Press Releases

Proposed rule would require lenders to comply with California law, but triple-digit interest rates could remain OAKLAND, CA – Consumer advocates praised the California Department of Financial Protection and Innovation (DFPI) for requiring fintech cash advances to comply with the laws that govern other forms of credit and for cracking down on “tips” used to disguise interest. The groups voiced...

CRL urges bank to address concerns raised in merger review WASHINGTON, D.C. – Today, TD Bank and First Horizon Bank announced the termination of their merger agreement, citing uncertainty about the timetable to obtain regulatory approvals. The Center for Responsible Lending (CRL) along with civil rights and consumer group partners had urged the Federal Reserve and the Office of the...

Pricing Framework is an Important Initial Step in the Right Direction to Advance Fair and Affordable Housing and Strengthen Communities WASHINGTON, D.C. – Leading civil rights and housing policy organizations issued the following statement supporting the Federal Housing Finance Agency (FHFA)’s pricing framework: We commend Director Thompson and FHFA for recent updates to the mortgage pricing framework that represent a...

WASHINGTON, D.C. – Starting today at 10 AM ET, the U.S. House Committee on Financial Services will hold a markup and vote on several pieces of legislation, including a wide-ranging bill that would undermine the Consumer Financial Protection Bureau (CFPB) and support predatory lenders. A diverse coalition of over 70 organizations wrote a letter to Members of the Committee, urging...

WASHINGTON, DC – The Center for Responsible Lending (CRL) today released the latest installment of its “In Focus” video series, calling for updated federal laws to prevent families from falling into poverty due to excessive wage seizures by employers. CRL advocates for the federal government to protect $12,000 in bank accounts and an associated $1,000 per week in wages from...

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday announced it would appeal to the Seventh Circuit a U.S. District Judge’s February ruling that dismissed the agency’s suit against Townstone Financial, Inc., a Chicago-area nonbank mortgage lender that the agency alleges violated the Equal Credit Opportunity Act (ECOA) and the Consumer Financial Protection Act. CFPB alleged that Townstone Financial...

Utah’s Capital Community and First Electronic Banks and Kentucky’s Republic Bank & Trust accused of predatory lending, evasions of state interest rate limits WASHINGTON, D.C. – A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah’s Capital Community Bank (CC Bank) and First Electronic Bank...

CRL also urges mortgages servicers to move swiftly in implementing the policy WASHINGTON, D.C. – Financially struggling homeowners who have mortgages backed by Fannie Mae and Freddie Mac (the Enterprises) will receive help staying in their homes and affording their mortgages in the coming months. The Federal Housing Finance Agency (FHFA) announced yesterday that the Enterprises, which FHFA regulates, will...

WASHINGTON, D.C. – Consumer and small business advocacy groups yesterday urged a congressional subcommittee to ensure that entrepreneurs, especially historically underserved entrepreneurs, have fair access to the capital needed to build and grow their businesses. The Center for Responsible Lending (CRL), the National Association for Latino Community Asset Builders (NALCAB) and National CAPACD submitted a letter to the Subcommittee on...

WASHINGTON, D.C. – The U.S. Court of Appeals for the Second Circuit ruled yesterday that the Consumer Financial Protection Bureau (CFPB) funding structure is constitutional. This decision comes as the U.S. Supreme Court plans to hear a separate lawsuit challenging the constitutionality of the CFPB funding structure in the coming months. “The Second Circuit rightly reaffirmed that CFPB funding is...