Press Releases & Commentary
- Groups Welcome New Guidelines for Banks Selling Old Consumer Debt to Debt Collectors
August 12, 2014
Civil rights, consumer, and community groups lauded the Office of the Comptroller of the Currency (OCC) for issuing strong guidance this week regarding banks’ selling of charged-off consumer debts to debt buyers.
- DOJ, US Attorney of Southern New York Cast Light on Subprime Auto Lending
August 5, 2014
The New York Times reported that the US Department of Justice has issued a subpoena to General Motor’s finance subsidiary. The DOJ subpoena specifically asks for information about auto loan underwriting criteria and how loans are securitized and sold to investors.
- Banks Fees Exceed Overdraft Amounts, CFPB Study Finds
July 31, 2014
Today’s release underscores the urgent need for reform on banks fees – particularly tacking on fees on debit card transactions that could be denied at no cost.
- Consumer Groups Applaud CFPB and Attorneys General Action to Protect Servicemembers From Hidden Interest Charges and Abusive Debt Collection Practices
July 30, 2014
We applaud today’s action taken by the Consumer Financial Protection Bureau (CFPB) and the attorneys general of 13 states against Rome Finance to halt abusive lending practices and to ensure that servicemembers and consumers have access to fair and clearly disclosed credit options.
- CFPB Unveils Changes to the Home Mortgage Disclosure Act
July 24, 2014
Today, the Consumer Financial Protection Bureau released a proposed rule to improve the Home Mortgage Disclosure Act (HMDA). In response Center for Responsible Lending president Mike Calhoun comments.
- Americans Agree: Wall Street Regulation Still Needs to be Tougher
July 18, 2014
Nearly five years after the financial crisis, a new national poll shows continued bipartisan support for tough regulation of the financial industry and its products and services, along with a pervasive sense that more needs to be done.
- Report: Consumer Interest, Federal Agencies Moved Consumer Protections Forward
July 18, 2014
2013 was a milestone year for consumer protections, according to a new report by the Center for Responsible Lending. Agency action, advocacy, and public interest around consumer finance all played a critical role in enhancing and expanding legal consumer protections.
- Citigroup to Pay $7 Billion for Subprime Mortgage Scams
July 15, 2014
Today, the US Department of Justice announced a $7 billion settlement with Citigroup; the financial institution will pay a record-setting $4 billion penalty for misleading investors about securities that included toxic mortgages.
- CFPB Finds ACE Cash Express Used Abusive, Illegal Tactics
July 10, 2014
Today, the Consumer Financial Protection Bureau (CFPB) took action against the Texas-based financial services company ACE Cash Express.
- Debt Settlement Programs Increase Financial Risks to Vulnerable Consumers
June 30, 2014
A new report from the Center for Responsible Lending (CRL) finds that the debt settlement remains a risky strategy for debt reduction – and often leaves consumers more financially vulnerable.