-cost...

Video highlights, below, on the harms of predatory rent-a-bank schemes WASHINGTON, D.C. – Today, the U.S. Senate Committee on Banking, Housing, and Urban Development held a hearing, “The Reemergence of Rent-a-Bank?,” focused on legislation to rescind a bank regulator rule that facilitates this predatory lending scheme. The regulation, issued by the Office of the Comptroller of the Currency (OCC), can...