Press Releases

As families are knocked down by the COVID-19 public health and economic crisis, the CFPB keeps families exposed to financial ruin from unaffordable 400% interest rate loans WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau’s (CFPB) Trump-appointed Director Kathy Kraninger released a final rule that eliminates basic protections from payday and car-title loans that trap consumers in debt. Today’s...

The bank regulator’s plan provides an avenue for lenders to evade state laws that cap interest rates and to harm families suffering most in this economic downturn Described as “recipe for disaster” and as a way to “fuel financial exclusion" WASHINGTON, D.C. – The Center for Responsible Lending (CRL) joined with a broad coalition of advocacy organizations in two public...

WASHINGTON, D.C. - Last night, the U.S. Senate approved a bill to extend the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) application deadline. The bill extends the PPP authorization cutoff from June 30 to August 8, 2020, preserving funding for additional PPP loans. The bill now goes to the U.S. House of Representatives for consideration. The Senate legislation also...

WASHINGTON, D.C. - Today, the U.S. Supreme Court released their decision in Seila Law LLC v. Consumer Financial Protection Bureau, where it found that the CFPB's leadership structure, which features a single head removable only for inefficiency, neglect, or malfeasance, is unconstitutional. In January, the Center for Responsible Lending and Cohen Milstein Sellers & Toll PLLC (Cohen Milstein) submitted an amicus brief to the...

WASHINGTON, D.C.— The Federal Financial Institutions Examination Council (FFIEC) released its 2019 Home Mortgage Disclosure Act (HMDA) data this week, covering the vast majority of mortgages made in the United States in the past year. Like previous years, the data revealed that borrowers of color remain underserved in the conventional market. Despite a modest increase in the share of home-purchase...

Call on Congress to Pass Federal 36% Interest Rate Cap Limit Washington, D.C. – Consumer advocates Center for Responsible Lending, National Consumer Law Center, and Americans for Financial Reform Education Fund criticized the Federal Deposit Insurance Corporation (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder their loans through banks so the non-bank lenders can charge...

WASHINGTON, D.C. – This week, the Consumer Financial Protection Bureau (CFPB) released two Notices of Proposed Rulemaking (NPRMs). The proposals would extend the temporary Government-Sponsored Enterprises Patch (GSE Patch) and amend the definition of “qualified mortgage” (QM) by removing the debt-to-income limit and replacing it with a price-based approach. The QM rule was created under the ability to repay provision...

*** ADVISORY FOR WEDNESDAY, JUNE 17, 2020 AT APPROXIMATELY 1 P.M. ET/10 A.M. PT *** WASHINGTON, D.C. - On Wednesday, June 17, at approximately 1 p.m. ET/ 10 a.m. PT, Center for Responsible Lending (CRL) Director of Federal Advocacy and Senior Counsel Ashley Harrington will testify in a virtual hearing before the U.S. House of Representatives' Committee on Small Business...

Transparency and structural changes still needed to ensure funds reach the smallest small businesses and business owners of color WASHINGTON, D.C. – Last night, the U.S. Senate, by unanimous consent, approved the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010). Since the bill already passed the House of Representatives, it now goes to the president, who is expected to...

Banks collected more than $11.68 billion in 2019 through abusive overdraft practices that drain consumers’ checking accounts Congress, Regulators, and Banks all have the responsibility and power to ease burden on consumers WASHINGTON, D.C. – A new report released today by the Center for Responsible Lending (CRL) finds that in 2019 banks collected more than $11.68 billion in overdraft-related fees through abusive practices that drain massive...