Press Releases

WASHINGTON, D.C. - Today, Center for Responsible Lending (CRL) President Mike Calhoun testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for a hearing entitled, “Principles of Housing Finance Reform.” In his testimony, Calhoun argued that any proposed legislation to reform the U.S. housing system must ensure broad access for all creditworthy borrowers and permit equal participation...

Joint Statement by: Michael Calhoun, President, Center for Responsible Lending Lindsay Daniels, Manager, Wealth-Building Initiative, Economic Policy Project, National Council of La Raza (NCLR) Lisa Donner, Executive Director, Americans for Financial Reform Rich DuBois, Executive Director, National Consumer Law Center Tom Feltner, Director of Financial Services, Consumer Federation of America Karl Frisch, Executive Director, Allied Progress Wade Henderson, President and...

Measure Would Strengthen Enforcement of Consumer Protection Laws for Military Servicemembers and their Families WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) announced its endorsement of the Military Consumer Enforcement Act, a bill introduced today by former Army Ranger Senator Jack Reed (D-R.I.) and by Senator Sherrod Brown (D-Ohio), Ranking Members of the Armed Services and the Banking...

"Instead of criticizing the Consumer Bureau, the Committee should be working to ensure CFPB remains a strong agency to stop abusive financial practices." WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) sent a letter to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Ranking Member Maxine Waters (D-Calif.) rebutting the committee's majority staff report criticizing the Consumer...

WASHINGTON, D.C. – Today, the U.S. Department of Education announced its decision to rollback important rules that protect students from the abusive practices of predatory for-profit institutions—the Borrower Defense to Repayment and Gainful Employment regulations. The announcement detailed not just delays in implementation and enforcement of the current rules but an entirely new rulemaking process. Center for Responsible Lending (CRL)...

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. –...

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...