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Press Releases

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 22, 2016
The Center for Responsible Lending (CRL), along with the Leadership Conference on Civil & Human Rights and NAACP, applauded the U.S. Department of Energy for strengthening its Best Practice Guidelines for Residential PACE Financing in final guidance issued Friday. The Property Assessed Clean Energy (PACE) program is intended to finance energy efficient home improvements through municipal loans, but low-income homeowners have risked losing their homes to foreclosure through the program because appropriate consumer protections have been absent. "PACE loans can be dangerous for...
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...
November 14, 2016
On November 8, 75% of South Dakota voters approved reducing the cost of payday loans from 574% to 36% annually.  At the same time, a significant majority of South Dakotans rejected the payday lenders' proposal to allow permanent unlimited rates. The rate cap ballot measure approved by South Dakota voters will cap the annual interest rates at 36% for payday, car title, and installment loans.  The voters' decision aligns South Dakota with protections already in place for active-duty military nationwide, and makes South Dakota the 15th state to ...
October 28, 2016
Today, the U.S. Department of Education announced final regulations amending the Borrower Defense to Repayment provision of the Higher Education Act (HEA) to ensure that students and taxpayers do not have to bear the financial burdens that arise when predatory higher learning institutions make misrepresentations and fail to provide students with an adequate education. These kinds of bad practices severely limit students’ professional outcomes and ability to repay their loans. The Center for Responsible Lending (CRL) is particularly concerned about the impact of these practices on borrowers of...
October 11, 2016
The Center for Responsible Lending (CRL) and California Reinvestment Coalition (CRC) lauded California members of the U.S. Senate, U.S. House of Representatives, California State Legislature, city and county officials, and California Attorney General Kamala Harris for sending official statements to the Consumer Financial Protection (CFPB) calling on the agency to strengthen its proposed rule on payday and car title lending. The California lawmakers and attorney general highlighted that the proposed rule is a step in the right direction, but underscored that more needs to be done to ensure...
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...
October 7, 2016
Rule Should Protect Families From Debt Traps, Close Off Paths to Evasion for Predatory Payday Lenders Today, the Center for Responsible Lending (CRL), the Consumer Federation of America (CFA), and the National Consumer Law Center (NCLC) (on behalf of its low income clients), with support from seven national consumer and civil rights organizations, is sending the Consumer Financial Protection Bureau (CFPB) a joint comment urging the CFPB to strengthen its proposed rule on payday and car title lending. The organizations’ comment reflects the decades of research and work these groups have...
October 5, 2016
The Consumer Financial Protection Bureau (CFPB) finalized their rule this week to make prepaid cards safer. The rule includes many important provisions, such as requiring that the Electronic Funds Transfer Act protections apply to error resolutions, lost cards, and unauthorized transactions, and the rule finalizes a new "Know Before You Owe" disclosures for prepaid accounts to give consumers clear, upfront information about fees and other key details. Though the rule includes valuable improvements to protect users who borrow beyond the balance of their card--such as requiring prepaid...
September 29, 2016
Today, the Center for Responsible Lending (CRL) released a policy analysis based on new mortgage data collected under the Home Mortgage Disclosure Act (HMDA). The data, which covers nearly all mortgages made in the United States in 2015, revealed that access to mortgage credit remains out of reach for many consumers of color. Despite fair lending laws and mortgage rules, Hispanic and African-American consumers received a small percentage of the mortgages made in 2015 and remain disproportionately reliant upon government-backed mortgages that come with high rates and fees. Very few...

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