Press Releases

WASHINGTON, D.C. – The Center for Responsible Lending (CRL) applauds a federal court ruling out of Texas, which rejected a Joint Motion by the Consumer Financial Protection Bureau (CFPB) and the payday lenders that was intended to delay the compliance date for the CFPB’s Payday Rule. The CFPB is currently led by Mick Mulvaney, who was unlawfully installed as “Acting...

Numbers Confirm Abysmal Outcomes While Focus Groups Reveal the Human Impact of Bad Federal Education Policy; State Action Crucial DURHAM, N.C. – A new Center for Responsible Lending (CRL) research report finds that students who enroll in healthcare support programs at for-profit schools end up carrying much more debt relative to their earnings than do their peers in similar public...

WASHINGTON, D.C. – Center for Responsible Lending Executive Vice President Debbie Goldstein released the following the statement after it was reported that Mick Mulvaney, who was unlawfully appointed to head the Consumer Financial Protection Bureau (CFPB), announced his plan to dismantle the membership of the agency's Consumer Advisory Board (CAB). This reckless decision to dismiss the members of the Consumer...

AB 2500 would have been a historic step forward to help distressed Californians from falling victims to abusive predatory lending SACRAMENTO, CALIF. – Last night, several members of the California Assembly succumbed to industry pressure and voted down AB 2500, the Safe Consumer Lending Act, a bill introduced by Assemblymember Ash Kalra (D-San Jose) to protect California families from abusive...

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), which is led by the unlawfully appointed “Acting Director” Mick Mulvaney, joined the leading payday lenders’ association in filing a joint motion to delay the compliance date for the CFPB’s rule on payday loans (PDF) until 445 days from the final judgement of litigation challenging the rule. Center for Responsible...

Banks and Agency Have Responsibility to Uphold These Principles WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) rolled out guidance addressing installment lending with repayment periods ranging from two to twelve months. The guidance encourages banks to make these loans while cautioning banks to adhere to principles of reasonable pricing and affordability. It also reiterates...

LOS ANGELES, CALIF. – On Thursday, May 24, 2018, the Stop the Debt Trap Los Angeles, a coalition of consumer and civil rights advocates and faith leaders, will host a press conference in Los Angeles to rally behind the County’s anticipated release of a report that aims to curtail predatory lending. The advocates will also urge Los Angeles Assemblymembers to...

Meanwhile, FDIC today announced that bank profits this quarter were the highest on record WASHINGTON, D.C. – Just now, the U.S. House of Representatives voted in favor of S. 2155, a partial rollback of the Dodd-Frank financial reform law, which, since it has already passed the Senate, sends the bill to the President for his signature. The White House has...

WASHINGTON, D.C. - Congressional Review Act (CRA) resolutions—S.J. Res 56 and H.J. Res 122—to repeal the Consumer Financial Protection Bureau’s (CFPB or consumer bureau) payday and car title lending rule will not advance in Congress, as their legislative clock has expired. The CFPB rule, finalized in October, establishes basic consumer protections on these 300% or more interest loans, including the...

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...