CRL Refutes Staff Report of CFPB’s Investigation into Wells Fargo Fraudulent Account Scheme

"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 Financial Protection Bureau's (CFPB) role in investigating Wells Fargo's fraudulent account scheme. "The evidence, as publicly available prior to the issuance of the staff

Education Department’s Continued Effort To Rescind Critical Protections For Student Loan Borrowers

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) Policy Counsel Whitney Barkley-Denney released the following statement: We are deeply disappointed in the Trump Administration’s continued effort to put

Treasury Department’s Review Of Dodd-Frank Law

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 another Great Recession: The Treasury Department’s report offers no real solutions to make consumer protection a top priority. It recommends politicizing and weakening the Consumer Financial Protection Bureau and

House Set To Pass Bill To Give Predatory Lenders ‘Free Pass’ To Harm Working Families, Bring Back Financial Crisis

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 were the primary culprits of the 2007 financial crisis and the ensuing Great Recession. The legislation severely obstructs the work of the Consumer Financial Protection Bureau (CFPB), an agency

Civil Rights Organizations Urge Senate Banking Leaders: Do Not Eliminate Affordable Housing Goals in GSE Reform

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 Center. The report recommended policies that would make it extremely difficult for low-income families and communities of color to participate in the housing market today and in the future. The letter was signed

As CFPB Continues Work on Payday Lending Protections, Congress Pushes Effort to Weaken Consumer Bureau

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. – Consumer advocates and civil rights organizations are calling on Congress to let the Consumer Financial Protection Bureau (CFPB) finish its job of finalizing a strong rule on payday and car-title lending. A year ago today, people from across the country gathered in Kansas

DeVos Watch Will Hold Department Of Education Accountable To The Public

WASHINGTON, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.) announced the launch of DeVos Watch, a new online resource that will elevate emerging issues affecting actions and developments pursued by U.S. Department of Education Secretary Betsy DeVos. The online platform will be hosted on Senator Warren's website. Center for Responsible Lending (CRL) Counsel Ashley Harrington released the following statement: We applaud Senator Warren's leadership for holding Secretary DeVos and the Department of Education accountable to students and parents. This new resource will be valued not only by

California Legislature Fails To Advance Protections Against Predatory Loans

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 set of amendments that would have greatly limited the bill's protections by exempting car-title loans and loans that could be targeting small business. Dababneh's provisions would have allowed lenders to charge borrowers as

The Trump Budget's Big Giveaway to Financial Predators

President's Proposal would Eliminate Consumer Watchdog and Drive Americans Deeper into Debt WASHINGTON, DC -- Alongside a parade of horribles in the White House budget, the proposal's attempt to completely defund the Consumer Financial Protection Bureau stands out. The Consumer Bureau has returned approximately $12 billion to the pockets of Americans who had money illegally taken from them by the predatory actions of financial companies, including Wells Fargo, payday lenders, and debt collectors. Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles released the following

Consumer and Civil Rights Groups Urge Court of Appeals to Keep CFPB Structure Intact, Protect Consumers against Predatory Lenders and Wall Street Banks

WASHINGTON – Consumer and civil rights groups released the following statements today following oral arguments in the U.S. Court of Appeals for the D.C. Circuit in PHH Corporation vs. CFPB. The hearing is a result of the Court’s decision to grant the Consumer Financial Protection Bureau’s (CFPB) petition for the full court to hear the case following a panel’s erroneous 2-1 ruling (PDF) that the President may remove the CFPB Director without cause. The panel’s decision last year undermines the agency’s independence to regulate the financial services industry and protect consumers from bad