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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Threats to Consumers in the Update to the Uniform Interagency Consumer Compliance Rating System

Threats to Consumers in the Update to the Uniform Interagency Consumer Compliance Rating System

The undersigned Center for Responsible Lending (CRL) and National Consumer Law Center, on behalf of its low income clients (NCLC), write to comment on the update to the Uniform Interagency Consumer Compliance Rating System (CC Rating System) by highlighting three areas of particular concern: Overdraft practices Loans with a total cost of credit exceeding 36% annual percentage rate (APR) Bank...
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Comment Letter
Consumer Finance

Do Not Undercut the Essential Reforms of Dodd-Frank: Oppose the Financial CHOICE Act

Do Not Undercut the Essential Reforms of Dodd-Frank: Oppose the Financial CHOICE Act

The Financial CHOICE Act attacks the CFPB's structure and authority and would frustrate the CFPB's ability to fulfill its mission. Title III of the bill is aimed at obstructing the CFPB's ability to protect consumers from predatory financial products and practices. This title severely weakens the CFPB’s structure and authority in the following ways: Changes the structure of the CFPB...
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Comment Letter
Consumer Finance

Strong Support for the Proposed Rule to Limit Pre-dispute Mandatory Arbitration Clauses in Consumer Finance Contracts

Strong Support for the Proposed Rule to Limit Pre-dispute Mandatory Arbitration Clauses in Consumer Finance Contracts

CRL strongly supports the CFPB’s proposed rule to limit pre-dispute mandatory (forced) arbitration clauses in consumer finance contracts. Forced arbitration is a widespread issue affecting a plethora of financial products and services; it impacts the consumers CRL advocates for and implicates CRL’s mission to eliminate abusive financial practices. CRL applauds the CFPB for its efforts to restore consumers’ ability to...
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Comment Letter
Consumer Finance

Enforce the Community Reinvestment Act

Enforce the Community Reinvestment Act

A better enforced and strengthened CRA would be a critical tool in ensuring that underserved communities across the country are provided with the credit opportunities needed to better recover from the 2008 financial crisis. While more affluent neighborhoods have bounced back or have begun to bounce back following the crisis, many low- and moderate-income neighborhoods continue to struggle eight years...
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Letters to Congress
Consumer Finance

Colorado Voters Strongly Opposed to Raising the Maximum Interest Rate on Consumer Loans

Colorado Voters Strongly Opposed to Raising the Maximum Interest Rate on Consumer Loans

This memo summarizes the findings from a statewide poll of 501 likely 2016 general election voters in Colorado. Only those registered voters who had participated in a past general election were invited to participate, as well as any new registrants since the November 2012 election. View the polling questions and topline results. (PDF)
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Research
Consumer Finance Payday and Other Small Dollar Loans

164 Groups Call for Strong CFPB Action Against Forced Arbitration

164 Groups Call for Strong CFPB Action Against Forced Arbitration

This letter signed by CRL along with 163 other organizations urges the CFPB to use its Congressional authority to restrict forced arbitration. Lenders and other financial services companies use forced arbitration to push consumers out of court and into a private arbitration system that they tilt to favor large financial interests. The CFPB’s empirical findings in its comprehensive and evidence-based...
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Letters to Congress
Consumer Finance

Preserve the Independence of the Consumer Financial Protection Bureau

Preserve the Independence of the Consumer Financial Protection Bureau

This letter urges the opposition of HR 1261 or any similar bills that undermine the independence of the Consumer Financial Protection Bureau (CFPB) by subjecting it to the appropriations process. It is less than five years since the CFPB was established. Since then, it has fulfilled Congress's vision of a federal agency with "the authority and accountability to ensure that...
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Letters to Congress
Consumer Finance

Issues and Outcomes Report: January to December 2015

Issues and Outcomes Report: January to December 2015

In a new report, the Center for Responsible Lending – along with Americans for Financial Reform – examines the impact of advocacy efforts of policy and regulation. The report take stock of both gains (actions that support or defend consumer protections) and losses (actions that jeopardize or reduce consumer protections) – specifically in the following areas: Federal legislation State legislation...
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Research
Consumer Finance

Oppose H.R. 2896 Putting Consumers at Risk from Dangerous Products or Practices

Oppose H.R. 2896 Putting Consumers at Risk from Dangerous Products or Practices

The consumer groups signing this letter oppose the Taking Account of Institutions with Low Operation Risk Act of 2015 (H.R. 2896) and amendments that will put consumers at risk from dangerous products or practices and undermine the established notice and comment process in place for financial regulations. If adopted, the TAILOR Act could allow financial institutions to justify and exploit...
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Letters to Congress
Consumer Finance

Comments to the Federal Trade Commission on Remedying Unfair and Deceptive Practices in the Marketplace

Comments to the Federal Trade Commission on Remedying Unfair and Deceptive Practices in the Marketplace

The Holder Rule is one of the most important actions the Commission has ever taken in preventing and remedying unfair and deceptive practices in the marketplace. When a seller of a good or service originates or helps arrange credit, the Rule allows consumers to raise the seller’s misconduct as a basis for bringing claims or defenses against the entity holding...
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Comment Letter
Consumer Finance
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