Press Releases
May 8, 2015
On Monday, May 11, 2015, Mitria Wilson, CRL vice president for government affairs, joined a congressional forum examining how mainstream financial service providers were not fully meeting the needs of many in the middle class – and many who aspire to it – for basic banking services like check cashing services and small dollar loans. The panel explored how this market is often filled by "alternative" financial service providers that sometimes employ predatory practices to trap consumers in a cycle of high fees and debt. Mitria and other panelists discussed steps to protect...
April 8, 2015
According to a new poll conducted by Public Opinion Strategies and released today by the Center for Responsible Lending (CRL), North Carolina voters overwhelmingly disapprove of predatory lending and a bill that would legalize some of the worst lending abuses. The poll shows that 93% of registered North Carolina voters oppose pending legislation, that would allow finance companies to charge over 60% APR. The bill, SB 681, was introduced last month by State Senator Rick Gunn.
Download the polling memo. (PDF)
Download the full poll results. (PDF)
"It's tough to get 93% of people to...
February 10, 2015
Update: On February 12, 2015, CRL president Mike Calhoun delivered testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs; the hearing was entitled "Regulatory Relief for Community Banks and Credit Unions." (Includes video of the full hearing)
In his testimony, Calhoun underlined that responsible regulations and regulatory oversight are critical to the success of small lenders. Download a transcript of his entire testimony. (PDF)
He also pointed out:
Community banks and credit unions are different from their larger, national and international lending...
January 20, 2015
In response to the President's speech tonight, the Center for Responsible Lending (CRL) has experts available to comment on areas mentioned in the State of the Union address including, mortgage access, student lending and the importance of new rules to rein in reckless practices in the financial sector.
Strong Financial and Consumer Protections
"With the President's promise to veto legislation that would roll back the progress made by Wall Street reform and the Consumer Financial Protection Bureau, Americans can feel secure that they are protected from the predatory lending schemes that...
October 28, 2013
Starting today, U.S. consumers sending money abroad will have more information on the fees and other terms of their remittance transfers, along with added protections against unfair or deceptive practices. These changes come as a result of rules published by the Consumer Financial Protection Bureau (CFPB).
The World Bank projects that the global remittance market will top $700 billion by 2016. The U.S. has more immigrants than anywhere else in the world, and fees on outbound remittances here total more than $2 billion each year, according to Javelin Research and Strategy.
The new...