Press Releases
November 24, 2017
WASHINGTON, D.C. – Tonight, President Trump unlawfully attempted to name Mick Mulvaney to serve as Acting Director of the Consumer Financial Protection Bureau (CFPB). Mulvaney currently serves as Director of the Office of Management and Budget.
Center for Responsible Lending President Mike Calhoun issued the following statement:
The President must follow his authority written in the in Dodd-Frank law and nominate a candidate who can be confirmed by the U.S. Senate to serve as the director of the CFPB. Until that plan is followed, Leandra English is the rightful Acting Director of the...
November 24, 2017
WASHINGTON, D.C. – Center for Responsible Lending (CRL) President Mike Calhoun released the following statement today after Richard Cordray tenured his resignation as Director of the Consumer Financial Protection Bureau (CFPB):
We commend Richard Cordray’s years of public service and commitment to protect Americans from financial predators. As the CFPB’s first director, he brought accountability and transparency to consumer finance, and helped clean up Wall Street's mess after the 2008 financial crisis. The Bureau and its staff are strong because of Richard’s leadership--cracking down on...
November 21, 2017
WASHINGTON, D.C. – The Senate Committee on Appropriations released a Financial Services and General Government Appropriations bill that would make an enormous policy change: it would eliminate the independent funding stream for the Consumer Financial Protection Bureau (CFPB). Congress should pass policy changes in the light of day, not as a toxic rider attached to a budget.
Center for Responsible Lending (CRL) Director of Federal Advocacy Scott Astrada released the following statement:
Financial predators are hoping to hitch a ride on a budget bill. Their rider would severely weaken...
November 15, 2017
WASHINGTON, D.C. – Center for Responsible Lending President Mike Calhoun released the following statement today on Richard Cordray’s decision to step down as Director of the Consumer Financial Protection Bureau (CFPB) later this month:
Director Richard Cordray has proven to be a tireless and effective public servant. Under his watch, the CFPB has cracked down on the tricks and traps of payday lenders, credit cards companies, debt collectors, and bad actors in the industry from taking advantage of distressed Americans.
Through his effort, Director Cordray has worked to recover more...
November 1, 2017
Washington, D.C. – Today, President Trump signed into law a bill, H.J. Res. 111, that takes away Americans’ right to have their day in court when they are defrauded by banks, credit card companies, payday lenders, student loan servicers, and other financial companies. It does so by rescinding a rule, issued by the independent Consumer Financial Protection Bureau, which would have restored the right of similarly harmed consumers to band together to challenge financial institutions in court.
Center for Responsible Lending (CRL) Senior Policy Counsel Melissa Stegman released the following...
October 24, 2017
Rescinding CFPB arbitration rule denies Americans the freedom to seek justice through our court system.
WASHINGTON, D.C. – This evening, the U.S. Senate passed a bill that would repeal the independent Consumer Financial Protection Bureau’s (CFPB) rule on forced arbitration. The CFPB rule prohibits consumer contracts from denying Americans the right to band together in a lawsuit against a company for misconduct. The measure passed only with the Vice President’s tie-breaking vote and only under the special fast-track procedure known as the Congressional Review Act (CRA). If the President...
September 26, 2017
News Report Indicates Senate Might Vote Imminently to Take Away Consumers’ Right to Sue Financial Companies for Wrongdoing
WASHINGTON, D.C. – As reported by Politico, the “Senate GOP leadership is considering holding a vote later this week on legislation that would block a CFPB [Consumer Financial Protection Bureau] rule prohibiting banks and credit card companies from forcing their customers into arbitration during disputes, sources familiar with the matter said."
Center for Responsible Lending (CRL) Senior Policy Counsel Melissa Stegman issued the following statement:
Equifax,...
September 11, 2017
S. 1642 & H.R. 3299 enable out-of-state lenders to use "rent-a-bank" scheme to preempt state interest rate caps
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL), the National Consumer Law Center (NCLC), and more than 150 national and state organizations sent a letter urging Members of Congress to reject S. 1642 and H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, (PDF) a bill that poses serious risks of enabling a vast expansion of predatory lending across the country. Specifically, the legislation makes it easier for payday lenders and other...
September 8, 2017
Urges Congress to Immediately Pass the Dream Act
WASHINGTON, D.C. - The Center for Responsible Lending (CRL) is appalled at the Trump administration's decision to end the Deferred Action for Childhood Arrivals (DACA) program in six months. With this action, the administration manufactures an unnecessary humanitarian and economic crisis for immigrant youth, their families, and the communities where they live. CRL joined 185 civil and human rights groups in sending a letter to Congress to urge lawmakers "to immediately pass the Dream Act without amendment so that young people who were...
August 29, 2017
Fed Chair Yellen, Vice Chair Fischer, FDIC Chair Gruenberg, and European Center Bank President Draghi Defend Safeguards Enacted After Financial Crisis
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) highlighted that central bank leaders and the Chair of the FDIC have recently sounded the alarm over proposals to eliminate regulatory safeguards established after the financial crisis and refuted the claim that these protections have been a significant drag on economic growth and lending. The House of Representatives has already passed legislation that would roll back the...