Press Releases

New research finds that in states without triple-digit payday loans, 90 million consumers save more than $2.2 billion each year that would have otherwise been paid to lenders. These costs savings also bring fewer long-term financial harms such as bankruptcy. The research shows that consumers in payday-free states have multiple ways to manage temporary cash shortfalls and at a fraction...

CRL research finds low lending levels perpetuate racial wealth gaps and segregation. Mortgage lending in the nation's most populous state continues to lock out many of California's consumers of color, finds the Center for Responsible Lending (CRL). A new analysis of first-lien, owner-occupied home purchase mortgages made from 2012-2014, reveal a lack of access to conventional mortgages for many Latino...

Today the Consumer Financial Protection Bureau (CFPB) convened a public hearing in Sacramento on the first look at the agency's proposals to address abusive debt collection. The Center for Responsible Lending (CRL) delivered expert testimony that highlighted how millions Americans are affected by this $13 billion industry. Equally important, the public hearing also provides the opportunity to offer initial feedback...

Financial accountability and tough regulations are still needed, say 3 out of 4 likely voters. These two top line findings from a recent poll measured consumer satisfaction with Wall Street banks as well as a range of other financial services and providers including credit cards, debt collectors, payday loans and mortgages. The poll, jointly commissioned by the Center for Responsible...

A new national poll found that, by a margin of 3 to 1, voters strongly support restoring consumers' right to join together to take legal action against banks and other financial services companies that break the law. With the House of Representatives set to vote today on a multi-agency appropriations bill with riders that would strip the CFPB's authority to...

Today the U.S. Department of Housing and Urban Development (HUD) announced changes to the Federal Housing Administration's Distressed Asset Stabilization Program that will help borrowers stay in their homes and support neighborhood recovery. Under the program, HUD will require third party buyers of FHA's non-performing loans to include principal reduction as part of their loan modification programs. This change builds...

New research report by The Institute for College Access and Success (TICAS) finds that North Carolina is one of three states across the country where community college students are notably shortchanged on federal student loans. The report, States of Denial: Where Community College Students Lack Access to Federal Student Loans, documents substantial disparities in loan access by state, race/ethnicity, and...

As representatives of consumer, community, religious and civil rights organizations, we applaud the Consumer Financial Protection Bureau (CFPB) for releasing a strong proposed payday and car title lending rule and urge the Bureau to close some concerning loopholes that would allow some lenders to continue making harmful loans with business as usual. At the heart of the CFPB's proposed rule...

The Consumer Financial Protection Bureau (CFPB) today released proposed rules that, if strengthened, could rein in the worst abuses of payday and car-title lending. As written, however, the rule contains exceptions and loopholes that abusive lenders will use to evade the rule's protections and continue to trap vulnerable borrowers in unaffordable 300-plus percent interest loans. In response to the proposed...

Updated estimate finds overdraft fees drain $14 billion from consumers annually, while analysis of complaint narratives finds the deck stacked against consumers. Financial institutions continue to engage in abusive overdraft practices, according to a new analysis by the Center for Responsible Lending (CRL). Each year, consumers pay nearly $14 billion in overdraft fees. If non-sufficient funds are included, the figure...