Car Lenders Must Be Covered by the CFPA.

The need for mortgage relief continues to grow, but too often companies that promise mortgage assistance relief services (MARS) turn out to be scammers. CRL and its allies recently submitted comments to the Federal Trade Commission, which is considering tighter rules to ensure that people who pay for mortgage assistance actually have a fair chance of receiving help.

Financial Reform: Learn more about the CFPB/CFPA and other efforts to reform the financial system.

The OCC has acknowledged problems with bank overdraft systems but has allowed the banks they regulate to use them.

National bank regulator, the OCC, must stop this trend before it takes off among more national banks, making millions vulnerable to predatory loans even in states that don't allow it from payday lending stores

When homeowners are at risk of losing their home to foreclosure, the last thing they need is an extra tax bill. Congress needs to fix the 2007 Mortgage Forgiveness Debt Relief Act so that homeowners receive relief as intended.

New CRL credit card research identifies hidden and deceptive credit card issuer tricks and traps continue, even after the passage of the Credit CARD Act of 2009 and pending Federal reserve rules. The Dodging Reform report explains why American borrowers continue to experience arbitrary, unfair interest rate hikes and fees through examining issuer practices. These practices manipulate interest rates, pad miscellaneous fees, and include deceptive policies on penalty late payment fees. The federal legislation stopped some of the worst abuses in the industry, but a strong consumer-focused regulator like the CFPA would provide common-sense rules on credit cards and could respond to abuses as they surface.

Julia Gordon, CRL Sr. Policy Counsel, testifies before the House Financial Services Committee on why we need a stronger, multi-pronged approach to stopping the mortgage foreclosure epidemic

The Federal Reserve is considering rules to restrict mortgage brokers and lenders from giving borrowers loans with higher interest rates than necessary and earning "yield-spread premium" kickbacks in exchange.

Mortgage companies have blocked sensible actions to stop foreclosures, promising to fix the problem themselves – but they’re not delivering. The latest MBA figures show that the proportion of struggling homeowners continues to climb.

Eric Halperin, director of CRL's DC office, submitted testimony to the Financial Services Committee of the U.S. House on H.R. 3904, the Overdraft Protection Act of 2009. He called the Act a crucial measure for protecting consumers from abusive bank overdraft fees, which have reached $23.7 billion per year. The Federal Reserve Board has failed to address the problem, and reform is urgently needed.

Congresswoman Carolyn Maloney proposed the Overdraft Protection Act of 2009, which would reform out-of-control bank and credit union overdraft practices. Fees for debit card transactions and other types of overdrafts have reached well over $20 billion per year.

The Center for Responsible Lending strongly supports the FAIR Overdraft Coverage Act as it would represent a major advance in overdraft reform.

Banks and credit unions collected $23.7 billion in overdraft fees in 2008.

A brief overview of how the Consumer Financial Protection Agency would ensure that banking is safe for all Americans.

A brief overview of how the Consumer Financial Protection Agency would ensure that banking is safe for all Americans.

In a hearing on "Current Trends in Foreclosure and What More Can Be Done to Prevent Them," CRL's Keith Ernst urged Congress to take several actions to address the flood of foreclosures and fix the broken mortgage market: Create the Consumer Financial Protection Agency; pass or encourage sensible lending rules in the future; ensure that current prevention efforts are as effective as possible; and lift the ban that now prohibits home loan modifications through the courts.

CRL analysis reveals that a sizeable majority of payday lending volume is generated by payday debt itself—borrowers need to open a new loan shortly after repaying a previous loan because repayment leaves them with inadequate funds for other needs. 36 pp.