Press Releases

We took a quick sampling of credit card issuers' recent activities to see how they have responded to the Federal Reserve rule changes that were announced in December 2008 but won't take effect until July 2010. We found the top eight issuers, who account for 80 percent of credit card balances, are raising interest rates on a larger portion of...

"We commend the House of Representatives and the House Financial Services Committee Chairman Barney Frank, along with lead sponsors, Reps. Mel Watt and Brad Miller, on the passage of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act. At its core, this legislation provides that mortgage lenders may only make mortgages that a consumer can afford to repay. While that...

"Jack Kemp had many accomplishments: NFL quarterback, member of Congress, secretary of HUD, Republican vice presidential nominee. Driving his public service was an unwavering belief that each and every person deserves a chance to succeed. He was a longtime civil rights advocate and champion of home ownership, most recently fighting an uphill battle for policies that would help millions of...

We commend the U.S. House of Representatives for taking this important step toward ending credit card industry practices that Americans across the board find unfair. Interest rates and fees should be transparent, reasonably related to risk and presented to cardholders up-front. And credit card companies should not be allowed to arbitrarily change them, especially retroactively. Today's bipartisan vote is encouraging...

The Senate today voted down the one common-sense solution that would have prevented over a million families from losing their homes to foreclosure ? allowing bankruptcy judges to modify home loans to fair market terms. This measure would have encouraged mortgage servicers to voluntarily restructure mortgages to make them affordable in much greater numbers, saving up to 1.7 million families...

The federal debate on payday lending practices is heating up. A bill in the House, H.R. 1214, features measures intended to reform abusive payday lending but that have failed at the state level to curb loan flipping practices that trap the financially vulnerable. By contrast, Illinois Sen. Dick Durbin (S. 500) and California Rep. Jackie Speier (H.R. 1608) have introduced...

"Today the House Financial Institutions and Consumer Credit Subcommittee will hold a hearing on H.R. 1214, the Payday Loan Reform Act. We commend Representative Luis Gutierrez (D-IL), who chairs this Subcommittee and introduced the bill, for his long history of working for economic fairness and financial reform and his interest in addressing payday lending, a practice that frustrates the efforts...

A CRL survey published today finds high levels of support for an annual interest rate cap on consumer loans of no higher than 36 percent. Three out of four Americans with an opinion think that Congress should cap interest rates at some level, and 72 percent think that level should be no higher than 36 percent. http://qa.crl.w.lmdagency.net/research-publication/interest-rate-survey Such a cap...

Payday stores concentrate in African-American, Latino neighborhoods Race, ethnicity leading factor in determining payday lender location, but not banks' Payday lenders are nearly eight times more concentrated in California's African-American and Latino neighborhoods as compared to white neighborhoods, draining these communities of $247 million in payday loan fees according to new research from the Center for Responsible Lending (CRL). A...

Download Survey Findings U.S consumers overwhelmingly want to be asked their preference before a bank or credit union enrolls them in a program to cover debit card purchases when they do not have the funds, a new Center for Responsible Lending survey finds. Financial institutions typically enroll their customers in a system that covers debit card overdrafts and then assesses...