Press Releases

Washington, D.C. – Today, President Trump signed into law a bill, H.J. Res. 111, that takes away Americans’ right to have their day in court when they are defrauded by banks, credit card companies, payday lenders, student loan servicers, and other financial companies. It does so by rescinding a rule, issued by the independent Consumer Financial Protection Bureau, which would...

WASHINGTON, D.C. – Today Nikitra Bailey, an Executive Vice President with the Center for Responsible Lending testified before the U.S. House of Representatives Subcommittee hearing entitled, “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform.” Bailey reviewed the secondary mortgage market’s history as it relates to low-wealth communities and consumers of color, citing past federal policies that excluded communities...

Rescinding CFPB arbitration rule denies Americans the freedom to seek justice through our court system. WASHINGTON, D.C. – This evening, the U.S. Senate passed a bill that would repeal the independent Consumer Financial Protection Bureau’s (CFPB) rule on forced arbitration. The CFPB rule prohibits consumer contracts from denying Americans the right to band together in a lawsuit against a company...

A lawsuit filed yesterday by 17 states and the District of Columbia accuses Education Secretary Betsy DeVos of illegally delaying enforcement of a rule designed to eliminate federal education funding from low-performing career college programs. The rule known as gainful employment was adopted by the previous administration in response to widespread concerns over the quality of instruction at these institutions...

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its annual Student Loan Ombudsman Report. Over the past year, the Bureau received nearly 23,000 complaints involving private student loans, federal student loan servicing and related debt collections. Additionally, the report recounts in detail how borrowers of all ages are experiencing difficulties accessing consumer protections authorized by existing laws...

Rule is Key First Step to Stopping the Debt Trap WASHINGTON, D.C. – Today, national consumer and civil rights advocates welcomed the Consumer Financial Protection Bureau’s (CFPB) new rule to limit short-term payday and car-title lenders’ ability to trap borrowers in an endless cycle of debt. The payday lending rule will result in fewer families falling into financial ruin. At...

WASHINGTON, D.C. – Today the Center for Responsible Lending, Americans for Financial Reform, People’s Action, and representatives of the Stop the Debt Trap campaign, hosted a press teleconference with reporters to discuss the Consumer Financial Protection Bureau’s (CFPB) new rule to limit short-term payday and car-title lenders’ ability to trap borrowers in an endless cycle of debt. The payday lending...

AB 1636 will boost transparency of payday lenders across state OAKLAND, CALIF. – California Governor Jerry Brown has signed into law AB 1636, a bill introduced by Assemblymember Cecilia Aguiar-Curry (D-Winters) that aims to give the California Department of Business Oversight (DBO) the tools it needs to increase transparency of payday lenders. Under California law, payday lenders can charge rates...

WASHINGTON, DC. - A new analysis of 2016 mortgage lending data by the Center for Responsible Lending (CRL) again finds a continued lack of access to conventional loans among consumers of color and low-wealth families, but that the mortgage market has rebounded slightly from the foreclosure crisis and Great Recession. Enacted by Congress in 1975, the Home Mortgage Disclosure Act...

Wells Fargo Practices and Equifax Breach Show that Congress needs to prioritize consumer protections Members call on CFPB to act on overdraft practices Maloney bill to end deceptive overdraft practices, crack down on unfair fees based on successful 2009 CARD Act law that has saved consumers billions WASHINGTON, DC — Today in front of the U.S. Capitol, the Center for...