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Press Releases

March 24, 2016
Latinos, Blacks and Seniors Targeted for High-Cost Loans Floridians have paid more than $2.5 billion in fees on high-cost payday loans over the last decade, according to new research by the Center for Responsible Lending (CRL). Further, in the most recent reported one-year period, June 2014 through May 2015, over $311 million in fees was paid on loans averaging nearly $400. These and other findings from a report entitled, Perfect Storm: Payday Lenders Harm Consumers Despite State Law refute recent claims that an existing state law has protected consumers in the Sunshine State and...
March 26, 2015
The Consumer Financial Protection Bureau is offering 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 will release information outlining a proposed rule and take testimony from a panel of consumer and civil rights advocates as well as industry representatives. Mike Calhoun, president of the Center for Responsible Lending, will present testimony at today's hearing. In advance of the field hearing, Calhoun comments: The proposal endorses the principle that payday...
July 9, 2009
Payday lenders create their own demand with loan terms that generate rapid re-borrowing A full three quarters of the payday industry's loan volume is generated by borrowers who, after repaying one payday loan, must take out another before their next paycheck, new Center for Responsible Lending research shows. The report comes on the eve of the California Senate Judiciary Committee meeting where AB 377, a highly-flawed payday lending bill, will be considered. That body will review the bill next Tues., July 14. "It's now crystal clear that demand for payday loans is greatly exaggerated...
April 9, 2009
The federal debate on payday lending practices is heating up. A bill in the House, H.R. 1214, features measures intended to reform abusive payday lending but that have failed at the state level to curb loan flipping practices that trap the financially vulnerable. By contrast, Illinois Sen. Dick Durbin (S. 500) and California Rep. Jackie Speier (H.R. 1608) have introduced common-sense bills that would restore consumer protections by placing a 36 percent annual interest-rate cap on consumer loans. The Center for Responsible Lending supports S. 500 and H.R. 1608. CRL's research shows that...

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