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Press Releases

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...
May 2, 2018
50 years after the Fair Housing Act, racial mortgage disparities persist WASHINGTON, D.C. –The Federal Housing Administration (FHA) is both a historic driver of the nation's persistent racial wealth gap and a necessary part of any solution for the nation's housing market, finds new research from the Center for Responsible Lending (CRL). Although FHA has been and remains central in creating homeownership opportunities for borrowers of color, low- to moderate-income borrowers, and lower-wealth borrowers, that was not the case in its early development. CRL's research report is being discussed...
April 26, 2018
WASHINGOTN, D.C. – The Center for Responsible Lending (CRL) joined The Leadership Conference on Civil and Human Rights and 46 other national civil rights organizations in announcing new principles for the reauthorization of the Higher Education Act (HEA). The principles are rooted in boosting college access for all students and addressing the student loan debt crisis. The HEA was first passed in 1965 at the height of the civil rights movement in response to public demands from communities of color that the federal government do more to expand higher education opportunities for students...
April 25, 2018
*** MEDIA ADVISORY FOR WEDNESDAY, MAY 2, 2018 *** WASHINGTON, D.C. – On Wednesday, May 2, at approximately 8:45 a.m. ET, the Center for Responsible Lending (CRL), NAACP, National Fair Housing Alliance, National Coalition for Asian Pacific American Community Development, The Leadership Conference on Civil and Human Rights, National Urban League, and other national civil rights organizations will convene in Washington, D.C., to host a symposium honoring the 50th year of the Fair Housing Act. At the event, CRL will present a new...

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