CRL in the News

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...

In 2016, Donald Trump slithered into the White House by pitching himself as the guy who would save the working class. That pitch, obviously, turned to be a classic Trump scam, given that the former real-estate developer’s “accomplishments” in the past two years have included passing a giant tax cut that disproportionately benefits corporations and the uber-rich; sabotaging the Affordable...

La Oficina de Protección al Consumidor Financiero (CFPB) ha propuesto eliminar la obligatoriedad de que los prestamistas verifiquen la capacidad de un cliente para devolver un crédito de tipo payday (préstamo del día de pago) y contra los títulos de propiedad de carros (car title lending). El CFPB, bajo la dirección de Kathy Kraninger, cree que no hay “pruebas suficientes...