Congress: Hands Off New Rule Protecting Families from Payday Lenders

DURHAM, NC — Ignoring the voices of families and communities who have worked for many years for relief from the harms of predatory payday lending, a handful of members of Congress have introduced legislation that would nullify the Consumer Financial Protection Bureau’s (Consumer Bureau) national rule to rein in payday lending abuses. Their legislation uses Congressional Review Act authority to repeal the rule and prevent the Consumer Bureau from issuing a similar rule in the future, giving payday and car title lenders a free pass. This legislation, introduced by Rep. Dennis Ross (R-Fla.) and

CRL Maps For-Profit College Harms and Demographic Impacts by State

Interactive Map and Fact Sheets Break Down Numbers DURHAM, N.C. – The Center for Responsible Lending (CRL) released, “ The State of For-Profit Colleges” today, featuring an interactive map that enumerates for-profit colleges by state and fact sheets that indicate, in most states, the disproportionate harms on low-income families, communities of color and women. With certain exceptions, the scroll-over map shows for each state: Total undergraduate enrollment at all higher education institutions, Total undergraduate enrollment at all for-profit colleges, and The three largest for-profit colleges

Auto Lending Anti-Discrimination Guidance Must Remain Intact

WASHINGTON, D.C. – A Government Accountability Office (GAO) letter released earlier this week in response to a Congressional inquiry threatens to undermine the Consumer Financial Protection Bureau’s (Consumer Bureau) 2013 indirect auto lending guidance. This important guidance is a key step to limit discriminatory impact of dealer interest rate markups in the auto lending industry. In the letter, the GAO concludes that the auto lending guidance is a Consumer Bureau “rule” and can be repealed through a Congressional Review Act (CRA). The Center for Responsible Lending (CRL) has been a staunch

Consumer Advocates File in Support of Acting CFPB Director Leandra English

Agency’s Independence Is Necessary to Its Mission, Groups Say WASHINGTON, D.C. – The U.S. Consumer Financial Protection Bureau’s (CFPB) independence from external political influence is crucial to the agency’s mission of protecting consumers, 10 groups told a court today in an amicus brief (PDF) filed in the U.S. District Court for the District of Columbia. The groups are Public Citizen, Americans for Financial Reform, Center for Responsible Lending, Consumer Action, National Association of Consumer Advocates (NACA), National Consumer Law Center (NCLC), National Consumers League, National Fair

Mick Mulvaney Supports Payday Loan Debt Traps

Mulvaney’s Call for Congress to Rescind Basic Borrower Protection Shows He Sides with Loan Sharks Over Consumers WASHINGTON, DC – OMB Director Mick Mulvaney, who is unlawfully behaving as Acting Director of the Consumer Financial Protection Bureau (CFPB), last night voiced support for a Congressional Review Act to repeal the Consumer Bureau rule on payday and car-title loan debt traps. Center for Responsible Lending Director of Federal Advocacy Scott Astrada issued the following statement: The Consumer Financial Protection Bureau was established to prevent Americans from losing their money and

CRL Opposes Dodd-Frank Rollback Scheduled for Senate Committee Markup

Bill Eliminates Critical Consumer Protections and Safeguards Against Another Economic Meltdown WASHINGTON, DC –The Center for Responsible Lending (CRL), along with the National Community Reinvestment Coalition, and the National Consumer Law Center, announced opposition to and released an analysis of S. 2155, a harmful financial deregulation bill. The measure, the most significant since Dodd-Frank, is scheduled for markup tomorrow in the Senate Banking Committee. Read the group’s analysis of S. 2155, which focused on the housing portions. CRL Senior Legislative Counsel Yana Miles released the

Predatory Lending Allies in Congress Introduce Resolution to Halt Important Payday Lending Rule

"The line in the sand is clear, you’re either siding with the payday lenders or you’re siding with consumers." WASHINGTON, D.C. – Today, Rep. Dennis Ross (R-Fla.), along with Rep. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), and Collin Peterson (D-Minn.), introduced a Congressional Review Act (CRA) resolution that would repeal the new payday and car title lending rule finalized by the Consumer Financial Protection Bureau (Consumer Bureau) in October. The announcement to roll back this important consumer protection comes off the heels of the

Mick Mulvaney Under Attack for Payday Lender Ties

Credit: Salt Lake City Tribune’s Pat Bagley WASHINGTON, D.C. – Mick Mulvaney, who was unlawfully named as Acting Director of the Consumer Financial Protection Bureau (CFPB), has been excoriated by news outlets for his disturbing ties to the exploitative payday lending industry. His cozy relationship is especially concerning as the CFPB will be charged with implementing its recently issued consumer protections against payday loan debt traps. Headlines and Links International Business Times: Would Trump’s CFPB Pick Mulvaney Back Consumers Or Payday Lenders? New York Post: Payday lenders have new

PROSPER Act Fails to Put Students First, Makes Access to Higher Education More Difficult

WASHINGTON, D.C. - The House Committee on Education and the Workforce is expected to begin deliberations next week on a proposal for reauthorization of the Higher Education Act of 1965. The prior reauthorization expired in 2013 and was extended. The Congressional Budget Office is also expected to score the bill over the next few days. In an initial review of the major changes in the legislation, Ashley Harrington, a policy counsel with the Center for Responsible Lending made the following statement: The proposed legislation is yet another boost for the private sector instead of consumers and

California AG Becerra Sues Ashford U Over Fraud, Illegal Debt Collection

OAKLAND, CALIF. – On November 29, California Attorney General Xavier Becerra sued Ashford University, a for-profit and online college based in San Diego. The suit alleges that Ashford made false promises and provided false information to boost enrollment. Illegal debt collection practices and misleading information given to investors and the Securities and Exchange Commission are also alleged. In response, Graciela Aponte-Diaz, Center for Responsible Lending’s California Policy Director made the following statement: Once again, a for-profit college is accused of prioritizing profits over