CRL in the News
Whether more lending options for consumers is a good thing depends on the quality of those products, says Rebecca Borne, senior policy counsel at the Center for Responsible Lending.
“It’s been such a cash cow for banks. They’re deeply committed to their overdraft revenue,” said Rebecca Borne of the Center for Responsible Lending, who also contributed to the bill.
For too long, for-profit colleges have failed to serve the educational purpose for which they were intended. The combination of high-costs and low graduation rates by these bad actors have resulted in unfair burdens for student borrowers and taxpayers. This bill improves accountability for all higher education institutions and creates a sensible path to fix our broken student loan repayment system.
“Before Mick Mulvaney’s tenure at the agency, the CFPB was a champion for working families – giving back billions of dollars in relief to consumers who were cheated by financial companies,” noted Mike Calhoun, CRL president.
In 2013, the state created a small-dollar loan program to regulate loans between $300 and $2,500. The state caps interest on those loans between 20 and 30 percent, but any loan above $2,500 is the “real Wild, Wild West,” said Graciela Aponte-Diaz, California policy director at the Center for Responsible Lending, a nonprofit focused on consumer lending.
There are 13 such stores in Springfield and Urbana, many clustered on East Main and South Limestone streets. Ohio in all has more than 830 storefronts that offer payday or car title loans, most of which offer both forms of loans, according to a report by the Center for Responsible Lending.
"Payday loans are dangerous and unaffordable for everyone, but borrowers who are just starting out or who are struggling financially — they're the most vulnerable," Lisa Stifler, deputy director of state policy for the Center for Responsible Lending, tells CNBC Make It.
"The poll makes clear that consumers want the CFPB to protect them from abusive predatory lenders, and they want the agency’s work to continue without interference,” said Mike Calhoun, president of CRL. “For too long payday lenders have drowned Americans in unaffordable, crippling debt that often leads to damaged credit, inability to pay for daily expenses, and even bankruptcy. Before Mick Mulvaney’s tenure at the agency, the CFPB was a champion for working families—giving back billions of dollars in relief to consumers who were cheated by financial companies.
“There’s a huge amount of public support for the rule and no congressional action or appetite for repealing the rule,” said Scott Astrada, director of federal advocacy for the Center for Responsible Lending.
A coalition of financial sector watchdog groups and advocates for stronger consumer protection laws also condemned the OCC's announcement, including the Center for Responsible Lending, Americans for Financial Reform, National Consumer Law Center and Consumer Federation of America.