Press Releases

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...

WASHINGTON, D.C. – Today at 10:15 am et at the House Triangle, Congresswoman Carolyn B. Maloney (D-NY) and Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA) will be joined by consumer protection advocates to urge action on their legislation to crack down on predatory overdraft fees. Center for Responsible Lending Senior Policy Counsel Nadine Chabrier, who will speak at the...

On the eve of FDIC’s Community Reinvestment Act examination of TAB Bank, advocates file petition with 44,500+ signatures and analysis of consumer complaints showing deception, debt collection and credit reporting harms from loans up to 189% WASHINGTON – Today a coalition of consumer advocates filed comments with the Federal Deposit Insurance Corporation (FDIC), including a petition signed by more than...

COVID-19-fueled unemployment and the student debt crisis disproportionately impact women of color. Washington, D.C. — The COVID-19 pandemic exacerbated gender disparities and left millions of women in a precarious financial situation. Its disproportionate impact on Black women and other women of color reduced their ability to repay their outstanding student debt, according to a new report by the Center for...

Washington, D.C. – The U.S. House Committee on Financial Services today voted to advance a bill to close the industrial loan company (ILC) loophole. The ILC loophole allows Big Tech and other nonbank companies to offer financial products and services without complying with the safeguards and oversights required of bank holding companies. The “Close the ILC Loophole Act” (H.R. 5912)...