Press Releases

WASHINGTON, D.C. – Yana Miles, a Senior Legislative Counsel at the Center for Responsible Lending (CRL), released the following statement today after the U.S. Department of the Treasury released its review of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a bill signed into law in 2010 that reformed our financial system to prevent abusive financial practices and avoid...

Wrong Choice Act eviscerates consumer protections and eliminates safeguards to prevent another Great Recession WASHINGTON, D.C. – Later today, the U.S. House of Representatives is expected to pass H.R. 10, the so-called Financial Choice Act, an extreme measure that would roll back Dodd-Frank. This radical bill, dubbed the Wrong Choice Act, would expose American families to risky financial practices that...

WASHINGTON, D.C. – A group of national civil rights organizations sent a letter to U.S. Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) today urging them to fight against legislative efforts that would eliminate affordable housing goals in GSE reform. The letter is in response to a recent housing report released by the Bipartisan Policy...

One year ago, CFPB issued a proposed rule to stop the debt trap. Today, Congress seeks to advance bill to gut CFPB and give a free pass to payday lenders. The CFPB's ability to issue a strong rule against the abuses of 300% payday loans is exactly why Congress should be defending the CFPB, not attacking it. WASHINGTON, D.C. –...

WASHINGTON, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.) announced the launch of DeVos Watch, a new online resource that will elevate emerging issues affecting actions and developments pursued by U.S. Department of Education Secretary Betsy DeVos. The online platform will be hosted on Senator Warren's website. Center for Responsible Lending (CRL) Counsel Ashley Harrington released the following statement: We...

OAKLAND, Calif. – AB 784, a bill to curb abuses by lenders charging more than 100% interest on loans of more than $2,500, was stalled in the Assembly Appropriations Committee last Friday, effectively preventing the proposal from moving forward to a floor vote. Earlier last week, Assembly Banking Committee Chair and author of the bill, Matt Dababneh (D-Encino), proposed a...

President's Proposal would Eliminate Consumer Watchdog and Drive Americans Deeper into Debt WASHINGTON, DC -- Alongside a parade of horribles in the White House budget, the proposal's attempt to completely defund the Consumer Financial Protection Bureau stands out. The Consumer Bureau has returned approximately $12 billion to the pockets of Americans who had money illegally taken from them by the...

WASHINGTON – Consumer and civil rights groups released the following statements today following oral arguments in the U.S. Court of Appeals for the D.C. Circuit in PHH Corporation vs. CFPB. The hearing is a result of the Court’s decision to grant the Consumer Financial Protection Bureau’s (CFPB) petition for the full court to hear the case following a panel’s erroneous...

The Department of Education Budget Cuts Funds from Better Alternatives to Predatory For-Profits and Eliminates Aids to Debt Reduction WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) assessed that cuts of $10.6 billion from federal education initiatives announced in the Department of Education’s proposed budget include measures that will drive low-income college students to for-profit colleges that leave...

New Rules Will Create a Monopoly for a Single Servicer and Eliminate Requirements for Several Important Services WASHINGTON, D.C. - Today, the Center for Responsible Lending (CRL) expressed concern that new requirements released by the U.S. Department of Education in its contract solicitation for a future loan servicer will narrow the nation’s student loan servicers from nine to a single...