Ten groups filed this amicus brief in support of the continued independence of the Consumer Financial Protection Bureau. This brief appeals the trial court’s denial of a preliminary injunction allowing Leandra English to serve as acting director of the CFPB. The litigation regarding whether the lawful acting director is English or U.S. Office of Management and Budget Director Mick Mulvaney continues.
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.
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This amicus brief, filed on behalf of ten consumer advocacy groups in support of English’s motion for a preliminary injunction, explains the importance of confirming English's position for the American consumer.
Enfoque is a Spanish information service of CRL's Latino Affairs. All the content is in Spanish; the hyperlinks throughout the document land on the original sources on our website or mostly English pages. No 1 | Vol VIII | 2017 No 1 | Vol VII | 2016 No 1 | Vol VI | 2015 No 1 | Vol V | 2012 No 2 | Vol IV | 2011
This letter urges Congress to support the Senate and House companion bills, S. 1659/H.R. 3760, the “Protecting Consumers from Unreasonable Credit Rates Act,” sponsored by Senator Richard Durbin, Senator Jeff Merkley, Representative Matt Cartwright, and Representative Steve Cohen. The Senate and House bills would extend to all consumers a 36 percent usury APR cap. A fair rate cap will protect consumers by curbing abuses in the high-cost small dollar loan market, while permitting responsible lending on reasonable terms to continue. A strong rate cap also has strong public support, with a large...
Our top priorities for the 2017 NC General Assembly session were to keep payday and car title lenders out of North Carolina, to defend our strong debt buyer and debt collection protections and our strong mortgage lending protections, and to look for opportunities to strengthen other lending protections while guarding against any proposals to weaken them. This 2017 session of the NC General Assembly was dominated by attempts to weaken Gubernatorial powers, address fallout from the “bathroom bill”, and redraw state district maps under court order. But legislators still found time to help...
The Center for Responsible Lending (CRL), the National Consumer Law Center (NCLC), and 150 national and state organizations urge Members of Congress to reject S. 1642 and H.R. 3299, legislation that pose serious risks of enabling a vast expansion of predatory lending across the country. Specifically, the legislation makes it easier for payday lenders and other nonbanks to use rent-a bank arrangements to ignore state interest rate caps and make high-rate loans. The potential costs and damage to consumers are significant, the groups warn. S. 1642 and H.R. 3299 could potentially expand short-term...
Dear Coalition Supporters, Last week, the Consumer Financial Protection Bureau (CFPB) released its final rule to rein in arbitration abuses and improve access to the judicial system for all consumers. This week, US House and Senate members have introduced Congressional Review Act (CRA) Resolutions to overturn this CFPB rule. We expect the US House to vote on its CRA resolution as early as Tuesday. On the Senate side, our NC Senator Thom Tillis is one of the leaders in the attempt to overturn this rule: “Setting aside the looming questions surrounding the constitutionality, this CFPB rule is a...
During their evening news, Portland’s KBOO interviewed CRL Senior Policy Counsel Melissa Stegman on forced arbitration clauses. The Consumer Financial Protection Bureau recently issued a rule that prohibits financial contracts from forcing consumers into arbitration and blocking consumers from pursuing a class action suit against the company. Powerful Members of Congress are fast-tracking legislation to repeal the rule – which would let financial companies steal and deny Americans their day in court. Listen to the interview now.
For the fifth consecutive year, a poll conducted by Lake Research Partners and Chesapeake Beach Consulting shows overwhelming and bipartisan support among likely voters for regulation and oversight of the financial services industry. Backing from Republicans is at historic highs. Voters also believe that Wall Street's influence in Washington is high and growing under the Trump administration, and are wary of lawmakers who take money from the industry. Download the polling memo (pdf) or view the toplines . (pdf)
Dear Coalition Supporters, This update discusses serious threats from the federal level to our NC protections against predatory lending as well as several positive actions in NC and nationally. It includes recent developments about payday lending , student lending, housing finance reform and the new arbitration ban. And it discusses the threat of Congress dismantling the Consumer Financial Protection Bureau (CFPB) , our main watchdog on Wall Street, including the impact on the military. For up to date developments, follow me and CRL on Twitter and "like" CRL on Facebook . Also, over the next...