CRL in the News

“Before Mick Mulvaney’s tenure at the agency, the CFPB was a champion for working families – giving back billions of dollars in relief to consumers who were cheated by financial companies,” noted Mike Calhoun, CRL president.

As debit cards gained popularity, banks initially rejected transactions if users didn’t have enough money in their accounts, explained Rebecca Borne, of the Center for Responsible Lending, who contributed to the bill as well. Institutions quickly discovered, however, that enabling such transactions to go through and charging the customer a subsequent overdraft fee could be a handy source of income.

“It’s been such a cash cow for banks. They’re deeply committed to their overdraft revenue,” said Rebecca Borne of the Center for Responsible Lending, who also contributed to the bill.

Whether more lending options for consumers is a good thing depends on the quality of those products, says Rebecca Borne, senior policy counsel at the Center for Responsible Lending.

There are 13 such stores in Springfield and Urbana, many clustered on East Main and South Limestone streets. Ohio in all has more than 830 storefronts that offer payday or car title loans, most of which offer both forms of loans, according to a report by the Center for Responsible Lending.

For too long, for-profit colleges have failed to serve the educational purpose for which they were intended. The combination of high-costs and low graduation rates by these bad actors have resulted in unfair burdens for student borrowers and taxpayers. This bill improves accountability for all higher education institutions and creates a sensible path to fix our broken student loan repayment...

According to a recent poll released by the left-leaning Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL), 80 percent of American voters are “concerned about CFPB’s efforts to curb enforcement of fair lending rules, ending enforcement of payday lending rules and restricting public access its database of complaints.”

"Payday loans are dangerous and unaffordable for everyone, but borrowers who are just starting out or who are struggling financially — they're the most vulnerable," Lisa Stifler, deputy director of state policy for the Center for Responsible Lending, tells CNBC Make It.

According to the Chicago Tribune, Americans for Financial Reform and the Center for Responsible Lending are planning to release a survey that shows at least 80 percent of Americans are concerned by Trump’s recent efforts to limit oversight of banks and payday lenders, and potentially shut down the database of consumer complaints. What’s more, the survey is expected to show...

“This report calls for expanding debt traps and ripping up consumer protections at the state and federal levels," said Scott Astrada, a director for the Center for Responsible Lending. “Consumer protection laws are critical to safeguarding Americans’ wallets. They should be upheld, and this report should be roundly rejected.”