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Press Releases

February 16, 2017
Proposals Attacking CFPB Would Eviscerate Essential Consumer Protections This week, a group of Republican Senators, led by U.S. Senator David Perdue (R-GA), introduced a bill to make the Consumer Financial Protection Bureau's (CFPB) budget come from Congress, instead of allowing the CFPB to receive independent funding as intended when Congress approved its creation in 2010. Additionally, U.S. Senator Ted Cruz (R-TX) and U.S. Representative John Ratcliffe (R-TX) have introduced legislation this week to completely eliminate the CFPB—an agency that has provided 29 million people who...
February 10, 2017
The United States Senate confirmed Jeff Sessions as Attorney General by a partisan vote of 52-47 this week. On Tuesday evening, Senate Republicans used a procedural maneuver to prevent Senator Elizabeth Warren from reading from the floor of the chamber a 1986 letter from Mrs. Coretta Scott King, who opposed Sessions in his bid for a federal judgeship. Mrs. King had written, “Anyone who has used the power of his office as United States Attorney to intimidate and chill the free exercise of the ballot by citizens should not be elevated to our courts.” Nikitra Bailey, an Executive Vice...
February 3, 2017
This afternoon, President Donald Trump is expected to issue an executive order “directing the Treasury secretary and financial regulators to come up with a plan to revise rules the Dodd-Frank law put in place.” Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement: If this Administration has not learned from the mistakes that caused the 2008 economic crisis, they are doomed to repeat them. Lest we forget, lax regulation allowed Wall Street to back extremely reckless loans whose failure snowballed into a financial crisis and...
February 3, 2017
Today, Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL) released statements following the suggestion of the National Economic Council Director that the Consumer Financial Protection Bureau’s Director Richard Cordray would be replaced. These developments threaten to leave consumers prone to the types of abusive financial practices that were rampant in the run-up to the Great Recession. Director Cordray was confirmed to a five-year term with the bipartisan support of 66 Senators in 2013. His term ends in July 2018. AFR and the CRL made the following...
January 31, 2017
Today, U.S. Senators Deb Fischer (R-Neb.), John Barrasso (R-Wyo.), Ron Johnson (R-Wis.), and Jeff Flake (R-Ariz.) introduced a bill to severely weaken the Consumer Financial Protection Bureau (CFPB) by dismantling the structure of its leadership. The bill, Consumer Financial Protection Board Act, would turn the CFPB’s leadership into a five member commission where it would be vulnerable to partisan gridlock and halt the progress of making consumer protection a top priority. Center for Responsible Lending (CRL) Policy Counsel Yana Miles released the following statement: This bill...
January 26, 2017
National Consumer Advocacy Groups File Motion to Intervene with DC Circuit and Maintain CFPB's Constitutional Authority to Protect Americans from Wall Street Greed Today in a joint effort, advocate groups including Americans for Financial Reform (AFR), Center for Responsible Lending (CRL), Self-Help Credit Union (SHCU), The Leadership Conference on Civil and Human Rights, U.S. Public Interest Research Group (U.S. PIRG), and Maeve Elise Brown, the Executive Director of Housing and Economic Rights Advocates and Chair of the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board...
January 17, 2017
Innovation Should Not Come at the Expense of Consumer Protection The Center for Responsible Lending (CRL), The Leadership Conference on Civil and Human Rights, and the NAACP have sent a letter to Comptroller of the Currency Thomas J. Curry urging him not to offer national charters to financial technology firms, which could severely undermine state oversight and state laws that protect consumers and small business owners from abusive financial products and practices. "We understand that the OCC seeks to expand financial inclusion and lead innovation through issuing non-bank...
January 13, 2017
The Center for Responsible Lending (CRL) lauded congressional leaders from the U.S. House of Representatives and U.S. Senate for calling on President-elect Donald Trump to reject attempts to weaken the Consumer Financial Protection Bureau (CFPB) by removing CFPB Director Richard Cordray. Democrats from the House Financial Services Committee, led by Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Committee on Financial Services, and U.S. Senator Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, underscored to the president-...
January 13, 2017
Advocates underscore real threat to state law protections against predatory lenders "The OCC's charter proposal enables companies to avoid state licensing regimes and oversight by state regulators and attorneys general." More than 250 groups sent a letter today to Comptroller of the Currency Thomas J. Curry urging him not to grant national charters to financial technology firms, which could preempt state oversight and state consumer protection laws that protect consumers and small businesses from abusive financial practices.  The letter by state advocates, affordable housing...
December 2, 2016
Innovation Should Not Come at the Expense of Consumer Protection, Evade State Anti-Predatory Lending Laws Today, the Office of the Comptroller of the Currency (OCC) announced its intention to offer national charters to financial technology firms, which could severely undermine state oversight and state consumer protection laws that protect consumers and small business owners from abusive financial products and practices. The OCC is accepting comments on its framework until January 15, 2017. Before the OCC’s announcement, 49 organizations sent a letter to the Comptroller expressing "...

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