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Press Releases

September 26, 2017
News Report Indicates Senate Might Vote Imminently to Take Away Consumers’ Right to Sue Financial Companies for Wrongdoing WASHINGTON, D.C. – As reported by Politico, the “Senate GOP leadership is considering holding a vote later this week on legislation that would block a CFPB [Consumer Financial Protection Bureau] rule prohibiting banks and credit card companies from forcing their customers into arbitration during disputes, sources familiar with the matter said." Center for Responsible Lending (CRL) Senior Policy Counsel Melissa Stegman issued the following statement: Equifax,...
September 11, 2017
S. 1642 & H.R. 3299 enable out-of-state lenders to use "rent-a-bank" scheme to preempt state interest rate caps WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL), the National Consumer Law Center (NCLC), and more than 150 national and state organizations sent a letter urging Members of Congress to reject S. 1642 and H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017, (PDF) a bill that poses serious risks of enabling a vast expansion of predatory lending across the country. Specifically, the legislation makes it easier for payday lenders and other...
September 8, 2017
Urges Congress to Immediately Pass the Dream Act WASHINGTON, D.C. - The Center for Responsible Lending (CRL) is appalled at the Trump administration's decision to end the Deferred Action for Childhood Arrivals (DACA) program in six months. With this action, the administration manufactures an unnecessary humanitarian and economic crisis for immigrant youth, their families, and the communities where they live. CRL joined 185 civil and human rights groups in sending a letter to Congress to urge lawmakers "to immediately pass the Dream Act without amendment so that young people who were...
August 29, 2017
Fed Chair Yellen, Vice Chair Fischer, FDIC Chair Gruenberg, and European Center Bank President Draghi Defend Safeguards Enacted After Financial Crisis WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) highlighted that central bank leaders and the Chair of the FDIC have recently sounded the alarm over proposals to eliminate regulatory safeguards established after the financial crisis and refuted the claim that these protections have been a significant drag on economic growth and lending. The House of Representatives has already passed legislation that would roll back the...
August 9, 2017
ATLANTA, GA. – Tomorrow, at this year’s Netroots Nation 2017 conference in Atlanta, Georgia, the Center for Responsible Lending (CRL) will host a panel entitled, Fintech: How Can Innovation Advance Civil Rights?, to discuss ways the financial technology (fintech) sector can help build a fair and inclusive financial marketplace for consumers, especially low-wealth families and communities of color. The panel will include representatives from New Jersey Citizen Action (NJCA), LendingClub, the California Reinvestment Coalition, and the Center for Global Policy Solutions. Netroots Nation is the...
July 25, 2017
New Poll Shows that Congress Going Against Wishes of Constituents in Voting to Repeal a CFPB Rule that would Restore the Right of Americans to Take Financial Firms to Court WASHINGTON, D.C. – The House of Representatives is expected to vote today on H.J. Res. 111, a bill that would rescind a Consumer Financial Protection Bureau (CFPB) rule that curtails forced arbitration clauses. A new poll from the Center for Responsible Lending and Americans for Financial Reform shows strong support, across the political spectrum and across the country, for the CFPB arbitration rule. Likely voters...
July 20, 2017
Senators and Representatives Announce Legislation to Repeal Consumer Bureau Rule that Restores Americans' Ability to Challenge Illegal Lending Actions in Court WASHINGTON, D.C. – Today, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas) announced legislation that would rescind a new Consumer Financial Protection Bureau (CFPB) rule, which restores the ability of consumers to band together in a class action lawsuit to challenge the illegal behavior of banks, payday lenders, and other financial companies. The...
July 18, 2017
WASHINGTON, D.C. – Tuesday, July 18, at 11 a.m. ET/8 a.m. PT, Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL) hosted a press teleconference on a national poll highlighting the country’s view of Wall Street and current financial regulation issues such as arbitration and payday lending six months into the Trump Administration. (Cong. Maxine Waters was not able to participate in the teleconference.) The poll showcases likely voters' views on the Consumer Financial Protection Bureau, debt collection practices, forced arbitration, payday lending, and Wall...
July 18, 2017
WASHINGTON, D.C. — Voters overwhelmingly favor regulation of Wall Street and strongly support the work of the work of the Consumer Financial Protection Bureau (CFPB), according to a poll released today by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll, conducted by the bipartisan partners Lake Research Partners and Chesapeake Beach Consulting last month, also revealed that more than 70 percent of likely voters believe that Wall Street holds too much influence in Washington under the Trump administration. “The poll makes clear that consumers...
July 10, 2017
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its final rule aimed to restrict forced arbitration and improve access to our judicial system for all consumers. Across the country, fine print agreements--from financial to employment contracts--too often include arbitration clauses to strip individuals from receiving their fair day in court. These agreements often ban class action lawsuits, leaving consumers unable to challenge widespread misconduct since it is often too expensive to pursue small-dollar disputes one-by-one in arbitration. While the CFPB...

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