Consumer Finance

CRL monitors developments across the consumer finance sector and acts to protect people’s pocketbooks from financial misconduct so families can build financial stability. This includes advocating for enforcement of laws banning discrimination based on race, national origin, sex, and other protected characteristics. CRL also fights to defend the Consumer Financial Protection Bureau, a crucial government watchdog that was established in the wake of the 2008 Financial Crisis to stop predatory practices. We support the development of policy and regulatory infrastructure needed to ensure an equitable green lending marketplace for all consumers. 

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Group Comment to the Department of Financial Protection and Innovation on Income Share Agreements (ISAs)

Group Comment to the Department of Financial Protection and Innovation on Income Share Agreements (ISAs)

On September 25, 2020, Governor Newsom signed AB 1864 (Chapter 157, Statutes of 2020), establishing the California Consumer Financial Protection Law (“CCFPL”) under Division 24 of the Financial Code. The undersigned consumer advocates are encouraged to see that the Department of Financial Protection and Innovation (“DFPI” or the “Department”) is seeking input from stakeholders in developing regulations to implement the...
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Comment Letter
Consumer Finance

Comment on Proposed Rulemaking under the California Consumer Financial Protection Law: Earned Wage Access

Comment on Proposed Rulemaking under the California Consumer Financial Protection Law: Earned Wage Access

This set of comments will focus on earned wage access programs and other newer types of payday advance programs. NCLC and CRL have also joined a broader set of comments submitted by the California Economic Justice Coalition on a broader range of issues and a second set in conjunction with the Student Borrower Protection Center on income share agreements. These...
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Comment Letter
Consumer Finance

Broad Coalition Comment to Department of Financial Protection and Innovation on Consumer Protection Issues

Broad Coalition Comment to Department of Financial Protection and Innovation on Consumer Protection Issues

Our broad coalition of consumer and business organizations thanks you for the opportunity to comment regarding how the DFPI can best implement AB 1864 (Limón), the California Consumer Financial Protection Law (CCFPL). The CCFPL is an important and significant step forward for California and offers the promise of a bold consumer-facing department that can be at the forefront of consumer...
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Comment Letter
Consumer Finance

Strong Support for the Nomination of Federal Trade Commissioner Rohit Chopra as the next Director of the Consumer Financial Protection Bureau

Strong Support for the Nomination of Federal Trade Commissioner Rohit Chopra as the next Director of the Consumer Financial Protection Bureau

In the letter from 138 undersigned consumer, civil rights, community, housing, labor, small business, and other public interest groups: Commissioner Chopra is exactly the type of leader we need to serve as the next CFPB director. His commitment to consumer protection, effectiveness at using the tools of government to serve the public interest, and willingness to challenge powerful corporate interests...
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Letters to Congress
Consumer Finance

Amicus Brief in Support of Indigent Defendants Charged with Unaffordable Criminal Fines and Fees

Amicus Brief in Support of Indigent Defendants Charged with Unaffordable Criminal Fines and Fees

From the amicus brief: Unpaid court debt balloons over time as fines and the costs of collection accrue; low-income people risk wage garnishment, asset forfeiture, loss of credit, and even incarceration as collateral consequences of their continued entanglement with the criminal justice system. These burdens fall most heavily on people of color, who are arrested and placed on probation at...
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Amicus Brief
Consumer Finance

Comment on Request for Information on the Equal Credit Opportunity Act and Regulation B

Comment on Request for Information on the Equal Credit Opportunity Act and Regulation B

Our comment discusses ECOA’s purpose, the importance of disparate impact theory, issues around artificial intelligence and machine learning models, special purpose credit programs, preemption, and small business lending. Additionally, CRL signed on to a detailed letter from the Americans for Financial Reform (AFR) Language Access Taskforce regarding the challenges in serving limited English proficient consumers.
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Comment Letter
Consumer Finance Mortgage Lending

An Inclusive Economy for All: A 100-Day Agenda for the New Administration

An Inclusive Economy for All: A 100-Day Agenda for the New Administration

Ten years after the Great Recession, the current economic contraction is again hitting Black and Brown communities and lower-wage workers the hardest – many of whom have never recovered. This crisis is worsening long-standing and growing racial and economic inequities at the very moment of national reckoning with the historic need for their redress. Too often, predatory financial services and...
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Policy & Legislation
Consumer Finance

SCOTUS: Economic Opportunity and Consumer Protections at Risk

SCOTUS: Economic Opportunity and Consumer Protections at Risk

Opportunity in America has never been evenly distributed, but the gains made over the last 100 years are at risk if a conservative Justice is added to the Supreme Court. Just like the many social issues already being covered in the wake of President Trump’s Supreme Court nomination, the nine justices who fill the seats of America’s highest court will...
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Policy & Legislation
Consumer Finance

Polling Memo: Voters Support Strong Consumer Financial Protections and Tough Regulation of Wall Street

Polling Memo: Voters Support Strong Consumer Financial Protections and Tough Regulation of Wall Street

Ten years after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, with the country again facing an economic crisis, new polling data from Lake Research Partners, commissioned by the Center for Responsible Lending and Americans for Financial Reform shows that voters across all political parties are broadly and intensely supportive of strong consumer financial protections and of...
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Research
Consumer Finance Debt Collection & Settlement Overdraft Fees Student Loans Payday and Other Small Dollar Loans

Financial Implications of the Criminal Legal System: Policy Recommendations during COVID-19

Financial Implications of the Criminal Legal System: Policy Recommendations during COVID-19

Prior to the COVID-19 crisis, court fines and fees, and other monetary sanctions overly burdened young people and adults involved in the criminal legal system with debt from pre-trial through post-release and beyond. A few months into the crisis, we are seeing that Black and Brown communities are disproportionately facing economic challenges. This is reflected in national unemployment data, where...
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Policy & Legislation
Consumer Finance
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