CRL in the News
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.
Americans for Financial Reform and the Center for Responsible Lending will release survey results Tuesday showing that an overwhelming majority of Americans — at least 80% — are concerned about the Trump administration’s recent efforts to curb oversight of banks and payday lenders, and the possible shutdown of a database of consumer complaints.
Per release out this a.m.: “A new survey, released today by Americans for Financial Reform and the Center for Responsible Lending, found voters oppose actions taken by the agency’s new leadership to undermine its mission.
“Strong majorities across parties disagree with [Acting CFPB Director Mick] Mulvaney’s actions on lending discrimination, payday lending, and consumer complaints -- and they believe lax enforcement of the rules affects them personally."