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Press Releases

November 6, 2018
Campaign led by representatives of highly impacted communities garnered support from over 50 veterans’ groups, faith groups, lawmakers of both political parties, and both urban and rural communities OAKLAND, C.A.– Coloradans have come together to stop predatory payday lending by passing a 36% cap on annual interest rates for payday loans. Today’s results make Colorado the fifth state to affirm an interest rate cap by ballot and the sixteenth state (plus the District of Columbia) to protect against predatory payday lending through reasonable usury limits. In a campaign led by...
November 6, 2018
WASHINGTON, D.C. – This evening, several news outlets are reporting that Congressional Democrats have gained control of the U.S. House of Representatives. Media wires are also showing that Republicans have kept their majority in the U.S. Senate. Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement: We look forward to working with this new Congress on issues that are of the utmost importance, including addressing the student loan debt crisis, ensuring a sustainable and inclusive housing finance system that serves all borrowers...
November 1, 2018
Film shows sky did not fall when payday lenders stopped charging 574% interest South Dakota – A new 30-minute documentary released today by the Center for Responsible Lending (CRL), in cooperation with South Dakotans for Responsible Lending, follows the movement to cap the state’s payday, car title, and installment loan interest rates, which previously soared up to 574%. The film captures the relentless spirit of the broad coalition of South Dakotans that took on the firmly entrenched and well-financed predatory lending industry – and won. A resounding 76 percent of voters passed Initiated...
October 26, 2018
WASHINGTON, D.C. –Today, Mick Mulvaney announced that the Consumer Financial Protection Bureau (CFPB) plans to move forward with gutting the agency’s rule to stop abusive payday lending and car-title loan debt traps. The announcement calls for the CFPB to reconsider both the rule's compliance date, as well as its core ability-to-repay provisions. A new proposal is expected in January 2019. The payday lending rule, finalized last year under then-CFPB Director Richard Cordray, establishes basic consumer protections on these 300% or more interest loans, including the common-sense standard...
October 16, 2018
DURHAM, N.C. – A new Center for Responsible Lending (CRL) policy analysis calls for the State of New Jersey to protect student borrowers from abusive practices in the face of weakening federal protections. New Jersey, which ranked sixth in the nation for the level of debt carried by 2017 graduates, can take concrete steps to protect their citizens from the worst impacts of a student loan crisis that is rocking the nation. CRL is releasing the report as part of the New Jersey Citizen Education Fund’s 9th Annual Financial Reform Summit being held today in Newark....
October 5, 2018
Payday Loan Sharks are Allied with New Leadership at the CFPB in Trying to Stop Consumer Safeguards WASHINGTON, D.C. – Today marks the one-year anniversary of the Consumer Financial Protection Bureau (CFPB) finalizing its rule to stop payday and car-title debt traps. It is the first-ever federal rule of its kind and came after more than five and a half years of development, as shown in this interactive timeline. At the heart of the rule is the common sense and widely-supported principle that lenders check a borrower’s ability to repay before issuing a loan. The Center for Responsible...
October 3, 2018
WASHINGTON, D.C. – A breaking news report from The New York Times exposes even more racially derogatory remarks from Eric Blankenstein, a Consumer Financial Protection Bureau (CFPB) political appointee handpicked by President Trump and CFPB head Mick Mulvaney to oversee supervision, enforcement, and fair lending. Mr. Blankenstein’s comments are dismissive of racism and show that he is unfit to oversee the agency’s policing of discrimination. The Center for Responsible Lending’s Senior Legislative Counsel Yana Miles issued the following statement: Mr. Blankenstein must be removed from...
October 3, 2018
WASHINGTON, D.C. – The U.S. Department of Education publicly announced that it would miss a November 1 deadline to issue new rules to replace Obama-administration rules known as Borrower Defense to Repayment and Gainful Employment. Under Secretary DeVos, the Department had sought to delay, suspend, and rewrite the rules designed to protect students and hold career and technical colleges accountable. The Center for Responsible Lending (CRL) and other students and advocates were deeply concerned about the Department’s new proposals, which significantly weakened oversight and recourse for...
October 2, 2018
WASHINGTON, D.C. – Today Congresswoman Maxine Waters (D-Calif.), the Ranking Member of the House Committee on Financial Services introduced a bill to reverse the Trump Administration’s anti-consumer agenda. The Consumers First Act, (H.R. 6972) proposes legislative remedies to restore to the Consumer Financial Protection Bureau (CFPB): Full supervisory and enforcement powers in the Bureau’s fair lending office; Prior interagency agreements that promote effective coordination among governmental offices; Adequate CFPB staffing in its enforcement and supervisory positions to effectively...
September 28, 2018
Center for Responsible Lending warns policymakers against giving companies a “Get Out of Jail Free” card WASHINGTON, D.C. – Today at approximately 9 a.m. ET, the Center for Responsible Lending’s (CRL) Director of Federal Advocacy, Scott Astrada, will testify before the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee for a hearing entitled: Examining Opportunities for Financial Markets in the Digital Era. In the hearing, the committee and its witnesses will discuss a recent U.S. Department of Treasury report on financial technology (fintech),...

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