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Press Releases

March 29, 2018
Bill to stop predatory lending is set for committee vote on Monday, April 2. OAKLAND, CALIF. – The Center for Responsible Lending (CRL), African American Methodist Episcopal Church - 5th Episcopal District, Asian Law Alliance, Coalition for Humane and Immigrant Rights (CHIRLA), UnidosUS, and Western Center on Poverty, with support from 99 California consumer, faith, and civil rights organizations, and cities throughout the state are urging the Assembly Committee on Banking and Finance, to support AB 2500, the Safe Consumer Lending Act. The bill would protect California families from...
March 26, 2018
WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.) has introduced a Congressional Review Act (CRA) resolution, S.J. Res 57, which would undo the Consumer Financial Protection Bureau’s (CFPB) 2013 indirect auto lending guidance. This important guidance is a key step to limit discriminatory impact of dealer interest rate markups in the auto lending industry. The resolution has 15 Republican cosponsors. The announcement to eliminate this important consumer protection comes off the heels of a recent investigative report released by the National Fair Housing Alliance (NFHA) detailing the...
March 23, 2018
Trump’s Pick at Consumer Bureau Will Not Pursue Abusive Payday Loan Debt Collector, Might Do Same for Three Other Payday Lending Companies WASHINGTON, D.C. – Today, Reuters published a report, "Exclusive: Trump official quietly drops payday loan case, mulls others – sources," that provides additional evidence that Trump's unlawfully appointed Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney is giving predatory payday lenders a free pass. Specifically, National Credit Adjusters, a debt collector for payday loan companies, confirmed that a pending case against the...
March 23, 2018
WASHINGTON, D.C. – U.S. Senator Lindsey Graham (R-S.C.) has introduced a Congressional Review Act (CRA) resolution, S.J. Res. 56, which would repeal the Consumer Financial Protection Bureau (CFPB) rule to stop payday and car title loan debt traps and prevent the CFPB from ever issuing a similar rule. The CFPB rule, finalized in October, established basic consumer protections, including the commonsense standard that lenders should have to verify a borrower’s ability to repay before making the loan. Center for Responsible Lending Federal Advocacy Director Scott Astrada issued the following...
March 16, 2018
OAKLAND, CALIF. – Washington Governor Jay Inslee signed the Washington Student Education Loan Bill of Rights into law yesterday, which will provide strong protections for the more than 730,000 student loan borrowers in the state carrying $22.9 billion in student loan debt. The law will establish a Student Loan Advocate to review complaints, and will authorize the state to license student loan servicers so they can ensure compliance with state and federal requirements and prevent mistreatment such as misappropriating payments or making false reports to credit bureaus. "We commend Governor...
March 14, 2018
WASHINGTON, D.C. – Today, the U.S. Senate voted to pass S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in response to the biggest financial crisis since the Great Depression. The bill now goes to the U.S. House of Representatives for consideration. Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: The U.S. Senate just passed a bill to make it harder to track racial discrimination in...
March 9, 2018
WASHINGTON, D.C. – On Monday, March 12, the Federal Register will include an interpretation by the Department of Education that state-level student loan servicing laws are preempted by Federal law. While the Department purports to affect loans made under Title IV of the Higher Education Act, this interpretation has no legal effect on state laws. The non-binding memo asserts that state consumer protection statutes “undermine” federal regulator requirements. Citing a recent Massachusetts case, Massachusetts v. Pennsylvania Higher Education Assistance Agency, as an example of improper actions...
March 7, 2018
WASHINGTON, D.C. – On March 6, the leadership at the U.S. Department of Housing and Urban Development (HUD) announced that it is changing its mission statement by stripping away language that promises inclusivity and communities free of discrimination. According to news reports, the new mission statement removes the reference to “inclusive” communities “free from discrimination.” The draft statement now reads: “HUD’s mission is to ensure Americans have access to fair, affordable housing and opportunities to achieve self-sufficiency, thereby strengthening our communities and nation.” In...
March 6, 2018
WASHINGTON, D.C. – Today, the U.S. Senate voted to advance S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in the wake of the biggest financial crisis since the Great Depression. Read a short summary of S. 2155. Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: The financial crisis led to a Great Recession that cost millions of Americans their jobs, homes, and savings. This bill...
March 1, 2018
Center for Responsible Lending & National Urban League Report Shows Senators’ Proposal Would Cost More, Deliver Less WASHINGTON, D.C. – A new research report by the Center for Responsible Lending (CRL) and National Urban League critiques a legislative discussion draft by U.S. Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) to restructure the nation’s housing finance system, and it criticizes recently published papers supporting it. CRL and the National Urban League’s report finds that the proposed legislation repeals the important public interest mandates within the current...

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