Press Releases

Fifth Third bank may soon be one of only two banks in the nation that makes payday loans. This week William Isaac, chairman of Fifth Third Bancorp (FITB), published a piece here defending payday loans and expressing concern about regulatory crackdowns on payday lending. This is not surprising given that—despite sharp regulatory warnings and widespread public opposition—Fifth Third may soon...

We commend the President for offering a clear vision for a full housing recovery. We also second the President's call for a swift confirmation of Rep. Mel Watt to serve as the head of the Federal Housing Finance Agency. As we enter into the reform of the mortgage finance system, it is vital to have a qualified Presidential appointee at...

Many banks and credit unions continue to charge abusive fees on debit cards and checking accounts, according to a new report by the Center for Responsible Lending. "High-Cost Overdraft Practices" finds that, in spite of regulatory changes in recent years, consumers paid more than $16 billion in fees during 2011, many triggered by manipulative banking practices. Debit cards carry fees...

For years many banks and credit unions have manipulated the order of debit and checking transactions to trigger more overdraft fees. In spite of consumer complaints, media attention and costly litigation, some financial institutions persist in this practice. We commend Senator Sherrod Brown for proposing a bill that would stop this sleight-of-hand trick once and for all.Not all banks and...

Today marks an historic moment. After two years of a roller coaster ride following hard-won reform, Director Richard Cordray has been confirmed. The nation now has a fully empowered Consumer Financial Protection Bureau and can fully focus on the job Congress asked it to do three years ago. As businesses compete under the same set of rules, working families will...

The American dream of homeownership strengthens families, communities, and our nation as a whole. Housing is also a major contributor to the American economy. Before our nation's economy can become strong again, our housing market must become robust. We are concerned that The Protecting American Taxpayer & Homeowner Act fails to provide a path forward to a strong housing finance...

Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced legislation to reform the nation's housing finance system that rightly recognizes the importance of having a government backstop to private capital. This is essential to providing ample liquidity and support for 30-year, fixed rate mortgages. Any mortgage finance legislation that does not include a full government backstop will fall short...

We are pleased the Consumer Financial Protection Bureau (CFPB) has begun an extensive analysis of bank and credit union overdraft programs. Overdraft fees—many of them encouraged and generated through unfair and deceptive practices—cost consumers billions of dollars each year. Overdrafts are a particular problem when consumers use a debit card to make purchases or withdraw cash from ATMs. The CFPB...

The final rules issued today by the Consumer Financial Protection Bureau strike the right balance: they safeguard consumers from abusive practices while helping lenders comply with new mortgage lending standards. The rules address two key issues related to the Dodd-Frank Act's mandate that lenders assess a borrower's ability to repay, particularly the standards a loan must meet to qualify as...

Data released earlier today by HUD shows that the National Mortgage Settlement has brought more than $50 billion in principal reduction and savings to over 620,000 homeowners. Principal reductions and refinancing savings represent 60 percent of the total dollar amount. These savings show this negotiated agreement between the largest banks and state Attorneys General and the Administration is a strong...