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Press Releases

August 2, 2017
WASHINGTON, D.C. – U.S. Department of Education Secretary Betsy DeVos recently announced a decision to drop a plan that would have created a single student loan servicer for the nation. The reversal followed a related call by a group of bipartisan Senators to keep the Department’s current use of multiple loan servicers. Whitney Barkley-Denney, a senior policy counsel with the Center for Responsible Lending released the following statement: Secretary DeVos' decision to drop an ill-advised plan for a single loan servicer for the entire nation is a late recognition that acknowledges the...
July 25, 2017
New Poll Shows that Congress Going Against Wishes of Constituents in Voting to Repeal a CFPB Rule that would Restore the Right of Americans to Take Financial Firms to Court WASHINGTON, D.C. – The House of Representatives is expected to vote today on H.J. Res. 111, a bill that would rescind a Consumer Financial Protection Bureau (CFPB) rule that curtails forced arbitration clauses. A new poll from the Center for Responsible Lending and Americans for Financial Reform shows strong support, across the political spectrum and across the country, for the CFPB arbitration rule. Likely voters...
July 20, 2017
Senators and Representatives Announce Legislation to Repeal Consumer Bureau Rule that Restores Americans' Ability to Challenge Illegal Lending Actions in Court WASHINGTON, D.C. – Today, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas) announced legislation that would rescind a new Consumer Financial Protection Bureau (CFPB) rule, which restores the ability of consumers to band together in a class action lawsuit to challenge the illegal behavior of banks, payday lenders, and other financial companies. The...
July 18, 2017
WASHINGTON, D.C. – Tuesday, July 18, at 11 a.m. ET/8 a.m. PT, Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL) hosted a press teleconference on a national poll highlighting the country’s view of Wall Street and current financial regulation issues such as arbitration and payday lending six months into the Trump Administration. (Cong. Maxine Waters was not able to participate in the teleconference.) The poll showcases likely voters' views on the Consumer Financial Protection Bureau, debt collection practices, forced arbitration, payday lending, and Wall...
July 18, 2017
WASHINGTON, D.C. — Voters overwhelmingly favor regulation of Wall Street and strongly support the work of the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll, conducted by the bipartisan partners Lake Research Partners and Chesapeake Beach Consulting last month, also revealed that more than 70 percent of likely voters believe that Wall Street holds too much influence in Washington under the Trump administration. “The poll makes clear that consumers...
July 12, 2017
WASHINGTON, D.C. - A new Center for Responsible Lending (CRL) policy analysis, "Been There; Done That," warns that banks are seeking the repeal of consumer protections established in 2013 that ensured that banks could no longer keep borrowers trapped in unaffordable payday loans. Six banks—Wells Fargo, US Bank, Regions Bank, Fifth Third Bank, Bank of Oklahoma and GuarantyBank—were making predatory payday loans to their own account holders until 2013, when a public outcry and risks to the banks’ safety and soundness led bank regulators to establish commonsense guidelines to curb these...
July 10, 2017
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its final rule aimed to restrict forced arbitration and improve access to our judicial system for all consumers. Across the country, fine print agreements--from financial to employment contracts--too often include arbitration clauses to strip individuals from receiving their fair day in court. These agreements often ban class action lawsuits, leaving consumers unable to challenge widespread misconduct since it is often too expensive to pursue small-dollar disputes one-by-one in arbitration. While the CFPB...
July 7, 2017
OAKLAND, CA – The California Department of Business Oversight (DBO) recently released its 2016 report on the state’s payday lending industry. The study showed the number of seniors caught in the debt trap, age 62 and older, nearly tripled since 2015. The study also showed that annual percentage rate (APR) for these payday loans rose to 372 percent, up from 366 percent reported in the previous year and that the industry is still heavily relying on repeat borrowers. "The number of seniors caught in the vicious payday lending debt trap is concerning and indicative of the type of group the...
July 6, 2017
WASHINGTON, D.C. – Today, Attorneys General from 18 states, plus the District of Columbia, filed a lawsuit against Secretary Betsy DeVos and the U.S. Department of Education over the department’s decision to halt the Borrower Defense to Repayment rule, which is meant to protect federal student loan borrowers from abusive for-profit colleges and provide relief for students defrauded by them. The suit is led by Massachusetts Attorney General Maura Healey. Center for Responsible Lending (CRL) Counsel Ashley Harrington released the following statement: These Attorneys General are setting an...
June 29, 2017
Under Consideration Today, House Financial Services Appropriations Bill Would Weaken Critical Protections for Consumers WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) denounced the House Appropriations Committee’s Financial Services and General Government FY ’18 appropriations bill, which is being marked up right now in subcommittee. The legislation proposes a dangerous deregulatory agenda, including the removal of borrower protections in the housing market and the evisceration of the Consumer Financial Protection Bureau (CFPB). Created in the wake of the 2007 financial...

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