Skip to main content

Search form

Press Releases

December 12, 2017
LOS ANGELES, CALIF. – Today, the Los Angeles County Board of Supervisors passed a motion calling for a comprehensive approach to protect consumers from the severe harms of predatory high-cost installment loans. The motion, which was introduced by LA County Supervisors Hilda Solis and Sheila Kuehl, instructs several of the Los Angeles County agencies, including the Department of Business and Consumer Affairs, Department of Regional Planning, and County Treasurer and Tax Collector to identify outreach and regulatory approaches to protect residents from harmful financial products. The...
December 11, 2017
DURHAM, NC — Ignoring the voices of families and communities who have worked for many years for relief from the harms of predatory payday lending, a handful of members of Congress have introduced legislation that would nullify the Consumer Financial Protection Bureau’s (Consumer Bureau) national rule to rein in payday lending abuses. Their legislation uses Congressional Review Act authority to repeal the rule and prevent the Consumer Bureau from issuing a similar rule in the future, giving payday and car title lenders a free pass. This legislation, introduced by Rep. Dennis Ross (R-Fla.)...
December 8, 2017
Agency’s Independence Is Necessary to Its Mission, Groups Say 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, 10 groups told a court today in an amicus brief (PDF) filed in the U.S. District Court for the District of Columbia. The groups are Public Citizen, Americans for Financial Reform, Center for Responsible Lending, Consumer Action, National Association of Consumer Advocates (NACA), National Consumer Law Center (NCLC), National Consumers League,...
December 5, 2017
Mulvaney’s Call for Congress to Rescind Basic Borrower Protection Shows He Sides with Loan Sharks Over Consumers WASHINGTON, DC – OMB Director Mick Mulvaney, who is unlawfully behaving as Acting Director of the Consumer Financial Protection Bureau (CFPB), last night voiced support for a Congressional Review Act to repeal the Consumer Bureau rule on payday and car-title loan debt traps. Center for Responsible Lending Director of Federal Advocacy Scott Astrada issued the following statement: The Consumer Financial Protection Bureau was established to prevent Americans from losing...
December 1, 2017
"The line in the sand is clear, you’re either siding with the payday lenders or you’re siding with consumers." WASHINGTON, D.C. – Today, Rep. Dennis Ross (R-Fla.), along with Rep. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), and Collin Peterson (D-Minn.), introduced a Congressional Review Act (CRA) resolution that would repeal the new payday and car title lending rule finalized by the Consumer Financial Protection Bureau (Consumer Bureau) in October. The announcement to roll back this important consumer protection comes off the heels of the...
November 21, 2017
Faith Leaders Hand Deliver Letter Signed by 230 Groups DURHAM, N.C. – As a federal agency re-opens the door to predatory payday lending for some banks, scores of groups representing a broad cross-section of Americans are saying “not so fast.” Advocates are mailing hard copies of an open letter to banks and regulators, and faith leaders are delivering the letter directly to bank branches, some where the congregations hold their accounts. The letter, which urges the banks to pledge not to start making payday loans, was coordinated by the Stop the Debt Trap campaign and is signed by 230 faith...
November 16, 2017
Federal Legislation Would Open the Door for Triple-Digit APR Loans to Enter States with Interest Rate Caps WASHINGTON, D.C. – The House Financial Services Committee last night passed H.R. 3299, the so-called Madden bill, which would make it easier for payday lenders and other usurious lenders to use "rent-a-bank" schemes to charge distressed borrowers triple-digit interest rates that would otherwise violate state law. Among those threatened by this legislation and its Senate companion S. 1642 are more than 90 million Americans who live in states with interest-rate caps of 36% or lower on...
October 5, 2017
WASHINGTON, D.C. – Today the Center for Responsible Lending, Americans for Financial Reform, People’s Action, and representatives of the Stop the Debt Trap campaign, hosted a press teleconference with reporters to discuss the Consumer Financial Protection Bureau’s (CFPB) new rule to limit short-term payday and car-title lenders’ ability to trap borrowers in an endless cycle of debt. The payday lending rule will result in fewer families falling into financial ruin. At the heart of the rule is the common sense principle that lenders check a borrower’s ability to repay before lending money....
October 5, 2017
Rule is Key First Step to Stopping the Debt Trap WASHINGTON, D.C. – Today, national consumer and civil rights advocates welcomed the Consumer Financial Protection Bureau’s (CFPB) new rule to limit short-term payday and car-title lenders’ ability to trap borrowers in an endless cycle of debt. The payday lending rule will result in fewer families falling into financial ruin. At the heart of the rule is the common sense principle that lenders check a borrower’s ability to repay before lending money. While praising the CFPB for pushing to stop the debt trap, the coalition calls on the...
October 2, 2017
AB 1636 will boost transparency of payday lenders across state OAKLAND, CALIF. – California Governor Jerry Brown has signed into law AB 1636, a bill introduced by Assemblymember Cecilia Aguiar-Curry (D-Winters) that aims to give the California Department of Business Oversight (DBO) the tools it needs to increase transparency of payday lenders. Under California law, payday lenders can charge rates as high as 460% annual percentage rate. The new law will strengthen DBO’s ability to regulate and review lenders’ business reports, including granting the agency authority to issue penalties on...

Pages