Press Releases
March 9, 2023
CRL letter warns bills would “eliminate important safeguards for both consumers and the market”
WASHINGTON, D.C. – As the House Financial Services Committee’s Financial Institutions and Monetary Policy Subcommittee holds a hearing on various bills to weaken the Consumer Financial Protection Bureau (CFPB), the Center for Responsible Lending (CRL) is releasing its letter to the Subcommittee that states, in part:
We strongly believe many of the reforms being considered today will harm consumers and the financial markets. These misguided approaches will place every American taxpayer at risk...
February 27, 2023
WASHINGTON, D.C. – The Supreme Court just announced it will hear Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. The lawsuit, which was brought by a trade association for payday lenders, poses an existential threat to funding for the Consumer Financial Protection Bureau (CFPB) and, by extension, similarly funded agencies.
“This case imperils the stable functioning of our government and our economy – all so payday lenders can continue to bleed borrowers dry,” said Nadine Chabrier, senior policy and litigation counsel at the Center for...
February 15, 2023
WASHINGTON, D.C. – As soon as Friday, the Supreme Court could announce it will grant a writ of certiorari to review Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau, a lawsuit brought by the trade association for payday lenders that poses an existential threat to funding for the Consumer Financial Protection Bureau (CFPB) and, by extension, similarly funded agencies. The CFPB was established as a response to the 2008 Financial Crisis and the abuses it exposed.
“Prior to the creation of the Consumer Bureau, there were no meaningful checks...
December 16, 2022
WASHINGTON, D.C. – The Senate Banking Committee this week approved the nomination of Martin Gruenberg to be the permanent head of the Federal Deposit Insurance Corporation (FDIC), along with approving two other FDIC nominees.
Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
Martin Gruenberg is a well-qualified, experienced financial regulator with a strong track record of protecting depositors, taxpayers, and consumers. We urge the full Senate to swiftly confirm Mr. Gruenberg, along with vice chair nominee Travis Hill and board of...
December 2, 2022
Americans strongly support rules to protect consumers from unfair financial practices, such as discrimination, excessive fees, and abusive lending and debt collection
WASHINGTON, D.C. – A new poll released today shows voters across the political spectrum overwhelmingly back the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation generally and a variety of new, specific consumer protections. The findings are released as the Supreme Court is poised to consider a lawsuit from payday lenders that could invalidate the CFPB’s funding mechanism, which would undermine...
November 15, 2022
WASHINGTON, D.C. – Following the White House’s announcement that it would nominate Martin Gruenberg to serve as Chair of the Federal Deposit Insurance Corporation (FDIC), Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
We applaud President Biden’s nomination of Marty Gruenberg for FDIC Chair. Marty is an experienced leader with a strong track record of protecting depositors, taxpayers, and consumers.
The U.S. Senate should confirm his nomination without delay. We look forward to continued work with Marty toward a fair, inclusive...
October 20, 2022
WASHINGTON, D.C. – After a panel of judges on the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure was unconstitutional, Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
The court’s misguided opinion would stop the Consumer Financial Protection Bureau from providing critical protections for American families.
This ruling would undermine the consumer bureau’s effectiveness as an independent watchdog. It would let payday lenders continue to offer financial...
July 13, 2022
WASHINGTON, D.C. – The Senate today approved the nomination of Michael Barr to serve as Vice Chair for Supervision at the Federal Reserve.
Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
More than ever, we need knowledgeable financial regulators at the helm of our country. Michael Barr is a well-qualified choice for Vice Chair for Supervision at the Federal Reserve. Mr. Barr has a record of standing up for regulations – like the Community Reinvestment Act and overdraft protections – that promote financial fairness for all Americans...
June 9, 2022
WASHINGTON, D.C. – The Senate yesterday approved the nomination of Todd Harper to serve a full term as chairman of the board of the National Credit Union Administration (NCUA).
Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
CRL congratulates Todd Harper on his Senate confirmation to a full term as chairman of the NCUA board.
Mr. Harper’s extensive experience with legislative oversight and strong relationships with other financial regulators will ensure that the nation’s credit unions continue to promote competition, financial...
May 25, 2022
WASHINGTON, DC – The Senate today voted to confirm Sandra Thompson’s nomination to a full five-year term as Director of the Federal Housing Finance Agency (FHFA) – the federal regulator that oversees Fannie Mae and Freddie Mac. Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
CRL applauds the Senate for confirming Sandra Thompson to a full term as director of FHFA.
Ms. Thompson has provided strong leadership as FHFA Acting Director, and is committed to seeing that Fannie Mae, Freddie Mac and the Federal Home Loan Banks act to advance...