Press Releases

AB 2500 would have been a historic step forward to help distressed Californians from falling victims to abusive predatory lending SACRAMENTO, CALIF. – Last night, several members of the California Assembly succumbed to industry pressure and voted down AB 2500, the Safe Consumer Lending Act, a bill introduced by Assemblymember Ash Kalra (D-San Jose) to protect California families from abusive...

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), which is led by the unlawfully appointed “Acting Director” Mick Mulvaney, joined the leading payday lenders’ association in filing a joint motion to delay the compliance date for the CFPB’s rule on payday loans (PDF) until 445 days from the final judgement of litigation challenging the rule. Center for Responsible...

Banks and Agency Have Responsibility to Uphold These Principles WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) rolled out guidance addressing installment lending with repayment periods ranging from two to twelve months. The guidance encourages banks to make these loans while cautioning banks to adhere to principles of reasonable pricing and affordability. It also reiterates...

LOS ANGELES, CALIF. – On Thursday, May 24, 2018, the Stop the Debt Trap Los Angeles, a coalition of consumer and civil rights advocates and faith leaders, will host a press conference in Los Angeles to rally behind the County’s anticipated release of a report that aims to curtail predatory lending. The advocates will also urge Los Angeles Assemblymembers to...

Meanwhile, FDIC today announced that bank profits this quarter were the highest on record WASHINGTON, D.C. – Just now, the U.S. House of Representatives voted in favor of S. 2155, a partial rollback of the Dodd-Frank financial reform law, which, since it has already passed the Senate, sends the bill to the President for his signature. The White House has...

WASHINGTON, D.C. - Congressional Review Act (CRA) resolutions—S.J. Res 56 and H.J. Res 122—to repeal the Consumer Financial Protection Bureau’s (CFPB or consumer bureau) payday and car title lending rule will not advance in Congress, as their legislative clock has expired. The CFPB rule, finalized in October, establishes basic consumer protections on these 300% or more interest loans, including the...

Overdraft fees cost consumers $14 billion a year WASHINGTON, D.C. – Mick Mulvaney, who is unlawfully leading the Consumer Financial Protection Bureau (CFPB or the consumer bureau), recently announced that the agency will halt its rulemaking plan to address bank overdraft fee abuses. The announcement was made along with the agency’s updated spring agenda, which dropped an overdraft fee rule...

WASHINGTON, D.C. – This morning, education and consumer advocates convened outside the Consumer Financial Protection Bureau (CFPB) to condemn the announced plan by Mick Mulvaney of the Trump Administration to dissolve the CFPB’s Office for Students and Young Consumers. Watch video of the press conference that included representatives from twelve states, DC, and the US Virgin Islands. "Mulvaney is shutting...

Savings Figures Could Flip to Fee Drain if Federal Threats to NC Consumer Protections Are Realized DURHAM, N.C. – A new Center for Responsible Lending (CRL) analysis breaks down the $457 million that North Carolinians save each year through an interest rate cap on predatory payday and car title loans, calculating the fees that residents of each county and Congressional...

SB 818 would renew mortgage and foreclosure safeguards, such as the right to appeal when a loan modification application is denied. SACRAMENTO, CALIF. – Today, the California Senate passed 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 the foreclosure crisis. HBOR has prevented thousands...