Press Releases

WASHINGTON, D.C. – The Supreme Court just announced it will hear Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. The lawsuit, which was brought by a trade association for payday lenders, poses an existential threat to funding for the Consumer Financial Protection Bureau (CFPB) and, by extension, similarly funded agencies. “This case imperils the stable functioning...

WASHINGTON, D.C. – Today, Vice President Kamala Harris and U.S. Housing and Urban Development Secretary Marcia Fudge announced that for new Federal Housing Administration (FHA) loans, the mortgage insurance premium will be reduced by 0.3 percentage point, which translates to around $800 a year in savings for families with the average-sized FHA-insured mortgage of around $270,000. “The Biden-Harris Administration is...

WASHINGTON, D.C. – As soon as Friday, the Supreme Court could announce it will grant a writ of certiorari to review Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau, a lawsuit brought by the trade association for payday lenders that poses an existential threat to funding for the Consumer Financial Protection Bureau (CFPB) and, by extension...

WASHINGTON, D.C. – In tonight’s State of the Union speech, President Biden is spotlighting his Administration’s crackdown on unfair and costly junk fees generally and he is specifically highlighting the effort to curb overdraft fees. The Center for Responsible Lending (CRL) has long called for reining in these charges. “Overdraft fees are junk fees. Despite recent progress in addressing overdraft...

Consumer Advocates Urged FDIC to Downgrade the Bank’s CRA Rating Over its Triple-Digit Interest Rate Rent-a-Bank Loans, Deceptive Marketing WASHINGTON – Late last week, the Federal Deposit Insurance Corporation (FDIC) made public that it has downgraded the Community Reinvestment Act (CRA) performance rating of Transportation Alliance Bank (TAB Bank) to “needs to improve,” a low rating that few banks get...

WASHINGTON, D.C. – Center for Responsible Lending (CRL) Senior Policy Counsel Nadine Chabrier issued the following statement: “Holiday shopping is ramping up and shoppers are increasingly using new, underregulated credit products like ‘Buy Now, Pay Later’ and ‘Earned Wage Access.’ Retailers are also facilitating predatory point-of-sale loans for purchases including for puppies and jewelry. Policymakers should use this moment to...

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Wells Fargo Bank to pay a $3.7 billion settlement over customer abuses tied to its mortgage and automobile lending practices, and surprise overdraft fees and other incorrect charges to customer bank accounts. The bank’s actions led to billions of dollars in financial harm to its customers and, for thousands...

WASHINGTON, D.C. – The Senate Banking Committee this week approved the nomination of Martin Gruenberg to be the permanent head of the Federal Deposit Insurance Corporation (FDIC), along with approving two other FDIC nominees. Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement: Martin Gruenberg is a well-qualified, experienced financial regulator with a strong track...

Lenders squeeze borrowers with large balances, long terms, expensive and unnecessary add-on products DURHAM, NC – Large, personal loans demand scrutiny from regulators and lawmakers in Colorado and elsewhere to ensure practices that harm consumers are stopped, concludes an analysis released today by the Center for Responsible Lending (CRL). Analysis of loan agreements, industry reports and company websites show disturbing...

WASHINGTON, D.C. – Today at 3 pm et, the House Committee on Veterans Affairs will hold a legislative hearing on a discussion draft bill, the VA Housing Loan Forever Act of 2022. Click here for live video and all hearing documents. Click here for written testimony from Mitria Spotser, a consultant for the Center for Responsible Lending (CRL). In her...