Press Releases

Center for Responsible Lending warns policymakers against giving companies a “Get Out of Jail Free” card WASHINGTON, D.C. – Today at approximately 9 a.m. ET, the Center for Responsible Lending’s (CRL) Director of Federal Advocacy, Scott Astrada, will testify before the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee for a hearing entitled: Examining Opportunities for Financial Markets...

WASHINGTON, D.C. – On Friday, September 28, at approximately 9 a.m. ET, the Center for Responsible Lending’s (CRL) Director of Federal Advocacy, Scott Astrada, will testify before the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee for a hearing entitled: Examining Opportunities for Financial Markets in the Digital Era. In the hearing, the committee and its witnesses will...

OAKLAND, CALIF. – California Governor Jerry Brown has signed into law 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...

WASHINGTON, D.C. – On Monday September 10, 2018, the national Lawyers’ Committee for Civil Rights Under Law (Lawyers’ Committee), the Center for Responsible Lending (CRL), and the National Student Legal Defense Network (NSLDN) filed a brief in the D.C. District Court to advocate on behalf of D.C. in a lawsuit challenging the District’s right to pass laws that better protect...

WASHINGTON, D.C. - U.S. Bank recently rolled out its online Simple Loan product where borrowers can take out loans of $100 to $1,000. The borrower would be required to pay the loan back over three monthly installment payments with an annual percentage rate (APR) of 70% to 88%, well over the 36% APR cap that consumer advocates and civil rights...

WASHINGTON, D.C. – Today before a U.S. House Financial Services Committee hearing on reforms to the housing finance system and the future of Government-Sponsored Enterprises (GSEs), the Center for Responsible Lending (CRL) presented testimony that called for a trio of components to be preserved and strengthened. Together these principles will build upon housing reforms that have already occurred, while also...

OAKLAND, CALIF. – The Center for Responsible Lending (CRL) is calling on California Governor Jerry Brown to veto AB 237, a bill which would expand unsound lending practices in ways that do not address the real needs of low income and underserved communities. In fact, the changes proposed in this bill put consumers at risk of unaffordable and even predatory...

Report from Center for Responsible Lending exposes hardships faced by students of for-profit colleges that exploit a weak regulatory system DURHAM, N.C. -- For-profit colleges in Florida prey on economically vulnerable students, enticing them to enroll in poor quality programs with promises of good-paying jobs upon completion, but little real opportunity for career advancement. A new report by Center for...

WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) released its Advance Notice of Proposed Rulemaking (ANPR) to seek public input on how the agency should update Community Reinvestment Act (CRA) procedures. A coalition of civil rights and consumer advocacy organizations has signaled to the OCC that any changes to the CRA must strengthen -- not...

WASHINGTON, D.C. – Today, Seth Frotman, the Assistant Director and Student Loan Ombudsman with the Consumer Financial Protection Bureau (CFPB) resigned after seven years of government service with the agency. His resignation is effective September 1, 2018. In response, Ashley Harrington, a policy counsel with the Center for Responsible Lending Counsel released the following statement: It is unfortunate for the...