Press Releases

WASHINGTON, D.C. – A Congressional Review Act (CRA) resolution to repeal a new consumer protection rule on prepaid cards is not set to advance in the Senate ahead of a deadline, nixing the measure’s chances of getting a vote by the full chamber. The prepaid card rule was finalized by the Consumer Financial Protection Bureau (CFPB) last October. The rule...

WASHINGTON, D.C. – Today, the House Financial Services Committee passed along straight party lines the "Wrong CHOICE Act," an extreme bill that would shred essential consumer protections enacted in the wake of the financial crisis through the Dodd-Frank Wall Street Reform and Consumer Protection Act. Separately, the American Bankers Association recently wrote a letter asking President Trump’s Administration to essentially...

Hearing held today on legislation that would shred consumer protections enacted in wake of the financial crisis WASHINGTON, DC – Today at 10 AM, the House Financial Services Committee will hold a hearing on an updated and even more extreme version of the so-called Financial CHOICE Act. This radical bill would expose American families to risky financial practices that contributed...

WASHINGTON, DC – House Financial Services Committee Chairman Jeb Hensarling (R-TX) recently released text of the so-called Financial CHOICE Act 2.0, his plan to repeal and replace the Dodd-Frank financial reform law. The Chairman’s legislation would prevent the Consumer Financial Protection Bureau (CFPB) from regulating payday and car-title lenders. This is a new provision that was not in last year’s...

A new report released today by the Center for Responsible Lending (CRL) shows that students at Maine’s for-profit colleges carry higher levels of debt, borrow in higher percentages, and have worse repayment rates on that debt compared to their peers at public and private non-profit institutions. These debt burdens fall especially heavily on African-Americans, women, and low-income students, who are...

Amid Baseless Attacks on Consumer Protection Agency, CFPB Director Richard Cordray Testifies Before House Financial Services Committee Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will testify at a House Financial Services Committee on the 2016 Semi-Annual Reports from his agency. Since its inception in 2010, the independent CFPB has provided 29 million Americans harmed by financial companies with...

Consumer Advocates Question FinTech Company’s High Default Rates, Triple Digit Interest Rates Consumer advocates criticized the high interest rates and high default rates of Elevate Credit, Inc. (Elevate), an online lender that is expected to soon have an initial public offering. In its recent filing with the SEC, Elevate cited several risks to potential investors, including “regulatory limitations on the...

Diverse Show of Support for a Strong, Independent Consumer Protection Agency Today, consumer and civil rights groups, leading legal scholars and members of Congress will submit amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case of PHH Corporation v. CFPB in support of the Consumer Financial Protection Bureau. The diverse amici urge the full...

Today, Center for Responsible Lending (CRL) President Mike Calhoun testified before the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee for a hearing entitled “The State of Bank Lending in America.” Calhoun discussed recent trends in lending and how the Dodd-Frank Wall Street Reform and Consumer Protection Act is working to expand credit and strengthen consumer protection, and...

Tomorrow, Tuesday, March 28, at approximately 2 p.m. ET, Center for Responsible Lending (CRL) President Mike Calhoun will testify before the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee for a hearing entitled “The State of Bank Lending in America.” Calhoun will discuss recent trends in lending and how the Dodd-Frank Wall Street Reform and Consumer Protection Act...