Press Releases

WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) issued a $1 billion fine against Wells Fargo, ordered the bank to make restitution to customers harmed by its practices, and required certain management changes. The enforcement action was triggered by the bank’s auto finance practices over recent years that...

Car lending industry and their allies in Congress have consistently attacked the CFPB auto lending guidance despite clear evidence showing that, for decades, car dealer markups have led to discriminatory lending Several Civil Rights organizations urge Members to vote “no” on repealing guidance that protects against unlawful discrimination WASHINGTON, D.C. – Tomorrow, the U.S. Senate is expected to schedule a...

Under questioning from Senator Elizabeth Warren, Mulvaney unconvincingly defends his attempts to kill the consumer watchdog he now heads CRL report documented the failures of other regulators in the run-up to crisis and argued for creation of the Consumer Financial Protection Bureau WASHINGTON, D.C. – Today in testimony before the U.S. Senate Banking Committee, Mick Mulvaney, the de-facto head of...

Oregonians Suffer Liens and Wage Garnishment for Unproven Debts DURHAM, N.C. – Debt buyers are clogging Oregon’s court system with lawsuits often based on sworn statements that the debts are owed, and with no requirement for backup documentation. A new research report by the Center for Responsible Lending (CRL) analyzes court records and complaints to the Consumer Financial Protection Bureau...

As Mulvaney, the “Acting Director” of the Consumer Financial Protection Bureau, testifies before Congress, ConsumersUnderAttack.Org shows how he has favored predatory lenders over American consumers WASHINGTON, D.C. – Today, as Mick Mulvaney, the unlawfully appointed Acting Director of the Consumer Financial Protection Bureau (CFPB), testifies before the House Financial Services Committee, consumer groups announce the launch of a website, www.ConsumersUnderAttack.org...

Payday lenders’ legal challenge to important CFPB protections would keep working families stuck in crippling debt traps WASHINGTON, D.C. – By filing a legal challenge to an important Consumer Financial Protection Bureau (CFPB or Consumer Bureau) rule, payday lenders are seeking to avoid consumer protections against harmful business models that keep distressed borrowers in a cycle of debt, members of...

PHEAA Should Drop the Lawsuit; DOE Should Respect State’s Rights to Address Historically Problematic Practices WASHINGTON, D.C. – The Pennsylvania Higher Education Assistance Agency (PHEAA), one of the nation's largest student loan servicers, is suing the state of Connecticut in order to circumvent a 2015 law to protect student loan borrowers in the state from negligent and predatory servicing practices...

WASHINGTON, D.C. – Today, Wednesday, April 4, leaders of the Center for Responsible Lending (CRL) are in Memphis, Tenn., to participate in events honoring the 50th anniversaries of the assassination of Dr. Martin Luther King, Jr. and the enactment of the Fair Housing Act. The Memphis-based activities will begin a month-long series of CRL publicly appearing with allies and advocates...

SB 818 would renew mortgage and foreclosure protections, such as the right to appeal when a loan modification application is denied. SACRAMENTO, CALIF. – The California Senate Banking and Financial Institutions Committee has voted to pass SB 818, a bill to restore key provisions in California’s landmark “Homeowner’s Bill of Rights” (HBOR) legislation which passed in 2012 in response to...

AB 2500 Received Seven Votes Out of Committee With No Opposition SACRAMENTO, CALIF. - The California Assembly Committee on Banking and Finance has voted to pass AB 2500, the Safe Consumer Lending Act. The bill, brought forward by Assemblymember Ash Kalra’s (D-San Jose), and principal co-authors Senator Holly J. Mitchell (D-Los Angeles) and Senator Steven Bradford (D-Los Angeles), would protect...