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Press Releases

February 21, 2018
Payday lenders strip $50 million per year from Colorado economy DENVER, CO – The Center for Responsible Lending (CRL) released a report today showing that payday lenders charge Coloradans an average of $119 in fees and interest to borrow $392, with an average annual percentage rate (APR) of 129%. This practice strips $50 million per year from low-income Coloradans. The report analyzed data published by the Colorado Attorney General’s office. Also today, a proposed initiative for the November ballot that would cap payday lending rates at 36% comes before the Colorado Initiatives and...
February 15, 2018
Assemblymember Kalra's AB 2500 provides pragmatic solution to curb abusive high-cost loans SACRAMENTO, CALIF. - Today, the Center for Responsible Lending (CRL) and city leaders from across the state applauded California Assemblymember Ash Kalra’s (D-San Jose) introduction of AB 2500, the Safe Consumer Lending Act, a bill to protect California families from abusive high-cost installment loans. The legislation would extend California’s current interest rate cap for consumer loans between $2,500 to $10,000. Kalra announced the introduction of this bill at a press conference in Sacramento...
February 15, 2018
WASHINGTON, D.C. – Last night, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite opposition from consumer advocates. Several Members of Congress took to the floor to voice their firm opposition of this legislation and urged its sponsors to address predatory loopholes that exist in the bill. H.R. 3299 is sponsored by U.S. Reps. Patrick McHenry (R-N.C.) and Greg Meeks (D-N.Y.). The bill will now go to the...
February 14, 2018
WASHINGTON, D.C. – Today, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite not having support from consumer advocates. Several Members of Congress took to the floor to voice their firm opposition of this legislation and urged its sponsors to address predatory loopholes that exist in the bill. H.R. 3299 is sponsored by U.S. Reps. Patrick McHenry (R-N.C.) and Greg Meeks (D-N.Y.). The bill will now go to...
February 13, 2018
WASHINGTON, D.C. – Today, U.S. Senator Jeff Merkley (D-Oregon) and U.S. Reps. Suzanne Bonamici (D-Mich.) and Elijah E. Cummings (D-Md.) introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, a bill to crack down on some of the worst abusive practices of the payday lending industry, which strips wealth from working families across the country. The bill, which underscores the importance of state usury limits in controlling predatory lending, is cosponsored by various members of the House and Senate. "Payday lenders will go to great lengths to trap struggling families in an...
February 6, 2018
Agency’s Independence Is Necessary to Its Mission, Groups Tell Court Considering Appeal in English v. Trump and Mulvaney WASHINGTON, D.C. – The U.S. Consumer Financial Protection Bureau’s (CFPB) independence from external political influence is crucial to the agency’s mission of protecting consumers, ten groups told a court today in an amicus brief filed in the U.S. Court of Appeals for the District of Columbia Circuit. The groups are the Center for Responsible Lending (CRL), Americans for Financial Reform, Consumer Action, National Association of Consumer Advocates, National Consumer...
February 5, 2018
WASHINGTON, D.C. – Today, Reuters, citing multiple sources, published an article saying that the Consumer Financial Protection Bureau (CFPB), currently led by unlawfully appointed Acting Director Mick Mulvaney, has pulled back on its investigation of Equifax’s massive data breach. Yana Miles, Senior Legislative Counsel at the Center for Responsible Lending (CRL), issued the following statement: If this report is true, then some 145 million Americans deserve an explanation from Mick Mulvaney. National credit bureaus have immense power over our financial lives. The credit consumers have...
February 5, 2018
CRL Alarmed by Mick Mulvaney Removing Enforcement Powers from Consumer Bureau’s Fair Lending Office WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) condemned an alarming move by the unlawfully appointed Acting Director of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney, which will have the practical effect of taking away the ability of the Office of Fair Lending and Equal Opportunity to enforce laws against discrimination. By weakening this office, Mulvaney is making it easier for financial companies to commit and get away with unlawful discriminatory acts...
February 2, 2018
WASHINGTON, D.C. – This week, a leaked version of a housing finance proposal from U.S. Senators Bob Corker (TN) and Mark Warner (VA) emerged that would severely harm America’s housing market. Today, several civil rights and affordable housing groups issued a statement on the proposal’s negative impact on access, affordability, and market stability. The Center for Responsible Lending, Lawyers’ Committee for Civil Rights Under Law, Leadership Conference on Civil and Human Rights, NAACP, National CAPACD, National Community Reinvestment Coalition, National Fair Housing Alliance, National Urban...
January 31, 2018
WASHINGTON, D.C. – Today, the U.S. Court of Appeals for the District of Columbia Circuit decided in PHH Corporation v. CFPB that the President can only remove the Director of the Consumer Financial Protection Bureau (CFPB) for cause instead of at will. The decision invalidates a 2016 court panel’s previous and unprecedented 2-1 ruling where two judges agreed that the CFPB Director can be removed at will instead of for cause. Center for Responsible Lending Senior Policy Counsel Melissa Stegman released the following statement: Today's decision by the D.C. Circuit is a victory for...

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