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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Stop Rollback of the Arbitration Rule – Give Consumers Their Day in Court

Stop Rollback of the Arbitration Rule – Give Consumers Their Day in Court

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...
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Bill Law
Consumer Finance

Portland Radio Station Interviews CRL Expert on Forced Arbitration Clauses

Portland Radio Station Interviews CRL Expert on Forced Arbitration Clauses

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...
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Policy & Legislation
Consumer Finance

Bipartisan Poll Shows Overwhelming Public Support For Stronger Consumer Protection for the Fifth Consecutive Year

Bipartisan Poll Shows Overwhelming Public Support For Stronger Consumer Protection for the Fifth Consecutive Year

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...
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Research
Consumer Finance

North Carolina Legislative Update July 12, 2017

North Carolina Legislative Update July 12, 2017

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)...
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Bill Law
Consumer Finance

Evaluating Charter Applications from Financial Technology Companies

Evaluating Charter Applications from Financial Technology Companies

Despite significant concerns raised by a number of interested parties—including hundreds of advocacy groups, state regulators, and a bipartisan group of Members of Congress—the OCC is moving forward with its fintech charter proposal. This comment letter asserts that the OCC does not have the legal authority to charter non-depositories, that a national bank charter for non-depository fintech institutions will facilitate...
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Comment Letter
Consumer Finance

Mike Calhoun's Testimony "The State of Bank Lending in America"

Mike Calhoun's Testimony "The State of Bank Lending in America"

On Tuesday, March 28, Center for Responsible Lending (CRL) President Mike Calhoun testified before the House Financial Services Committee's Financial Institutions and Consumer Credit Subcommittee for a hearing entitled "The State of Bank Lending in America." He discussed recent trends in lending and how the Dodd-Frank Wall Street Reform and Consumer Protection Act has made the financial industry more accountable...
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Testimony
Consumer Finance

Opposition to H.R. 1009, the OIRA Insight, Reform, and Accountability Act

Opposition to H.R. 1009, the OIRA Insight, Reform, and Accountability Act

The OIRA Insight, Reform, and Accountability Act is portrayed as a mere codification of previous Executive Orders, but in fact it further undermines the rulemaking process. It would codify the numerous burdensome requirements contained in the orders– many of which are biased against protecting the public, vague, and in some cases mutually inconsistent — and would have the disastrous effect...
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Letters to Congress
Consumer Finance

Strong Opposition to H.R. 1004 Regulatory Integrity Act

Strong Opposition to H.R. 1004 Regulatory Integrity Act

H.R. 1004 will significantly undermine federal agencies’ ability to engage and inform the public in a meaningful and transparent way regarding its work on important science-based rulemakings that will greatly benefit the public. As a result, the bill will lead to decreased public awareness and participation in the rulemaking process in direct contradiction of the Administrative Procedure Act and agencies’...
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Letters to Congress
Consumer Finance
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