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Press Releases

September 27, 2017
Wells Fargo Practices and Equifax Breach Show that Congress needs to prioritize consumer protections Members call on CFPB to act on overdraft practices Maloney bill to end deceptive overdraft practices, crack down on unfair fees based on successful 2009 CARD Act law that has saved consumers billions WASHINGTON, DC — Today in front of the U.S. Capitol, the Center for Responsible Lending joined Representatives Carolyn B. Maloney (NY-12), Keith Ellison (MN-5), Hakeem Jeffries (NY-8), and Bill Foster (IL-11) in calling on Congress to crackdown on unfair overdraft fees by passing H.R....
September 26, 2017
News Report Indicates Senate Might Vote Imminently to Take Away Consumers’ Right to Sue Financial Companies for Wrongdoing WASHINGTON, D.C. – As reported by Politico, the “Senate GOP leadership is considering holding a vote later this week on legislation that would block a CFPB [Consumer Financial Protection Bureau] rule prohibiting banks and credit card companies from forcing their customers into arbitration during disputes, sources familiar with the matter said." Center for Responsible Lending (CRL) Senior Policy Counsel Melissa Stegman issued the following statement: Equifax,...
September 21, 2017
WASHINGTON, DC. - Today and as part of the annual Congressional Black Caucus Foundation’s 47th Annual Legislative Conference, the National Association of Real Estate Brokers (NAREB) will convene a panel of housing stakeholders this afternoon. The session entitled, “State of Housing in Black America: Considering the Future,” will examine mortgage industry practices, and whether the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, created barriers for African-Americans seeking homeownership opportunities. Nikitra Bailey, an executive vice president with the Center...
September 20, 2017
Senate and House Legislation would end the payday lending debt trap WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL), Americans for Financial Reform (AFR), and nearly 40 national and state organizations sent a letter urging Members of Congress to pass the Protecting Consumers from Unreasonable Credit Rates Act, a bicameral bill introduced by U.S. Senators Richard Durbin (D-Ill.) and Jeff Merkley (D-Ore.) and U.S. Representatives Matt Cartwright (D-Penn.) and Steve Cohen (D-Tenn.). The bill would protect consumers from predatory lenders by capping payday and car-title...
September 18, 2017
WASHINGTON, D.C. – According to the Consumer Financial Protection Bureau (CFPB), the National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc. together filed more than 2,000 illegal student loan debt collection lawsuits between 2001 and 2007. The actions were violations of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. Specifically, the lawsuits filed lacked required documentation and included both false and misleading affidavits. Many of the lawsuits pursued debts the trusts could not prove were owed. Additionally at least another...
September 14, 2017
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) released a bipartisan poll that finds voters across the country overwhelmingly support policies that allow student loan borrowers to refinance their loans (91% in favor), enroll into affordable payment options based on income (90% in favor), and have their debt forgiven after 10 years of payments if they work in qualifying public service jobs or non-profit organizations (70% in favor). The poll was conducted by Lake Research Partners and Chesapeake Beach Consulting, and it was part of a...
September 11, 2017
S. 1642 & H.R. 3299 enable out-of-state lenders to use "rent-a-bank" scheme to preempt state interest rate caps WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL), the National Consumer Law Center (NCLC), and more than 150 national and state organizations sent a letter urging Members of Congress to reject S. 1642 and H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, (PDF) a bill that poses serious risks of enabling a vast expansion of predatory lending across the country. Specifically, the legislation makes it easier for payday lenders and other...
September 8, 2017
Urges Congress to Immediately Pass the Dream Act WASHINGTON, D.C. - The Center for Responsible Lending (CRL) is appalled at the Trump administration's decision to end the Deferred Action for Childhood Arrivals (DACA) program in six months. With this action, the administration manufactures an unnecessary humanitarian and economic crisis for immigrant youth, their families, and the communities where they live. CRL joined 185 civil and human rights groups in sending a letter to Congress to urge lawmakers "to immediately pass the Dream Act without amendment so that young people who were...
September 5, 2017
WASHINGTON, D.C. – U.S. Secretary of Education Betsy DeVos recently announced that the Department will stop working with the Consumer Financial Protection Bureau (CFPB) in oversight cases of student loan fraud. The partnership to share information between the two federal agencies had been in place since 2011 and has been responsible for providing students with relief after being defrauded by higher education institutions and bad student loan servicing practices. The decision to end this partnership will severely reduce oversight of the industry and hold it less accountable to the public....
August 29, 2017
Fed Chair Yellen, Vice Chair Fischer, FDIC Chair Gruenberg, and European Center Bank President Draghi Defend Safeguards Enacted After Financial Crisis WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) highlighted that central bank leaders and the Chair of the FDIC have recently sounded the alarm over proposals to eliminate regulatory safeguards established after the financial crisis and refuted the claim that these protections have been a significant drag on economic growth and lending. The House of Representatives has already passed legislation that would roll back the...

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