Press Releases & Commentary

Print this    

 

  • New Data Shows Important Market Segments Remain Locked-out of Conventional Mortgages in Slowly Recovering Housing Market
    September 30, 2014
    The 2013 Home Mortgage Disclosure Act (HMDA) data confirms a persistent lack of access to the conventional mortgage market for African-Americans, Latinos, and middle class families.
  • Department of Defense Proposed Rule
    September 26, 2014
    Today, the Department of Defense released proposed rules to further protect service members and their families from predatory lending practices. Below is a summary of the changes.
  • Department of Defense Proposes Rules to Strengthen Military Lending Act,
    September 26, 2014
    Today, the Department of Defense released proposed rules to further protect service members and their families from predatory lending practices. If fully implemented, these rules will strengthen protections under the Military Lending Act and close loopholes unscrupulous lenders use to target military families with unconscionable high-cost loans.
  • High Rates of Student Loan Defaults at For-Profit Colleges
    September 24, 2014
    This week, the Department of Education released new data about student loan default rates – indicating that for-profit college students continue to experience disproportionately high levels of default.
  • CitiBank’s New Checking Account Has No Checks or Overdraft Fees
    September 24, 2014
    This week, CitiBank became the latest in a band of banks to unveil a new checking account – one without checks or overdraft fees. This move not only underlines the rapidly declining use of checks – but also awareness about the harmful financial effects bank fees have on consumers, especially economically vulnerable consumers.
  • FTC, CFPB Take Action against Payday Lenders
    September 18, 2014
    This week, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) announced lawsuits against two payday lenders. Both payday lending networks are accused of illegally extracting interest payments and fees from consumer accounts without consumer knowledge or consent. Both agencies have taken legal action to halt the lenders’ activities.
  • CFPB Proposes Rule to Extend Oversight to Largest Nonbank Auto Lenders
    September 18, 2014
    Today, the Consumer Financial Protection Bureau (CFPB) announced that it intends to supervise the largest nonbank based auto lenders in a new “larger participant” proposed rule. The Bureau also announced that it has required indirect auto lenders to pay another $56 million to 190,000 consumers as redress for abusive practices, including dealer markup. According to the Federal Reserve Bank of New York, the lenders covered by the proposed rule accounted for more than half of the $355 billion auto loan market last year. Many lenders covered by the new CFPB rule are also deeply invested in the increasingly volatile subprime auto lending market.
  • Chris Kukla Testifies at CFPB Hearing on Auto Lending
    September 17, 2014
    Today, at a Consumer Financial Protection Bureau (CFPB) Indianapolis field hearing on auto lending practices, Center for Responsible Lending Senior Vice President Chris Kukla testified about abuses in the market.
  • Consumer Financial Protection Bureau Sues Corinthian Colleges
    September 17, 2014
    Yesterday, the Consumer Financial Protection Bureau (CFPB) sued Corinthian Colleges, Inc., the for-profit college company. The consumer protection agency claims that Corinthian engaged in deceptive and predatory lending practices in an effort to recruit students, get them to take out private student loans, and then to collect on those loans.
  • Dear DC Council, Please Protect Consumers from Abusive Debt Collection
    September 11, 2014
    In a letter sent today, the Center for Responsible Lending (CRL) along with several other groups - Legal Aid Society of the District of Columbia, District of Columbia Consumer Rights Coalition, Consumers Union, National Association of Consumer Advocates, National Consumers League, and U.S. PIRG - asked Councilmember Vincent Orange, the Chair of the Council’s Committee on Business, Consumer and Regulatory Affairs, to schedule a hearing and committee markup on legislation designed to protect consumers from unscrupulous debt buyers’ abusive collection tactics. The group also urged other members of the council to take a leading role in ensuring debt collectors are transparent with consumers and accountable for abusive actions.