Press Releases

WASHINGTON, D.C. - U.S. Bank recently rolled out its online Simple Loan product where borrowers can take out loans of $100 to $1,000. The borrower would be required to pay the loan back over three monthly installment payments with an annual percentage rate (APR) of 70% to 88%, well over the 36% APR cap that consumer advocates and civil rights...

WASHINGTON, D.C. – On Monday September 10, 2018, the national Lawyers’ Committee for Civil Rights Under Law (Lawyers’ Committee), the Center for Responsible Lending (CRL), and the National Student Legal Defense Network (NSLDN) filed a brief in the D.C. District Court to advocate on behalf of D.C. in a lawsuit challenging the District’s right to pass laws that better protect...

WASHINGTON, D.C. – Today before a U.S. House Financial Services Committee hearing on reforms to the housing finance system and the future of Government-Sponsored Enterprises (GSEs), the Center for Responsible Lending (CRL) presented testimony that called for a trio of components to be preserved and strengthened. Together these principles will build upon housing reforms that have already occurred, while also...

OAKLAND, CALIF. – The Center for Responsible Lending (CRL) is calling on California Governor Jerry Brown to veto AB 237, a bill which would expand unsound lending practices in ways that do not address the real needs of low income and underserved communities. In fact, the changes proposed in this bill put consumers at risk of unaffordable and even predatory...

Report from Center for Responsible Lending exposes hardships faced by students of for-profit colleges that exploit a weak regulatory system DURHAM, N.C. -- For-profit colleges in Florida prey on economically vulnerable students, enticing them to enroll in poor quality programs with promises of good-paying jobs upon completion, but little real opportunity for career advancement. A new report by Center for...

WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) released its Advance Notice of Proposed Rulemaking (ANPR) to seek public input on how the agency should update Community Reinvestment Act (CRA) procedures. A coalition of civil rights and consumer advocacy organizations has signaled to the OCC that any changes to the CRA must strengthen -- not...

WASHINGTON, D.C. – Today, Seth Frotman, the Assistant Director and Student Loan Ombudsman with the Consumer Financial Protection Bureau (CFPB) resigned after seven years of government service with the agency. His resignation is effective September 1, 2018. In response, Ashley Harrington, a policy counsel with the Center for Responsible Lending Counsel released the following statement: It is unfortunate for the...

As Chair of FDIC considers policy, broad coalition urges regulators and banks to avoid toxic loans that trap consumers in debt WASHINGTON, D.C. – The head of the Federal Deposit Insurance Corporation (FDIC), Jelena McWilliams, is “reviewing whether to rescind guidelines for ‘deposit advance’ loans,” according to an interview she had with the Wall Street Journal. “Deposit advance” is a...

New research from Center for Responsible Lending reveals disproportionate concentration of payday lenders in Michigan rural and low-income neighborhoods and communities of color DURHAM, N.C. -- Payday lenders have targeted vulnerable Michigan communities, disproportionately locating their stores in communities of color, rural areas, and low-income neighborhoods, according to a new report from the Center for Responsible Lending (CRL). Through a...

49 Senators Urge CFPB Head Mick Mulvaney to Reverse His Plan to Weaken Protections for Servicemembers WASHINGTON, D.C. – Today, nearly half the Senate, including Senate Armed Services Committee Ranking Member Jack Reed (R.I.), Banking Committee Ranking Member Sherrod Brown (Ohio), and Minority Leader Chuck Schumer (N.Y.), wrote the Consumer Financial Protection Bureau (CFPB), urging it to reverse course on...