Dear friend,

As 2021 comes to a close, we are gearing up for a new year of fighting for reasonable policies that protect financially vulnerable families and communities. Too often these are the people targeted by predatory lenders with debt-trap products like payday and car title loans that carry 300% interest rates. Sometimes they are pushed out of mainstream banking altogether by unreasonably punitive overdraft fees.

We’ve made significant progress this year. We prioritized preventing the vast expansion of predatory lending, including in states whose laws currently prevent it. This work culminated in Congressional reversal of a 2020 banking agency rule that would have permitted high-cost lenders to scheme with banks to evade state interest rate limits. At the state level, we worked with local advocates to fight against payday lending and celebrated the introduction of a 36% interest rate cap in Illinois. We also engaged in federal efforts to address bank overdraft practices, and we continue to fight for the Veterans and Consumers Fair Credit Act which would establish a 36% APR cap for consumer loans nationwide. These gains would have been impossible without supporters like you backing us every step of the way.

That said, we still have a long way to go in 2022 as we continue pushing for these and other policy initiatives that will protect those who are most vulnerable and create opportunities for families to build and maintain wealth. Will you support an equitable and fair financial marketplace by making a donation to the Center of Responsible Lending today?

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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