Dear friend,

As we look back on 2023, I want to express our team’s profound gratitude for your commitment to our important work to promote financial fairness and economic opportunity for all, end predatory lending, and close the racial wealth gap. Your continued support helped improve the financial lives of millions of Americans.

Even in these challenging times, we have a lot to celebrate in 2023:

• CRL helped lead the coalition that urged the Biden-Harris administration to promote alternate ways to cancel student debt using existing authorities while the Supreme Court considers an industry-backed lawsuit to void the President’s broad-based cancellation plan announced in 2022. Even with the expected backlash, the Biden administration already has cancelled $127 billion of student loan debt for nearly 3.6 million borrowers – more than any president in U.S. history.
• We continue to raise warnings about the proliferation of loosely regulated online and application-based “fintech” lending for high-cost payday loans, installment purchases, and loans that provide early access to a worker’s earned pay. As workers who aren’t paid a living wage struggle with rising prices, we see more of these loans being used to cover essential everyday expenses. These products’ combination of triple-digit interest rates, hidden fees, and misleading “tips” can push low-wage, low wealth borrowers into a debt trap.  
• CRL worked with committed local partners to defeat harmful bills that would have allowed payday and high-cost lenders to exceed state lending limits in FL, CO and MN. CRL provided technical support to allies in FL that convinced Gov. DeSantis to veto the industry’s latest effort to exceed responsible lending standards on large installment loans. Thanks to these alliances, to date, 20 states (up from 18 in 2022) and the District of Columbia have passed laws to cap payday lending rates at around 36% APR, including fees, or requiring other measures to ensure that payday lenders do not impose interest rates and financing terms that create a long-term debt trap for consumers.
• CRL also testified before Congress, submitted letters, and signed on to comment letters with other advocates, and shared information and analysis of proposed legislation with Hill staffers and regulators. Topics included: combating appraisal bias; support for a FHFA proposal to lower costs for low-wealth home buyers; and ways to expand VA and FHA programs to help more first-time buyers and borrowers of color purchase a home and help existing homeowners avoid foreclosure.

There is still much more to be done and CRL remains focused on its mission to protect working Americans from abusive financial practices. As we acknowledge the efforts and achievements of our staff, board, and allies during the past year—we also know that our successes only were possible because of the generosity of our donors and supporters. Your support is why we have so much to celebrate as we look back on 2023.  

We know you share our unflagging determination to help young workers, low-wage workers and the striving middle class realize their dreams of financial security, free from misguided financial policies or exploitation by unscrupulous lenders. Thank you for standing with us.  

On behalf of CRL, I wish you and your family joy and happiness throughout the upcoming holiday season and best wishes for all your endeavors in 2024.

With gratitude,

Mike Calhoun
President

The Center for Responsible Lending (CRL) is a leading nonprofit, nonpartisan organization focused on financial fairness and opportunity. Fighting for economic justice for low- and middle-income families, military personnel and veterans, and people of color is our mission and highest priority.

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