Press Releases & Commentary
- Senate Confirms Loretta Lynch as Next US Attorney General
April 23, 2015
- Analysis: Federal, State Investigations of Debt Collectors Reveal Widespread Abuses
April 21, 2015
According to a new Center for Responsible Lending (CRL) analysis, federal and state regulator investigations into debt buyers and debt collectors have revealed a widespread pattern of abuses prevalent within the industry that should be addressed by lawmakers. As a result of recent investigations, debt collectors have been forced to pay tens of millions of dollars in fines for multiple counts of illegal activity. The report comes as several state legislatures are considering legislation to put in place new rules-of-the-road for debt collectors to protect consumers.
- Noel Poyo to Join CRL Board of Directors
April 17, 2015
The Center for Responsible Lending (CRL) today announced the addition of Noel A. Poyo to its Board of Directors. Noel is the Executive Director of NALCAB - National Association for Latino Community Asset Builders (NALCAB), based in San Antonio, TX.
- Labor Department Proposes Crucial Protections for Retirement Savings
April 14, 2015
The US Department of Labor proposed a rule that will prevent brokers and retirement advisors from offering “conflicted” financial advice to American consumers.
- Poll: What Unites 93% of Tar Heels? Opposition to Predatory Lending and Bill Pushing Interest Rates to Over 60%+
April 8, 2015
According to a new poll conducted by Public Opinion Strategies and released today by the Center for Responsible Lending (CRL), North Carolina voters overwhelmingly disapprove of predatory lending and a bill that would legalize some of the worst lending abuses. The poll shows that 93% of registered North Carolina voters oppose pending legislation, that would allow finance companies to charge over 60% APR. The bill, SB 681, was introduced last month by State Senator Rick Gunn.
- New Report Finds CFPB Proposal Must Include Ability to Repay for All Payday Loans
March 31, 2015
A new report released today by the Center for Responsible Lending (CRL) finds a high percentage of payday loan borrowers experience a “visible” or “invisible” payday loan default while caught in the debt trap.
- Overdraft U: Exclusive bank-college partnerships yield few benefits, if any, for students
March 30, 2015
A new report by the Center for Responsible Lending finds that college-bank partnership checking accounts for students offer few benefits to the students who use them. Indeed, some students end up paying more in overdraft fees on these accounts per year than the average student pays for books per year.
- Consumer Financial Protection Bureau to Limit Payday Loan Debt Trap; Curb 400% Interest Rate Loans
March 26, 2015
The Consumer Financial Protection Bureau offered a first look at where the agency’s efforts to rein in the abusive practices of payday and car title lenders are headed. At a hearing in Richmond, VA, the consumer agency released information outlining a proposed rule and took testimony from a panel of consumer and civil rights advocates as well as industry representatives.
- CFPB Field Hearing on Payday Lending Prepared Remarks of Michael D. Calhoun
March 26, 2015
CRL president Mike Calhoun delivered the following testimony at the Consumer Financial Protection Bureau field hearing on payday loans in Richmond, VA on March 26, 2015.
- Student Aid Bill of Rights Would Ease the Burden of Student Debt
March 11, 2015
In a speech delivered at Georgia Tech yesterday, President Obama discussed his plans to implement more robust consumer protection for student loan borrowers. Shortly before his address, the president signed a Memorandum directing the Department of Education and other federal agencies to help students better manage their loans.