Press Releases

The Mortgage Bankers Association (MBA) reported today that a record number of loans—1 in 7—is delinquent, up from 1 in 10 a year ago. Today's numbers also show that 1 in 22 families in the U.S. is in the process of losing their home, up from 1 in 34 a year ago. Based on these figures, we are now on...

"The Federal Reserve Board's action today on debit card overdraft fees legitimizes an abusive product without providing any substantive protections for bank customers. We appreciate that the Fed chose to implement the strongest overdraft reform rule it was considering, namely requiring banks and credit unions to ask new and existing customers before charging overdraft fees on debit card transactions. But...

Statement by Mike Calhoun, President of the Center for Responsible Lending: "The draft legislation to create a Consumer Financial Protection Agency unveiled today by Senate Banking Committee Chairman Christopher Dodd is an essential component of urgently needed financial reform. Unfortunately, the banking lobby will exert intense pressure to weaken the bill by carving out special exemptions for some lenders and...

"We commend lawmakers in the U.S. House of Representatives who yesterday overwhelmingly approved H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009. The bill would expedite implementation of the credit card reform legislation Congress passed earlier this year to December 1, nearly three months earlier than its current effective date of February 22, 2010. The bill now moves...

Congressional proposals to rein in abusive overdraft practices are long overdue, Center for Responsible Lending executive Eric Halperin told the House Financial Services Committee today. Halperin, who is director of CRL's Washington office, gave full support to legislation aimed at reforming bank overdraft programs, which cost consumers $23.7 billion last year and are among the most predatory lending products on...

(Opportunity Finance Network Press Release - October 29, 2009) Charlotte, NC - Opportunity Finance Network (OFN) announced today that Martin Eakes, a nationally recognized expert on community development finance serving low-income people and communities, received the third annual Ned Gramlich Lifetime Achievement Award for Responsible Lending. Named in memory of the late Federal Reserve Board Governor Edward (Ned) Gramlich, the...

October 26, 2009— The Center for Responsible Lending, Consumer Federation of America, Consumers Union, National Consumer Law Center, on behalf of its low-income clients, and U.S. PIRG applaud Congresswoman Carolyn Maloney as she renews her push for overdraft reform with the "Overdraft Protection Act of 2009" (H.R. 3904), introduced last week. Momentum in Congress toward substantive reform is building and...

Washington, D.C. – "We commend the leadership of Chairman Barney Frank and the House Financial Services Committee for passing the Consumer Financial Protection Agency legislation (H.R. 3126). It's a strong start to creating an agency that would be solely dedicated to providing financial safeguards for Americans, though before final passage must be substantially strengthened if it is to curtail the...

Consumer groups strongly support Senator Christopher Dodd for introducing a bill this week that would curb many of the abusive overdraft practices of banks and credit unions. Those practices now strip nearly $24 billion annually from checking accounts, primarily from Americans living paycheck-to-paycheck. The "Fairness and Accountability in Receiving Overdraft Coverage Act" ("FAIR Act") that Dodd has proposed would require...

Banks and credit unions collected nearly $24 billion in overdraft fees last year, an increase of 35 percent from just two years earlier, a new study by the Center for Responsible lending shows. The explosion in overdraft charges has drained the wallet of as many as 51 million Americans whose accounts become overdrawn annually. It is particularly harmful to financially...