Skip to main content

Search form

Press Releases

January 13, 2017
The Center for Responsible Lending (CRL) lauded congressional leaders from the U.S. House of Representatives and U.S. Senate for calling on President-elect Donald Trump to reject attempts to weaken the Consumer Financial Protection Bureau (CFPB) by removing CFPB Director Richard Cordray. Democrats from the House Financial Services Committee, led by Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Committee on Financial Services, and U.S. Senator Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, underscored to the president-...
January 13, 2017
Advocates underscore real threat to state law protections against predatory lenders "The OCC's charter proposal enables companies to avoid state licensing regimes and oversight by state regulators and attorneys general." More than 250 groups sent a letter today to Comptroller of the Currency Thomas J. Curry urging him not to grant national charters to financial technology firms, which could preempt state oversight and state consumer protection laws that protect consumers and small businesses from abusive financial practices.  The letter by state advocates, affordable housing...
December 2, 2016
Innovation Should Not Come at the Expense of Consumer Protection, Evade State Anti-Predatory Lending Laws Today, the Office of the Comptroller of the Currency (OCC) announced its intention to offer national charters to financial technology firms, which could severely undermine state oversight and state consumer protection laws that protect consumers and small business owners from abusive financial products and practices. The OCC is accepting comments on its framework until January 15, 2017. Before the OCC’s announcement, 49 organizations sent a letter to the Comptroller expressing "...
December 1, 2016
Brown, Sherman Bill Would Prevent Wells Fargo from Using Forced Arbitration Clauses in Real Accounts to Block Customers from Suing over Fraudulent Ones The Center for Responsible Lending (CRL) today applauded the introduction of the Justice for Victims of Fraud Act of 2016, a bill to give Wells Fargo customers who were victims of a fraudulent account opening scheme their day in court. The legislation was introduced by U.S. Senator Sherrod Brown (D-OH), ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Representative Brad Sherman (D-CA), a member of the...
November 29, 2016
United Effort to Maintain a Strong, Independent Consumer Protection Agency Today, Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), and other civil rights and consumer advocacy organizations, as well as 21 members of Congress submitted amicus briefs to the U.S. Court of Appeals for the District of Columbia Circuit in the case of PHH Corporation v. CFPB, in support of the CFPB. The groups and members of Congress urged the full court to grant the CFPB's petition for a rehearing of a 2-1 panel decision last month, which they believe incorrectly ruled that the...
November 18, 2016
Today, the Consumer Financial Protection Bureau (CFPB) filed a petition for rehearing before the U.S. Court of Appeals for the District of Columbia Circuit urging the court to revisit a three judge panel's 2-1 decision made last month on CFPB's enforcement order in PHH Corporation vs. CFPB. In its decision, the panel ruled that the President must be able to remove the CFPB Director without cause. Civil rights groups underscored the need for the CFPB to preserve its independence as a strong regulatory agency, as Congress intended, and support the Bureau's efforts to have the decision...
October 11, 2016
If the PHH vs. CFPB Decision Stands It Would Undermine Consumer Protection Agency, Stifle Effort To Curb Predatory Lending Today, in a 2-1 ruling led by Judge Brett Kavanaugh, the U.S. Court of Appeals for the District of Columbia Circuit ruled against the Consumer Financial Protection Bureau’s (CFPB) enforcement order in PHH Corporation vs. CFPB. In its decision, the court held that the CFPB’s current single-director structure is unconstitutional. More specifically, the court found that the President must be able to remove the CFPB Director without cause. This flies in the face of long...
July 14, 2016
Financial accountability and tough regulations are still needed, say 3 out of 4 likely voters. These two top line findings from a recent poll measured consumer satisfaction with Wall Street banks as well as a range of other financial services and providers including credit cards, debt collectors, payday loans and mortgages. The poll, jointly commissioned by the Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR), reveals that these preferences are shared across partisan affiliations. When asked whether more financial regulation was needed, 69 percent of all...
July 6, 2016
A new national poll found that, by a margin of 3 to 1, voters strongly support restoring consumers' right to join together to take legal action against banks and other financial services companies that break the law. With the House of Representatives set to vote today on a multi-agency appropriations bill with riders that would strip the CFPB's authority to act on forced arbitration, voters of all political parties express majority support for federal action to restrict the practice. Consumer finance contracts now commonly require disputes to be settled through private arbitration instead...
May 5, 2016
Today the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that will limit the financial industry’s use of forced arbitration, a practice used to block consumers from enforcing their legal rights. In response, Mike Calhoun, President of the Center for Responsible Lending (CRL), issued the following statement: This proposed rule is another key development in bringing transparency and fairness to consumer finance. While it does not end all forced arbitration, it does return the opportunity for class actions to be heard and argued in a court of law. By...

Pages