Press Releases & Commentary
- Senate Should Act Quickly to Confirm Rep. Mel Watt as FHFA Head
May 1, 2013
As the nation struggles to rebuild the housing market and broader economy, the White House’s nomination of Rep. Mel Watt to head the Federal Housing Finance Agency (FHFA) is encouraging.
- FDIC and OCC Crack Down on Bank Payday Lending (Joint Statement)
April 25, 2013
A number of civil rights and consumer advocate leaders applaud the FDIC and OCC for a proposal to rein in payday lending by banks. The groups are also encouraged by a new study from the Consumer Financial Protection Bureau that finds that lenders repeatedly flip payday loans at exorbitant interest rates, causing deep hardship for families.
- Consumers Lose as California Lawmakers Defeat Payday Reform
April 19, 2013
On April 17 the California Senate Banking and Financial Institutions voted 5 to 3 to defeat SB 515, a payday lending reform bill.
- Consumer Advocates Urge Swift Passage of SB 515 "Reforming Payday Loans"
April 12, 2013
The California State Senate Banking Committee will hear Senate Bill 515 on April 17th. The bill takes a dramatically different approach from previous efforts to reform payday lending by targeting the highly toxic aspects of these loans that cause the most damage to consumers – the debt trap.
- States Should Close Gaps in Foreclosure Safeguards
April 9, 2013
Two consumer advocacy groups today outlined how state lawmakers can bolster safeguards to prevent unnecessary foreclosures. The recommendations by the Center for Responsible Lending and Consumers Union would close gaps left by new federal mortgage servicing rules and by last year’s settlement among 49 state attorneys general, federal officials and the five biggest mortgage servicers.
- Consumer Advocates Encouraged by CFPB Auto Announcement
March 22, 2013
The Center for Responsible Lending, Consumers for Auto Reliability and Safety (CARS), the National Association of Consumer Advocates (NACA) and the National Consumer Law Center (NCLC) welcome the CFPB's bulletin on auto financing. The groups express concerns about auto dealer markups, which can raise consumer costs, distort the market and act as a tool for discriminating against borrowers of color.
- New Research: Bank Payday Loans Continue
March 21, 2013
Banks making payday loans continue to trap customers in a cycle of debt, a new CRL study shows. Seniors face particular risks.
- Bloomberg Businessweek Cover Perpetuates Housing Myths and Disparaging Stereotypes
March 1, 2013
A Feb. 21 Businessweek cover perpetuates myths about the reasons for the last housing boom, and reinforces disparaging stereotypes about the people hurt most by the housing crash.
- Car-title loans cost consumers $3.6 billion annually
February 28, 2013
New research estimates provides national overview of car-title lending and its impact on consumers.
- FHFA action harms homeowners
February 13, 2013
Center for Responsible Lending strongly opposes the decision of the Federal Housing Finance Agency to halt Fannie Mae’s recent efforts to reduce the cost of force-placed insurance for taxpayers and borrowers by over $1 billion a year.