Press Releases

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. – 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. - 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...

Data reflects dire need for down payment assistance and student debt relief that would help support path to homeownership WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released a new report “ Hardship for Renters: Too Many Years to Save for Mortgage Down Payment and Closing Costs.” The report calculates how long it would take for a typical...

WASHINGTON, D.C. - Today, the U.S. Senate confirmed Vanita Gupta to be Associate Attorney General at the U.S. Department of Justice (DOJ). Gupta is the first woman of color to hold the position. Center for Responsible Lending President Michael Calhoun issued the following statement: Vanita Gupta is an accomplished advocate and litigator who has led the Civil Rights Division at...

WASHINGTON, D.C. – Today, a jury convicted former police officer Derek Chauvin of the murder of George Floyd, finding him guilty on all three counts. Center for Responsible Lending President Michael Calhoun issued the following statement: We all watched in horror last year as Derek Chauvin denied George Floyd the breath of life with a knee to his neck. While...

Washington, D.C. – Former Vice President Walter Mondale, an outspoken supporter of civil rights and co-author of the landmark Fair Housing Act of 1968, which sought to end racial discrimination in housing and create inclusive communities, died yesterday at the age of 93. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Vice President Walter Mondale...