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Press Releases

May 22, 2018
Meanwhile, FDIC today announced that bank profits this quarter were the highest on record WASHINGTON, D.C. – Just now, the U.S. House of Representatives voted in favor of S. 2155, a partial rollback of the Dodd-Frank financial reform law, which, since it has already passed the Senate, sends the bill to the President for his signature. The White House has issued a Statement of Administrative Policy in support of the bill. Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles issued the following statement: This bill puts out a welcome mat for many of the same...
May 22, 2018
LOS ANGELES, CALIF. – On Thursday, May 24, 2018, the Stop the Debt Trap Los Angeles, a coalition of consumer and civil rights advocates and faith leaders, will host a press conference in Los Angeles to rally behind the County’s anticipated release of a report that aims to curtail predatory lending. The advocates will also urge Los Angeles Assemblymembers to support AB 2500, the Safe Consumer Lending Act, a bill to put in place a 36% interest rate cap for consumer loans of $2,500 to $5,000, which would help families in Los Angeles from falling into an abusive debt trap. The County Board of...
May 17, 2018
WASHINGTON, D.C. - Congressional Review Act (CRA) resolutions—S.J. Res 56 and H.J. Res 122—to repeal the Consumer Financial Protection Bureau’s (CFPB or consumer bureau) payday and car title lending rule will not advance in Congress, as their legislative clock has expired. The CFPB rule, finalized in October, establishes basic consumer protections on these 300% or more interest loans, including the common sense standard that lenders should have to verify a borrower’s ability to repay before making the loan. Consumer and civil rights advocates are urging the consumer bureau to keep intact the...
May 16, 2018
Overdraft fees cost consumers $14 billion a year WASHINGTON, D.C. – Mick Mulvaney, who is unlawfully leading the Consumer Financial Protection Bureau (CFPB or the consumer bureau), recently announced that the agency will halt its rulemaking plan to address bank overdraft fee abuses. The announcement was made along with the agency’s updated spring agenda, which dropped an overdraft fee rule from the list of upcoming actions. Since February 2012, under the previous CFPB Director, the consumer bureau has studied abusive overdraft fee practices and the results have been clear: overdraft...
May 10, 2018
WASHINGTON, D.C. – This morning, education and consumer advocates convened outside the Consumer Financial Protection Bureau (CFPB) to condemn the announced plan by Mick Mulvaney of the Trump Administration to dissolve the CFPB’s Office for Students and Young Consumers. Watch video of the press conference that included representatives from twelve states, DC, and the US Virgin Islands. "Mulvaney is shutting the Office for Students in the middle of a student debt crisis. It's like sending the fire trucks home in the middle of a three-alarm fire," said Alexis Goldstein, Senior Policy...
May 10, 2018
SB 818 would renew mortgage and foreclosure safeguards, such as the right to appeal when a loan modification application is denied. SACRAMENTO, CALIF. – Today, the California Senate passed SB 818, a bill to restore key provisions in California’s landmark “Homeowner’s Bill of Rights” (HBOR) legislation which passed in 2012 in response to the foreclosure crisis. HBOR has prevented thousands of avoidable foreclosures by requiring mortgage loan servicers to engage in timely, fair and transparent process with struggling homeowners before proceeding to foreclosure. The bill’s sponsor is Senator...
May 10, 2018
Savings Figures Could Flip to Fee Drain if Federal Threats to NC Consumer Protections Are Realized DURHAM, N.C. – A new Center for Responsible Lending (CRL) analysis breaks down the $457 million that North Carolinians save each year through an interest rate cap on predatory payday and car title loans, calculating the fees that residents of each county and Congressional district would lose without that protection. North Carolina enjoys strong protections against triple-digit interest loans that are designed to trap cash-strapped families in long-term debt. Payday loans were legal for...
May 9, 2018
WASHINGTON, D.C. – Mick Mulvaney, the unlawful Acting Director of the Consumer Financial Protection Bureau (CFPB), announced today that he is closing the Bureau’s Office of Students and folding it into the Office of Financial Education. The closure is the latest in a series of actions and proposals that threaten to undermine the consumer protections that have been put into place by the CFPB to address large-scale abuses within our financial system. Whitney Barkley-Denney, senior policy counsel with the Center for Responsible Lending, issued the following statement: The former director...
May 8, 2018
WASHINGTON, D.C. – Today, the U.S. House of Representatives voted to pass S.J. Res 57, a Congressional Review Act (CRA) resolution to undo the Consumer Financial Protection Bureau’s (CFPB) 2013 indirect auto lending guidance, which was put in place to limit the discriminatory impact of dealer interest rate markups in the auto lending market. This is a first-of-its-kind vote, abusing the streamlined procedures of the CRA to try to undo longstanding guidance issued more five years ago. The CRA resolution is expected to be signed by the President. The effort to eliminate this important...
May 8, 2018
Only 12% of Marylanders think that U.S. Department of Education is doing a good job overseeing student loan servicers. WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released a poll showing that 91% of Maryland voters agree that the State of Maryland to has a responsibly to protect residents with student loan debt. This includes high level of concern about the student loan debt crisis, and concerns about abusive practices by student loan servicers, such as Navient, which often deepen student’s debt burden. The polling results also shows that only 12% of Marylanders...

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