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Press Releases

June 29, 2017
WASHINGTON, D.C. - Today, Center for Responsible Lending (CRL) President Mike Calhoun testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for a hearing entitled, “Principles of Housing Finance Reform.” In his testimony, Calhoun argued that any proposed legislation to reform the U.S. housing system must ensure broad access for all creditworthy borrowers and permit equal participation for small lenders and community banks. Calhoun also cautioned that reform has already occurred with the Housing and Economic Recovery Act of 2008, and through the new independent...
June 21, 2017
Measure Would Strengthen Enforcement of Consumer Protection Laws for Military Servicemembers and their Families WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) announced its endorsement of the Military Consumer Enforcement Act, a bill introduced today by former Army Ranger Senator Jack Reed (D-R.I.) and by Senator Sherrod Brown (D-Ohio), Ranking Members of the Armed Services and the Banking, Housing, and Urban Affairs committees respectively. The legislation would give the Consumer Financial Protection Bureau (CFPB) authority to oversee and enforce compliance with...
June 20, 2017
"Instead of criticizing the Consumer Bureau, the Committee should be working to ensure CFPB remains a strong agency to stop abusive financial practices." WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) sent a letter to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Ranking Member Maxine Waters (D-Calif.) rebutting the committee's majority staff report criticizing the Consumer Financial Protection Bureau's (CFPB) role in investigating Wells Fargo's fraudulent account scheme. "The evidence, as publicly available prior to the issuance of the...
June 12, 2017
WASHINGTON, D.C. – Yana Miles, a Senior Legislative Counsel at the Center for Responsible Lending (CRL), released the following statement today after the U.S. Department of the Treasury released its review of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a bill signed into law in 2010 that reformed our financial system to prevent abusive financial practices and avoid another Great Recession: The Treasury Department’s report offers no real solutions to make consumer protection a top priority. It recommends politicizing and weakening the Consumer Financial...
June 8, 2017
Wrong Choice Act eviscerates consumer protections and eliminates safeguards to prevent another Great Recession WASHINGTON, D.C. – Later today, the U.S. House of Representatives is expected to pass H.R. 10, the so-called Financial Choice Act, an extreme measure that would roll back Dodd-Frank. This radical bill, dubbed the Wrong Choice Act, would expose American families to risky financial practices that were the primary culprits of the 2007 financial crisis and the ensuing Great Recession. The legislation severely obstructs the work of the Consumer Financial Protection Bureau (CFPB), an...
May 24, 2017
WASHINGTON – Consumer and civil rights groups released the following statements today following oral arguments in the U.S. Court of Appeals for the D.C. Circuit in PHH Corporation vs. CFPB. The hearing is a result of the Court’s decision to grant the Consumer Financial Protection Bureau’s (CFPB) petition for the full court to hear the case following a panel’s erroneous 2-1 ruling (PDF) that the President may remove the CFPB Director without cause. The panel’s decision last year undermines the agency’s independence to regulate the financial services industry and protect consumers from bad...
May 24, 2017
President's Proposal would Eliminate Consumer Watchdog and Drive Americans Deeper into Debt WASHINGTON, DC -- Alongside a parade of horribles in the White House budget, the proposal's attempt to completely defund the Consumer Financial Protection Bureau stands out. The Consumer Bureau has returned approximately $12 billion to the pockets of Americans who had money illegally taken from them by the predatory actions of financial companies, including Wells Fargo, payday lenders, and debt collectors. Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles released the...
May 16, 2017
Using the CRA, Congress and White House have Erased Fourteen Regulatory Protections This Year WASHINGTON, D.C. - Today, the Center for Responsible Lending (CRL) commended Senator Cory Booker (D-NJ), Senator Tom Udall (D-NM), Congressman David Cicilline (D-RI), and Congressman John Conyers (D-MI) for introducing the Sunset the CRA and Restore American Protections (SCRAP) Act, a bill to repeal the Congressional Review Act (CRA). The CRA is a fast-track legislative tool that Congress can use to quickly eliminate the previous presidential administration's regulations, which were years or...
May 4, 2017
WASHINGTON, D.C. – Today, the House Financial Services Committee passed along straight party lines the "Wrong CHOICE Act," an extreme bill that would shred essential consumer protections enacted in the wake of the financial crisis through the Dodd-Frank Wall Street Reform and Consumer Protection Act. Separately, the American Bankers Association recently wrote a letter asking President Trump’s Administration to essentially eliminate protections against predatory small dollar loans, including the popular CARD Act, which has saved consumers billions of dollars. Both initiatives call for nixing...
April 26, 2017
Hearing held today on legislation that would shred consumer protections enacted in wake of the financial crisis WASHINGTON, DC – Today at 10 AM, the House Financial Services Committee will hold a hearing on an updated and even more extreme version of the so-called Financial CHOICE Act. This radical bill would expose American families to risky financial practices that contributed to the Great Recession of 2008. For example, the legislation would severely obstruct the work of the Consumer Financial Protection Bureau (CFPB), an agency that has returned nearly $12 billion to 29 million...

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