CFPB Debt Collection Rule a Mixed Bag for Consumers

One-Third of U.S. Adults with a Credit Report Have Debt in Collection Washington, D.C. – The National Consumer Law Center, on behalf of its low income clients, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Federation of America, and the National Association of Consumer Advocates, expressed relief that the Consumer Financial Protection Bureau’s final debt collection rule drops or punts on some of the most harmful parts of its proposal, but advocates still opposed the high call cap that will permit telephone harassment and noted with concern that the

NALCAB, Public Citizen, CRL Sue to Restore Payday Lending Protections for Borrowers in U.S. District Court

CFPB Repeal Rule Will Leave Consumers at the Mercy of Payday Lenders’ Abuses WASHINGTON, D.C. – The National Association for Latino Community Asset Builders (NALCAB), represented by Public Citizen and the Center for Responsible Lending (CRL), sued the U.S. Consumer Financial Protection Bureau (CFPB) today in the U.S. District Court for the District of Columbia, seeking to overturn a regulation issued in July 2020 concerning short-term payday and auto-title lending ( a link to the complaint is here). The regulation repeals consumer protection measures that the agency adopted in 2017 to protect

OCC Issues Final "True Lender" Rule that would Help Fraudulent, Predatory Loan Schemes

Bank regulator’s rule would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – The Office of the Comptroller of the Currency (OCC) yesterday issued a so-called "true lender" rule that would facilitate "rent-a-bank" schemes where a non-bank lender forms a superficial partnership with a bank in order to charge interest rates beyond what state laws allow non-banks to charge. Center for Responsible Lending (CRL) Director of State Policy Lisa Stifler issued the following statement: This new rule creates an avenue that would facilitate fraudulent "rent-a

U.S. Senate Votes to Keep a Regulation that Harms Communities of Color and Low- and Moderate-Income Families

OCC Overhaul of an Anti-redlining Law Will Perversely Encourage Redlining Washington, D.C. – A harmful new rule for the Community Reinvestment Act (CRA) – an anti-redlining law – remains in place after the U.S. Senate yesterday voted against H.J. Res. 90, legislation that would have rescinded the regulation. The Office of the Comptroller of the Currency (OCC) finalized the rule earlier this year. Center for Responsible Lending Executive Vice President Nikitra Bailey issued the following statement: Redlining is not a thing of the past and continues to be very real for the 41% and 32% of Black

Housing Regulator Must Take Bold Steps to Make Homeownership Opportunity Attainable for More Americans, Says Coalition

Especially Given National Reckoning on Racial Injustice and the Economic Crisis, FHFA Must Do More to Fulfill Affordable Housing Mission Washington, D.C. – As low-income homeowners struggle with bills and as millions of mortgage-ready people of color are excluded from sustainable homeownership, several leading civil rights, consumer, and housing groups yesterday submitted an official comment letter that calls for the Federal Housing Finance Agency (FHFA) to take action now to expand access to responsible home loans, including by setting more robust affordable housing goals. The affordable

Business Roundtable’s Call to Support Fair Housing and Civil Rights Earns Praise from National Fair Housing Alliance, Center for Responsible Lending

Association for 208 of the Nation’s Largest Corporations Lauded for Call to Restore Major Tools for Eliminating Discrimination and Advancing Housing Equity WASHINGTON, DC – Today, the National Fair Housing Alliance and Center for Responsible Lending, two of the nation’s leading groups working for equitable lending, commended the Business Roundtable for supporting disparate impact and Affirmatively Furthering Fair Housing (AFFH) – two major tools for eliminating discrimination and structural barriers to equal housing opportunities. The Business Roundtable (BRT), which is comprised of 208 of the

New CRL Report: Debt Collectors in California May Have Seized $700M, Often Based on Scant Evidence & Other Questionable Practices

Debt collectors too often lack sufficient documentation to prove ownership of debt Greater enforcement and stronger laws needed to protect California consumers OAKLAND, CALIF. – A new report released today by the Center for Responsible Lending (CRL) finds debt collectors in California may have seized more than $700 million from consumers between 2012 and 2017, even though they frequently lack sufficient documentation to establish the validity and ownership of an individual’s debt. The CRL report, “The State of Debt Collection in California” finds that the decks are still stacked against

House Passes New COVID Relief Package to Address Crisis

Updated HEROES Act Deserves Immediate Consideration by U.S. Senate WASHINGTON, D.C. – This evening, the U.S. House of Representatives passed a new comprehensive COVID-19 aid package – an updated version of the HEROES Act. If the bill is also passed by the Senate and signed into law, it would allocate $2.2 trillion and improve the Paycheck Protection Program to better serve the smallest businesses, including businesses owned by Black and Brown people that were shut out of the assistance program due to the prioritization of wealthier and larger enterprises. It would also extend and expand the

Durable Support Across Party Lines For Tough Wall Street Rules and Oversight

CFPB mission of protecting consumers remains extremely popular Voters concerned that federal COVID response favors Wall Street and big corporations WASHINGTON, DC - Ten years after Congress passed a major reform of Wall Street in response to the financial crisis, voters continue to overwhelmingly support more and tougher regulation of finance and they strongly approve of the mission of the Consumer Financial Protection Bureau, according to a new survey by Lake Research Partners. This support has proven remarkably durable and stretches across lines of party, race and ethnicity, age, and region

President Trump’s U.S. Supreme Court Nominee to Replace Justice Ruth Bader Ginsburg

WASHINGTON, D.C. - President Trump today announced Amy Coney Barrett as his U.S. Supreme Court nominee to replace Justice Ruth Bader Ginsburg, who passed away last week. The Senate Majority has signaled its intention to hold confirmation hearings in October. Center for Responsible Lending President Mike Calhoun released the following statement: The Senate Majority needs to prioritize COVID-19 relief legislation for the rest of this year and not use the remaining time of this session to confirm judicial nominees, leaving millions of Americans vulnerable to financial hardship. More than 200,000