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Press Releases

April 3, 2018
AB 2500 Received Seven Votes Out of Committee With No Opposition SACRAMENTO, CALIF. - The California Assembly Committee on Banking and Finance has voted to pass AB 2500, the Safe Consumer Lending Act. The bill, brought forward by Assemblymember Ash Kalra’s (D-San Jose), and principal co-authors Senator Holly J. Mitchell (D-Los Angeles) and Senator Steven Bradford (D-Los Angeles), would protect California families from abusive high-cost installment loans, including those made by car title lenders. The legislation would drastically reduce the costs of consumer loans between $2,500 to $5,000...
March 29, 2018
Bill to stop predatory lending is set for committee vote on Monday, April 2. OAKLAND, CALIF. – The Center for Responsible Lending (CRL), African American Methodist Episcopal Church - 5th Episcopal District, Asian Law Alliance, Coalition for Humane and Immigrant Rights (CHIRLA), UnidosUS, and Western Center on Poverty, with support from 99 California consumer, faith, and civil rights organizations, and cities throughout the state are urging the Assembly Committee on Banking and Finance, to support AB 2500, the Safe Consumer Lending Act. The bill would protect California families from...
March 23, 2018
Trump’s Pick at Consumer Bureau Will Not Pursue Abusive Payday Loan Debt Collector, Might Do Same for Three Other Payday Lending Companies WASHINGTON, D.C. – Today, Reuters published a report, "Exclusive: Trump official quietly drops payday loan case, mulls others – sources," that provides additional evidence that Trump's unlawfully appointed Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney is giving predatory payday lenders a free pass. Specifically, National Credit Adjusters, a debt collector for payday loan companies, confirmed that a pending case against the...
March 23, 2018
WASHINGTON, D.C. – U.S. Senator Lindsey Graham (R-S.C.) has introduced a Congressional Review Act (CRA) resolution, S.J. Res. 56, which would repeal the Consumer Financial Protection Bureau (CFPB) rule to stop payday and car title loan debt traps and prevent the CFPB from ever issuing a similar rule. The CFPB rule, finalized in October, established basic consumer protections, including the commonsense standard that lenders should have to verify a borrower’s ability to repay before making the loan. Center for Responsible Lending Federal Advocacy Director Scott Astrada issued the following...
February 21, 2018
Payday lenders strip $50 million per year from Colorado economy DENVER, CO – The Center for Responsible Lending (CRL) released a report today showing that payday lenders charge Coloradans an average of $119 in fees and interest to borrow $392, with an average annual percentage rate (APR) of 129%. This practice strips $50 million per year from low-income Coloradans. The report analyzed data published by the Colorado Attorney General’s office. Also today, a proposed initiative for the November ballot that would cap payday lending rates at 36% comes before the Colorado Initiatives and...
February 15, 2018
Assemblymember Kalra's AB 2500 provides pragmatic solution to curb abusive high-cost loans SACRAMENTO, CALIF. - Today, the Center for Responsible Lending (CRL) and city leaders from across the state applauded California Assemblymember Ash Kalra’s (D-San Jose) introduction of AB 2500, the Safe Consumer Lending Act, a bill to protect California families from abusive high-cost installment loans. The legislation would extend California’s current interest rate cap for consumer loans between $2,500 to $10,000. Kalra announced the introduction of this bill at a press conference in Sacramento...
February 15, 2018
WASHINGTON, D.C. – Last night, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite opposition from consumer advocates. Several Members of Congress took to the floor to voice their firm opposition of this legislation and urged its sponsors to address predatory loopholes that exist in the bill. H.R. 3299 is sponsored by U.S. Reps. Patrick McHenry (R-N.C.) and Greg Meeks (D-N.Y.). The bill will now go to the...
February 14, 2018
WASHINGTON, D.C. – Today, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite not having support from consumer advocates. Several Members of Congress took to the floor to voice their firm opposition of this legislation and urged its sponsors to address predatory loopholes that exist in the bill. H.R. 3299 is sponsored by U.S. Reps. Patrick McHenry (R-N.C.) and Greg Meeks (D-N.Y.). The bill will now go to...
February 13, 2018
WASHINGTON, D.C. – Today, U.S. Senator Jeff Merkley (D-Oregon) and U.S. Reps. Suzanne Bonamici (D-Mich.) and Elijah E. Cummings (D-Md.) introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, a bill to crack down on some of the worst abusive practices of the payday lending industry, which strips wealth from working families across the country. The bill, which underscores the importance of state usury limits in controlling predatory lending, is cosponsored by various members of the House and Senate. "Payday lenders will go to great lengths to trap struggling families in an...
January 16, 2018
WASHINGTON, DC – Today, OMB Director Mick Mulvaney, who was unlawfully appointed to also be Acting Director of the Consumer Financial Protection Bureau (CFPB), announced that the CFPB would reopen its rule on payday and car-title loans. This is Mulvaney’s first formal step toward trying to eliminate planned CFPB protections against the payday loan debt trap. Rebecca Borné, Senior Policy Counsel at the Center for Responsible Lending (CRL) issued the following statement: The human devastation caused by payday loans, which average nearly 400 percent APR, has been extensively documented....

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