Read Lisa Stifler's remarks before the December 2014 CFPB Field Hearing on Medical Debt Collection on the distinct lack of standards for when a bill is sent to a debt collector or reported to credit reporting agencies. These distinctions can result in unique harms to individuals in the credit reporting context. As CFPB research has shown, consumers with medical debts...
This written testimony shares our work and insight into the subject of Raised Bill 5071, a bill that has the potential to cause significant harm to Connecticut residents seeking distance education opportunities. Two of key the consequences of the Uniform State Authorization Reciprocity Agreement (SARA) are: Elimination of local, state-centered control over distance education in the state Holding distance education...
Testimony by Paul Leonard from the May 6, 2015 Informational Hearing on the Consumer Financial Protection Bureau Rulemaking for Payday, Vehicle Title and Similar Loans before the California Senate Banking Committee. The CFPB aims to cover payday and similar loans under its rule regardless of the provider or channel offering the loans (storefront and online; bank/credit union, non-depository, tribal entity)...
On April 23, 2015, the New York Senate Banks Committee held a public hearing on subprime auto lending. Lisa Stifler (policy counsel at CRL) submitted written testimony on the predatory and abusive practices that have thrived due to the lack of regulation and transparency in auto financing.
On April 15, 2015, Mitria Wilson testified before the U.S. House Committee on Financial Services: Subcommittee on Financial Institutions and Consumer Credit. The hearing at which Mitria testified was called "Examining Regulatory Burdens on Non-Depository Financial Institutions." In her testimony (19 pages), Mitria offered: An overview of the importance of financial regulations - and the role such regulations currently play...
The Consumer Financial Protection Bureau (CFPB) mortgage rules strike the right balance between protecting consumers while also enabling lenders to comply with these new reforms. Throughout the rulemaking process and in the final result, the CFPB has taken a measured and reasonable approach. As a result, these mortgage rules will provide important legal protections for borrowers and for lenders. The...
Testimony of Kenneth W. Edwards Vice President of Federal Affairs, Center for Responsible Lending, before the House of Representatives Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit in regards to hearing on Examining Consumer Credit Access Concerns. The testimony emphasized three points: H.R. 6139 and similar legislation would circumvent the carefully contemplated supervisory, enforcement, and rulemaking authority...
CRL Senior Vice President Eric Stein emphasized the importance of defining "Qualified Mortgage" broadly to avoid shutting out creditworthy borrowers from the mortgage market. He recommended that QM include the use of specific "bright-line" standards so that lenders and borrowers are clear on which loans qualify as QMs. He also made the case for allowing borrowers to pursue legal action...
CRL President Michael Calhoun testifies before a House Financial Services subcommittee on the benefits of strong lending protections. Financial reform, including the CFPB, is good for American families as well as bank safety and soundness.
Interest rates are at historic lows, but many homeowners who could benefit from these low rates have not refinanced their higher-rate mortgage. In this testimony, CRL President Michael Calhoun recommends expanding the Home Affordable Refinance Program (HARP) to prevent unnecessary foreclosures and boost economic recovery.