Press Releases
September 10, 2019
CFPB finalizes policy that gives companies a private channel to seek approvals of untested new products and a promise that the CFPB will not take action for consumer protection law violations
WASHINGTON D.C. — Consumer advocates criticized today’s announcement by the Consumer Financial Protection Bureau that it has finalized policies to give banks, fintech companies, and other corporations no-action letters and approvals that will protect companies from enforcement and deem potentially risky new products and services to be in compliance with the law.
“The new ‘compliance assurance...
August 12, 2019
WASHINGTON, D.C. – Today, the Department of Homeland Security (DHS) released new rules that drastically expand the criteria that determines whether an immigrant is likely to become a “public charge” and therefore be denied a green card or legal status in the United States. Among the new policy’s provisions, DHS is now requiring immigrants to provide their credit score and credit report.
Center for Responsible Lending and Self-Help Co-founder and CEO Martin Eakes released the following statement on behalf of Self-Help Federal Credit Union, Self-Help Credit Union, and the Center for the...
July 22, 2019
WASHINGTON, D.C. – Today, two years after the massive Equifax data breach, the credit monitoring agency has agreed to a settlement of up to $700 million. The agreement includes at least $400 million in consumer relief, $175 million to states, and $100 million to the Consumer Financial Protection Bureau in civil penalties.
CRL Director of State Policy and Executive Vice President Diane Standaert released the following statement:
The consequences of this data breach will be lasting, and it only underscores the need for rigorous oversight and reform over credit monitoring agencies....
January 23, 2019
Center For Responsible Lending Calls for Answers on CFPB Settlement That Seems To Let Predatory Lender Off the Hook
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), which is led by Director Kathy Kraninger, announced a settlement with Mark Corbett, who sold veterans deceptive, high-interest loans. While under the settlement Mark Corbett will not continue in this line of business, he also received a civil money penalty of a single dollar. This settlement arrives a few days after Director Kraninger announced that the CFPB will not monitor lenders to verify...
December 6, 2018
WASHINGTON, D.C. – Today, upon the Senate voting on party lines to confirm Kathy Kraninger for Director of the Consumer Financial Protection Bureau (CFPB), Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement:
Mulvaney’s tenure at the CFPB wasn’t public service—it was service to predatory lenders. The Administration’s pattern of nominating unqualified, political candidates to important independent agencies, like the CFPB, is dangerous, misguided, and will cause irreparable harm to families across the country. Kathy Kraninger’s inexperience...
November 29, 2018
WASHINGTON, D.C. – The U.S. Senate is expected to soon hold a floor vote to advance the nomination of Kathy Kraninger, a current Office of Management and Budget (OMB) Associate Director, to be the next Director of the Consumer Financial Protection Bureau (CFPB). OMB Director and payday lending ally Mick Mulvaney one year ago assumed the role of Acting Director of the CFPB where he launched a campaign of sabotage against the consumer bureau’s mission and work. President Trump nominated Kathy Kraninger this past July.
Center for Responsible Lending Senior Legislative Counsel Yana Miles...
November 27, 2018
November 27, 2018
By Yana Miles
A year ago today, the Trump Administration’s budget chief Mick Mulvaney took over as head of the Consumer Financial Protection Bureau (CFPB) and launched a campaign of sabotage against the agency’s mission and work. Mulvaney’s tenure provides ample reason for the Senate to reject Kathy Kraninger’s nomination for permanent Director of the CFPB. The Senate is expected to vote on her nomination as soon as tomorrow.
Ms. Kraninger currently works as an aide at the Office of Management and Budget, where Mick Mulvaney is the Director (in addition to...
November 19, 2018
WASHINGTON, D.C. – Today, the Center for Responsible Lending, Americans for Financial Reform, and other leading national labor, civil rights, consumer advocacy, fair housing, and legal services organizations responded in a joint comment to the Office of the Comptroller of the Currency’s (OCC) Advance Notice of Proposed Rulemaking (ANPR) on how the agency should update Community Reinvestment Act (CRA) procedures. The groups pressed the OCC that any changes to the CRA must strengthen -- not weaken -- banks’ obligation to meet the needs of low-income communities and communities of color and that...
November 6, 2018
WASHINGTON, D.C. – This evening, several news outlets are reporting that Congressional Democrats have gained control of the U.S. House of Representatives. Media wires are also showing that Republicans have kept their majority in the U.S. Senate.
Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement:
We look forward to working with this new Congress on issues that are of the utmost importance, including addressing the student loan debt crisis, ensuring a sustainable and inclusive housing finance system that serves all borrowers...
October 3, 2018
WASHINGTON, D.C. – A breaking news report from The New York Times exposes even more racially derogatory remarks from Eric Blankenstein, a Consumer Financial Protection Bureau (CFPB) political appointee handpicked by President Trump and CFPB head Mick Mulvaney to oversee supervision, enforcement, and fair lending. Mr. Blankenstein’s comments are dismissive of racism and show that he is unfit to oversee the agency’s policing of discrimination.
The Center for Responsible Lending’s Senior Legislative Counsel Yana Miles issued the following statement:
Mr. Blankenstein must be removed from...