Press Releases

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it intends to supervise the largest nonbank based auto lenders in a new "larger participant" proposed rule. The Bureau also announced that it has required indirect auto lenders to pay another $56 million to 190,000 consumers as redress for abusive practices, including dealer markup. According to the Federal Reserve Bank of...

Yesterday, the Consumer Financial Protection Bureau (CFPB) sued Corinthian Colleges, Inc., the for-profit college company. The consumer protection agency claims that Corinthian engaged in deceptive and predatory lending practices in an effort to recruit students, get them to take out private student loans, and then to collect on those loans. Maura Dundon, senior policy analyst at CRL, issued the following...

Today, at a Consumer Financial Protection Bureau (CFPB) Indianapolis field hearing on auto lending practices, Center for Responsible Lending Senior Vice President Chris Kukla testified about abuses in the market. Kukla, who leads CRL's auto lending team, highlighted the auto dealer interest rate markup and a number of issues in the subprime auto loan market that have been the subject...

In a letter sent today, the Center for Responsible Lending (CRL) along with several other groups - Legal Aid Society of the District of Columbia, District of Columbia Consumer Rights Coalition, Consumers Union, National Association of Consumer Advocates, National Consumers League, and U.S. PIRG - asked Councilmember Vincent Orange, the Chair of the Council's Committee on Business, Consumer and Regulatory...

Civil rights, consumer, and community groups lauded the Office of the Comptroller of the Currency (OCC) for issuing strong guidance this week regarding banks' selling of charged-off consumer debts to debt buyers. The groups urged the agency to also take the next step and issue strong regulations to ensure that national banks do not continue to facilitate unfair, deceptive, and...

The New York Times reported that the US Department of Justice has issued a subpoena to General Motor's finance subsidiary. The DOJ subpoena specifically asks for information about auto loan underwriting criteria and how loans are securitized and sold to investors. The same NYT article noted that the office of US Attorney for the Southern District of New York is...

Today, the Consumer Financial Protection Bureau released a report highlighting the need for robust reform on bank overdraft practices. In response Center for Responsible Lending president Mike Calhoun comments: Today's release underscores the urgent need for reform on banks fees – particularly the practice of tacking on fees on debit card transactions that could be denied at no cost. A...

Today, the Consumer Financial Protection Bureau released a report highlighting the need for robust reform on bank overdraft practices. In response Center for Responsible Lending president Mike Calhoun comments: Today's release underscores the urgent need for reform on banks fees – particularly the practice of tacking on fees on debit card transactions that could be denied at no cost. A...

Washington, D.C. – Today, the Consumer Financial Protection Bureau and 13 state attorneys general issued an enforcement action against Colfax Capital Corporation and Culver Capital, LLC, known as Rome Finance, for targeting servicemembers and consumers with expensive debt that was not properly disclosed and for attempting to collect illegal debts. The Consumer Federation of America, Americans for Financial Reform, National...

Today, the Consumer Financial Protection Bureau released a proposed rule to improve the Home Mortgage Disclosure Act (HMDA). In response Center for Responsible Lending president Mike Calhoun comments: We congratulate the Consumer Financial Protection Bureau for the agency's continued commitment to responsible lending. This is an important step forward in using data and transparency to promote fair lending. Since the...