CRL in the News

Here’s another reminder that, when it comes to the Trump administration, it’s more important to watch what the White House does rather than what it says. The payday lending industry scored a huge win when the U.S. Consumer Financial Protection Bureau proposed to weaken Obama-administration rules governing an industry that makes its money by exploiting people in desperate financial straits...

RICHMOND, Va. (AP) — One of Shekinah Mitchell's favorite memories in Richmond is walking out of her favorite corner store 10 years ago and serendipitously meeting the man who would become her husband. Today, that corner store no longer exists. Mitchell's story is part of a larger pattern that policy experts said is becoming increasingly common in Richmond and around...

The Consumer Financial Protection Bureau said its proposal to roll back regulation for payday lenders will give consumers more access to credit — but as far as senior citizens are concerned, that may not be a good thing. The Obama-era regulation, which was finalized in 2017 and was to be implemented in August of this year, required payday lenders to...

The benefit of the doubt new Consumer Financial Protection Bureau Director Kathy Kraninger received from some consumer advocates evaporated this week when she indicated she would ax payday lending standards developed under Obama CFPB Chief Richard Cordray. On the day last December Kraninger was confirmed by the Senate Cordray appeared to ask his followers not to oppose her from the...

The cycle of the payday loan is a well-known horror story. A person needs money, and they need it fast, so they visit a payday lender with names like EZ Cash or Cash Express. They get their money on the spot. The trouble comes later, when it’s time to repay the loan. Most borrowers default on that small-dollar loan, which...

The Consumer Financial Protection Bureau (CFPB) on Wednesday proposed striking certain borrower safeguards from a 2017 regulation on short-term, high-interest loans. The bureau on Wednesday kicked off a proposal to loosen the bureau’s rule on “payday” loans, a measure meant to protect vulnerable consumers from bottomless debt.

In what progressive lawmakers and advocacy groups decried as the Trump administration's latest " shameful" attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.

NEW YORK — The nation’s federal financial watchdog said Wednesday that it plans to abolish most of its critical consumer protections governing payday lenders. The move is a major win for the payday lending industry, which argued the government’s regulations could kill off a large chunk of its business. It’s also a big loss for consumer groups, who say payday...

The nation’s new consumer financial watchdog proposed Wednesday to significantly water down tough pending rules on payday and other short-term loans designed to prevent lenders from taking advantage of cash-strapped Americans. The proposal by Kathy Kraninger, who became director of the Consumer Financial Protection Bureau in December after being nominated by President Trump, would eliminate key provisions requiring lenders to...

The Consumer Financial Protection Bureau announced it plans to roll back its Payday Lending Rule aimed at protecting consumers from the high-interest short-term loans. The proposed changes would be one of the first major policy implementations made by new director Kathy Kraninger. Established in 2018, the Payday Lending ruleaimed to protect consumers from bad lending practices and repayment abuse. The...