Press Releases

WASHINGTON, D.C. — Borrowers using both federal student loans and Income-Share Agreements (ISAs) could pay as much as 25 percent of their discretionary income in repayment for a decade, according to a report published today by the Center for Responsible Lending (CRL). The report also found that ISA underwriting criteria could lead to negative impacts for women and people of...

Calls for federal regulators to protect all Americans from harmful overdraft fees WASHINGTON, D.C. – Citigroup (Citi), one of the five largest banks in America, announced yesterday it will end all overdraft fees and non-sufficient fund fees (aka bounced check fees). It is the biggest bank thus far to do this. Center for Responsible Lending (CRL) Policy and Litigation Counsel...

Today, 145 organizations sent a letter to the “Big Three” credit bureaus (Equifax, Experian, and Transunion) and to the Consumer Data Industry Association (CDIA), the trade association that represents them, urging them to take needed actions to correct credit report problems for transgender and nonbinary consumers. The signatory organizations include LGBTQI+ advocacy organizations, community centers, chambers of commerce, businesses, and...

Washington, D.C. – The Center for Responsible Lending (CRL) and a coalition of 51 small business advocates submitted a letter to Congress today calling for fair treatment for microbusinesses seeking forgiveness of Paycheck Protection Program (PPP) loans. The letter states that more than 400,000 microbusinesses that received PPP loans of $25,000 or less in 2020 are being required to repay...

RI Senators Introduced Effective 36% Rate Cap Bill Last Week PROVIDENCE, R.I.— After State Senator Ana Quezada and cosponsors introduced S2166 last week, a bill that would cap payday loans at 36% annually by repealing authorization for their triple-digit annual interest rates, the Center for Responsible Lending, The Economic Progress Institute and Capital Good Fund released a poll showing broad...

TAB Bank is helping EasyPay Finance evade state laws that prohibit 189% APR loans WASHINGTON – In advance of National Love Your Pet Day on February 20, the Center for Responsible Lending, along with its Stop the Debt Trap coalition partners, is teaming up with animal welfare advocates to launch a campaign to stop TAB Bank from making predatory puppy...

IDR program has failed borrowers for decades, organizations contend, calling on the Education Secretary to fulfill broken promises WASHINGTON, D.C. — Today, a group of 104 diverse advocacy organizations, including American Federation of Teachers (AFT), National Education Association (NEA), and UnidosUS, sent a letter to the Biden administration, calling on U.S. Secretary of Education Miguel Cardona to reform broken, dysfunctional...

Washington D.C.— Lucia Mattox, the director of western states outreach and senior policy associate at the Center for Responsible Lending (CRL) made the following statement in response to recent reports that JPMorgan Chase, the nation’s largest bank with over $3.2 trillion in assets, has renewed a predatory practice called “robo-signing,” which occurs when companies filing lawsuits against consumers sign and...

Today’s departure of FDIC Chair appointed by former President Trump presents a new opportunity for the agency to stop illegal loans with 100%+ APR that are exploiting financially vulnerable families WASHINGTON, D.C. – With a new chairman taking the helm of the Federal Deposit Insurance Corporation (FDIC), the Center for Responsible Lending joined with more than a dozen other organizations...

Washington, DC – Today, Navient, one of the largest student loan servicers in the country, reached a $1.85 billion settlement with 39 states over predatory student loan practices. In response, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) released the following statement: Navient’s history of steering borrowers into high-cost, long-term forbearances instead of placing them...