Consumer & Small Business Advocates Oppose OCC’s Plan to Offer Fintech Lending Charters

Innovation Should Not Come at the Expense of Consumer Protection, Evade State Anti-Predatory Lending Laws Today, the Office of the Comptroller of the Currency (OCC) announced its intention to offer national charters to financial technology firms, which could severely undermine state oversight and state consumer protection laws that protect consumers and small business owners from abusive financial products and practices...

CRL Lauds Introduction of Bill to Help Wells Fargo’s Victims Seek Justice

Brown, Sherman Bill Would Prevent Wells Fargo from Using Forced Arbitration Clauses in Real Accounts to Block Customers from Suing over Fraudulent Ones The Center for Responsible Lending (CRL) today applauded the introduction of the Justice for Victims of Fraud Act of 2016, a bill to give Wells Fargo customers who were victims of a fraudulent account opening scheme their...

Civil Rights Groups, Consumer Advocates, and Members of Congress File Amicus Briefs to Defend CFPB, Push for Rehearing Before Full Court

United Effort to Maintain a Strong, Independent Consumer Protection Agency Today, Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), and other civil rights and consumer advocacy organizations, as well as 21 members of Congress submitted amicus briefs to the U.S. Court of Appeals for the District of Columbia Circuit in the case of PHH Corporation v. CFPB...

Department of Energy Heeds Call for Stronger Oversight in the PACE Market

The Center for Responsible Lending (CRL), along with the Leadership Conference on Civil & Human Rights and NAACP, applauded the U.S. Department of Energy for strengthening its Best Practice Guidelines for Residential PACE Financing in final guidance issued Friday. The Property Assessed Clean Energy (PACE) program is intended to finance energy efficient home improvements through municipal loans, but low-income homeowners...

Strong Bipartisan Support for 36% Payday Lending Cap by South Dakota Voters Should Encourage Reform Across Nation

On November 8, 75% of South Dakota voters approved reducing the cost of payday loans from 574% to 36% annually. At the same time, a significant majority of South Dakotans rejected the payday lenders' proposal to allow permanent unlimited rates. The rate cap ballot measure approved by South Dakota voters will cap the annual interest rates at 36% for payday...

CRL Statement On Department Of Education's Action To Protect Students Against Misleading, Predatory Practices

Today, the U.S. Department of Education announced final regulations amending the Borrower Defense to Repayment provision of the Higher Education Act (HEA) to ensure that students and taxpayers do not have to bear the financial burdens that arise when predatory higher learning institutions make misrepresentations and fail to provide students with an adequate education. These kinds of bad practices severely...

Civil Rights Groups: Court Is Wrong To Weaken CFPB

If the PHH vs. CFPB Decision Stands It Would Undermine Consumer Protection Agency, Stifle Effort To Curb Predatory Lending Today, in a 2-1 ruling led by Judge Brett Kavanaugh, the U.S. Court of Appeals for the District of Columbia Circuit ruled against the Consumer Financial Protection Bureau’s (CFPB) enforcement order in PHH Corporation vs. CFPB. In its decision, the court...

California Lawmakers, Attorney General Are Right To Call On CFPB For Stronger Payday Lending Rule

The Center for Responsible Lending (CRL) and California Reinvestment Coalition (CRC) lauded California members of the U.S. Senate, U.S. House of Representatives, California State Legislature, city and county officials, and California Attorney General Kamala Harris for sending official statements to the Consumer Financial Protection (CFPB) calling on the agency to strengthen its proposed rule on payday and car title lending...

National Consumer and Civil Rights Organizations Make Final Push Urging CFPB to Strengthen Payday and Car Title Lending Rule, Close Harmful Loopholes

Rule Should Protect Families From Debt Traps, Close Off Paths to Evasion for Predatory Payday Lenders Today, the Center for Responsible Lending (CRL), the Consumer Federation of America (CFA), and the National Consumer Law Center (NCLC) (on behalf of its low income clients), with support from seven national consumer and civil rights organizations, is sending the Consumer Financial Protection Bureau...