We will regularly highlight recent CRL projects from across our issue areas. Please let us know if you would like to be added to a mailing list to receive early notice of these impact reports.
Recent Highlights
Consumer Finance
CRL advocacy helped secure House financial services subcommittee approval of the CARD Act and supported final passage resulting in transparency and reduced fees saving American consumers more than $20 billion annually.
CRL research helped validate CFPB regulatory efforts to reduce excessive bank overdraft and other fees, resulting in updated guidelines that will save consumers an estimated $3-$4 billion annually.
Mortgage Lending
Our groundbreaking research predicted the subprime mortgage crisis and was instrumental in the passage of national mortgage reforms.
In response to our data analysis, FHA cut the price of mortgage insurance for new home loans in 2023. As a result, more than 850,000 homeowners – including many first-time buyers and borrowers of color – will save an estimated $800 on their mortgage payments every year, returning $20.4 billion to these homeowners over the life of the loans.
Student Loans
CRL led a coalition that secured the President’s cancellation of $140 billion in student loan debt (so far) for more than 4 million working and middle-class Americans.
CRL’s work supporting Income-Driven Repayment/SAVE reform will save borrowers $400 billion.
Payday and Other Small Dollar Loans
CRL’s advocacy supported state-level efforts to cap rates on predatory payday loans, increasing the number of states that now have rate caps of about 36 percent APR on short-term consumer loans, saving borrowers billions in excess fees and payments.
CRL’s research and advocacy led to the CFPB’s proposed new rule classifying predatory high-cost earned wage access (EWA) products as loans subject to Truth in Lending Act regulations, protecting consumers from hidden fees and triple-digit APRs of 300 percent or more.
CRL was the first research organization to call for regulatory scrutiny of rapidly growing Buy Now Pay Later and other “fintech” app-based lending services that often lead borrowers into long-term debt traps, increasing financial insecurity.