Press Releases

WASHINGTON, D.C. – Today, the U.S. Senate voted to pass S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in response to the biggest financial crisis since the Great Depression. The bill now goes to the U.S. House of Representatives for consideration. Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: The U.S. Senate just passed a bill to make it harder to track racial discrimination in the

WASHINGTON, D.C. – On Monday, March 12, the Federal Register will include an interpretation by the Department of Education that state-level student loan servicing laws are preempted by Federal law. While the Department purports to affect loans made under Title IV of the Higher Education Act, this interpretation has no legal effect on state laws. The non-binding memo asserts that state consumer protection statutes “undermine” federal regulator requirements. Citing a recent Massachusetts case, Massachusetts v. Pennsylvania Higher Education Assistance Agency, as an example of improper actions. In

WASHINGTON, D.C. – On March 6, the leadership at the U.S. Department of Housing and Urban Development (HUD) announced that it is changing its mission statement by stripping away language that promises inclusivity and communities free of discrimination. According to news reports, the new mission statement removes the reference to “inclusive” communities “free from discrimination.” The draft statement now reads: “HUD’s mission is to ensure Americans have access to fair, affordable housing and opportunities to achieve self-sufficiency, thereby strengthening our communities and nation.” In

WASHINGTON, D.C. – Today, the U.S. Senate voted to advance S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in the wake of the biggest financial crisis since the Great Depression. Read a short summary of S. 2155. Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: The financial crisis led to a Great Recession that cost millions of Americans their jobs, homes, and savings. This bill would allow

Center for Responsible Lending & National Urban League Report Shows Senators’ Proposal Would Cost More, Deliver Less WASHINGTON, D.C. – A new research report by the Center for Responsible Lending (CRL) and National Urban League critiques a legislative discussion draft by U.S. Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) to restructure the nation’s housing finance system, and it criticizes recently published papers supporting it. CRL and the National Urban League’s report finds that the proposed legislation repeals the important public interest mandates within the current system and

WASHINGTON, DC - A recent Bloomberg news article is reporting that the U.S. Department of Education may issue a proposal that would prohibit state law from regulating servicers and student loan debt collectors. Such a move would be an aggressive form of preemption of state laws by the Trump Administration and Education Secretary Betsy DeVos. An alternative view held by 26 state attorneys general (AGs) was also shared last fall with Secretary DeVos, that clarified the rights of states to enforce their own laws, along with federal statutes, like the Higher Education Act, that narrowly limit

Payday lenders strip $50 million per year from Colorado economy DENVER, CO – The Center for Responsible Lending (CRL) released a report today showing that payday lenders charge Coloradans an average of $119 in fees and interest to borrow $392, with an average annual percentage rate (APR) of 129%. This practice strips $50 million per year from low-income Coloradans. The report analyzed data published by the Colorado Attorney General’s office. Also today, a proposed initiative for the November ballot that would cap payday lending rates at 36% comes before the Colorado Initiatives and Title Board

WASHINGTON, D.C. – Last night, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite opposition from consumer advocates. Several Members of Congress took to the floor to voice their firm opposition of this legislation and urged its sponsors to address predatory loopholes that exist in the bill. H.R. 3299 is sponsored by U.S. Reps. Patrick McHenry (R-N.C.) and Greg Meeks (D-N.Y.). The bill will now go to the

Assemblymember Kalra's AB 2500 provides pragmatic solution to curb abusive high-cost loans SACRAMENTO, CALIF. - Today, the Center for Responsible Lending (CRL) and city leaders from across the state applauded California Assemblymember Ash Kalra’s (D-San Jose) introduction of AB 2500, the Safe Consumer Lending Act, a bill to protect California families from abusive high-cost installment loans. The legislation would extend California’s current interest rate cap for consumer loans between $2,500 to $10,000. Kalra announced the introduction of this bill at a press conference in Sacramento where

WASHINGTON, D.C. – Today, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite not having support from consumer advocates. Several Members of Congress took to the floor to voice their firm opposition of this legislation and urged its sponsors to address predatory loopholes that exist in the bill. H.R. 3299 is sponsored by U.S. Reps. Patrick McHenry (R-N.C.) and Greg Meeks (D-N.Y.). The bill will now go to