Press Releases & Commentary
- CFPB Proposes New Protections for Prepaid Cards, Addresses Overdraft and Other Credit Features
November 20, 2014
Last week, the Consumer Financial Protection hosted a field hearing in Wilmington, DE to discuss proposed regulations for prepaid cards – including how overdraft fees and other credit features should be handled on these prepaid products.
- Religious Leaders Call On Congress, CFPB to Stop the Payday Loan Debt Trap
November 17, 2014
Over 75 faith leaders from across the country take their message to Capitol Hill; call for strong rule against predatory lending
- CRL, CRC Leaders: Honor Vets by Protecting Them from Payday Lending Scams
November 10, 2014
As the nation marks Veterans Day tomorrow, leaders from Center for Responsible Lending and the California Reinvestment Coalition are urging California state legislators and the state’s members of Congress to follow the lead of the Department of Defense and honor veterans by passing legislation reining in abusive payday lending.
- Civil Rights Leaders Press CFPB to End Racially Discriminatory Auto Lending Practice
October 31, 2014
In a letter sent today to Consumer Financial Protection Bureau Director Richard Cordray, a group of civil rights and economic justice organizations, including the Center for Responsible Lending, asked the Bureau to use its regulatory authority to curtail discretionary auto dealer interest rate markups.
- The Weakened Gainful Employment Rule is a Step Forward, but Fails to Fully Protect Students
October 30, 2014
Today, the US Department of Education released the final “gainful employment” rule imposing new limits on career education programs with poor outcomes for graduates. The final rule, which only considers the outcomes of the minority of student s who graduate, is significantly weaker than the proposed rule. Nevertheless, it provides some important new protections.
- New Mortgage Rule Good News for Home Buyers
October 23, 2014
On September 22, 2014, financial regulatorsissued final rules to define a Qualified Residential Mortgage (QRM). The new rules are meant to define the risk retention rules for lenders as called for in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
- Spotlight on Growing Threat of Predatory Payday Loans in CA
October 17, 2014
Center for Responsible Lending staff and consumer advocates based in Los Angeles gathered on October 10 to spotlight the threat posed by Predatory Payday Lending.
- NC Attorney General to Spotlight Impact of Abusive Lending at CRL Event
October 10, 2014
On November 6 at 5:00 p.m., the Center for Responsible Lending (CRL) and Duke University’s Sanford School of Public Policy will host North Carolina Attorney General Roy Cooper for CRL’s inaugural Protecting Community Wealth event, the first event in a series that will be hosted across the country focused on how regulators, policymakers and all Americans can work together to end abusive practices in financial markets and increase economic security for all people.
- Report: CA Payday Lenders Rely on Repeat Borrowers
October 9, 2014
A Center for Responsible Lending analysis of two new reports on the payday lending industry from the California Department of Business Oversight (DBO) shows that payday lenders, who advertise their products as a one-time quick fix for consumers facing a cash crunch, generate 76% of their revenue from borrowers who take out 7 or more loans per year. The DBO’s Annual report and Industry Survey come as the Consumer Financial Protection Bureau (CFPB) is considering new rules aimed at curtailing abuses in the payday lending industry. The Department of Defense also recently proposed new rules to further protect service members under the Military Lending Act, and Members of Congress have introduced a bill to cap interest rates on consumer credit products at 36%.
- New Research Shows For-Profit Colleges Disproportionate Impacts
October 3, 2014
For-profit college attendees are more likely to incur unmanageable student loan debt and be unable to graduate than their peers attending other schools, according to new research released today by the Center for Responsible Lending. African-American and Latino students in particular have a high risk of experiencing these poor outcomes at for-profit colleges, which have a long record of engaging in deceptive practices to pressure students to enroll.