Press Releases

Transparency and structural changes still needed to ensure funds reach the smallest small businesses and business owners of color WASHINGTON, D.C. – Last night, the U.S. Senate, by unanimous consent, approved the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010). Since the bill already passed the House of Representatives, it now goes to the president, who is expected to sign it into law. H.R. 7010 makes important improvements to the Paycheck Protection Program (PPP), including extending the covered expense period from 8 to 24 weeks and pushing back the PPP processing deadline

Banks collected more than $11.68 billion in 2019 through abusive overdraft practices that drain consumers’ checking accounts Congress, Regulators, and Banks all have the responsibility and power to ease burden on consumers WASHINGTON, D.C. – A new report released today by the Center for Responsible Lending (CRL) finds that in 2019 banks collected more than $11.68 billion in overdraft-related fees through abusive practices that drain massive sums from consumers’ checking accounts. Now, in the midst of a global pandemic and unprecedented economic turmoil, CRL is calling on Congress to adopt

WASHINGTON, D.C. - Center for Responsible Lending President Mike Calhoun released the following statement today on the recent protests that took place over the weekend: Communities across the country rightly expressed their raw, unfiltered emotions because of the complacency that has allowed racism and oppression to continue in the United States. The senseless killings of unarmed black men and women—like George Floyd, Ahmaud Arbery, Breonna Taylor, and so many others before them—by irrational, and often racist, law enforcement officers are both heart-shattering and enraging. These incidents

WASHINGTON, D.C. – Today, President Donald Trump vetoed H.J. Res. 76, a resolution which would have invalidated the Department of Education’s 2019 harmful Borrower Defense (BD) Rule. The 2019 rule weakens accountability for predatory for-profit colleges and prevents defrauded students from accessing relief. Center for Responsible Lending Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement: Despite bipartisan Congressional support, and advocacy by several veterans groups, the Trump Administration has once again chosen to shield predatory for-profit

Coalition of civil rights and consumer organizations urge Senate to include provisions to strengthen PPP’s infrastructure WASHINGTON, D.C. - The U.S. House of Representatives recently passed H.R. 7010, the Paycheck Protection Program Flexibility Act. The bill makes two important improvements to the Paycheck Protection Program (PPP), including extending the covered expense period from 8 to 24 weeks and pushing back the PPP processing deadline from June 30 to December 31, 2020. The legislation did not include several key fixes that are critically important for ensuring that the smallest and most

WASHINGTON, D.C. - Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The Federal Deposit Insurance Corp. proposed a similar rule but has not finalized it. The rules were strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations, and may face legal challenges. At least 45

Around a decade ago, banks’ “deposit advance” products put borrowers in an average of 19 loans per year at more than 200% annual interest Important FDIC consumer protections repealed WASHINGTON, D.C. – Today, four banking regulators jointly issued new small dollar lending guidance that lacks the explicit consumer protections it should have. At the same time, it does require that loans be responsible, fair, and safe and sound, so banks would be wrong to use it as cover to once again issue payday loans or other high-interest credit. The guidance also explicitly advises against loans that put

WASHINGTON, D.C. - Today, the Office of the Comptroller of the Currency (OCC) released the final version of a rule to modernize the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corp., which jointly released the CRA proposed rule with the OCC, did not join in this final announcement. The Federal Reserve Board did not sign on to the proposed rule or the final rule. OCC Comptroller Joseph Otting also announced that he is stepping down from the agency. Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement: The final rule remains

WASHINGTON, D.C. – Today, the U.S. House of Representatives passed the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act shows strong promise and addresses important needs of low-wealth families impacted by COVID-19, such as mortgage and forbearance relief, extended unemployment benefits and food assistance, and protections against harmful debt collection activities and negative

WASHINGTON, D.C. – The U.S. House of Representatives, led by Speaker Nancy Pelosi (D-Calif.), yesterday released the HEROES Act (H.R. 6800), the latest legislative response to the unprecedented COVID-19 public health and economic crisis. Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement: The HEROES Act would help prevent families from losing their homes and stop an avalanche of debt that threatens to bury them. The HEROES Act would help protect the communities and families that have been hardest hit by the COVID