Press Releases

WASHINGTON, D.C. – Center for Responsible Lending (CRL) President Mike Calhoun released the following statement today after Richard Cordray tenured his resignation as Director of the Consumer Financial Protection Bureau (CFPB): We commend Richard Cordray’s years of public service and commitment to protect Americans from financial predators. As the CFPB’s first director, he brought accountability and transparency to consumer finance, and helped clean up Wall Street's mess after the 2008 financial crisis. The Bureau and its staff are strong because of Richard’s leadership--cracking down on the

WASHINGTON, D.C. – Tonight, President Trump unlawfully attempted to name Mick Mulvaney to serve as Acting Director of the Consumer Financial Protection Bureau (CFPB). Mulvaney currently serves as Director of the Office of Management and Budget. Center for Responsible Lending President Mike Calhoun issued the following statement: The President must follow his authority written in the in Dodd-Frank law and nominate a candidate who can be confirmed by the U.S. Senate to serve as the director of the CFPB. Until that plan is followed, Leandra English is the rightful Acting Director of the Bureau

Faith Leaders Hand Deliver Letter Signed by 230 Groups DURHAM, N.C. – As a federal agency re-opens the door to predatory payday lending for some banks, scores of groups representing a broad cross-section of Americans are saying “not so fast.” Advocates are mailing hard copies of an open letter to banks and regulators, and faith leaders are delivering the letter directly to bank branches, some where the congregations hold their accounts. The letter, which urges the banks to pledge not to start making payday loans, was coordinated by the Stop the Debt Trap campaign and is signed by 230 faith

WASHINGTON, D.C. – The Senate Committee on Appropriations released a Financial Services and General Government Appropriations bill that would make an enormous policy change: it would eliminate the independent funding stream for the Consumer Financial Protection Bureau (CFPB). Congress should pass policy changes in the light of day, not as a toxic rider attached to a budget. Center for Responsible Lending (CRL) Director of Federal Advocacy Scott Astrada released the following statement: Financial predators are hoping to hitch a ride on a budget bill. Their rider would severely weaken the CFPB

Federal Legislation Would Open the Door for Triple-Digit APR Loans to Enter States with Interest Rate Caps WASHINGTON, D.C. – The House Financial Services Committee last night passed H.R. 3299, the so-called Madden bill, which would make it easier for payday lenders and other usurious lenders to use "rent-a-bank" schemes to charge distressed borrowers triple-digit interest rates that would otherwise violate state law. Among those threatened by this legislation and its Senate companion S. 1642 are more than 90 million Americans who live in states with interest-rate caps of 36% or lower on short

WASHINGTON, D.C. – Center for Responsible Lending President Mike Calhoun released the following statement today on Richard Cordray’s decision to step down as Director of the Consumer Financial Protection Bureau (CFPB) later this month: Director Richard Cordray has proven to be a tireless and effective public servant. Under his watch, the CFPB has cracked down on the tricks and traps of payday lenders, credit cards companies, debt collectors, and bad actors in the industry from taking advantage of distressed Americans. Through his effort, Director Cordray has worked to recover more than $12

Advisory for Monday, Nov. 13 to Wednesday, Nov. 15, 2017 Negotiated rule making process will include various education and consumer advocates from across the country. WASHINGTON, D.C. – On Monday, November 13, 2017, at approximately 9 a.m. ET the Center for Responsible Lending (CRL) along with various advocacy organizations including Consumers Union will participate in the U.S. Department of Education’s (DOE) negotiated rulemaking process on the Borrower Defense to Repayment Rule. This will be one of three meetings where CRL and other participants will gather with DOE officials to strike an

Washington, D.C. – Today, President Trump signed into law a bill, H.J. Res. 111, that takes away Americans’ right to have their day in court when they are defrauded by banks, credit card companies, payday lenders, student loan servicers, and other financial companies. It does so by rescinding a rule, issued by the independent Consumer Financial Protection Bureau, which would have restored the right of similarly harmed consumers to band together to challenge financial institutions in court. Center for Responsible Lending (CRL) Senior Policy Counsel Melissa Stegman released the following

WASHINGTON, D.C. – Today Nikitra Bailey, an Executive Vice President with the Center for Responsible Lending testified before the U.S. House of Representatives Subcommittee hearing entitled, “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform.” Bailey reviewed the secondary mortgage market’s history as it relates to low-wealth communities and consumers of color, citing past federal policies that excluded communities of color from homeownership, and its accompanying opportunity to build wealth. Bailey’s testimony today underscores how federal policy has both the

Rescinding CFPB arbitration rule denies Americans the freedom to seek justice through our court system. WASHINGTON, D.C. – This evening, the U.S. Senate passed a bill that would repeal the independent Consumer Financial Protection Bureau’s (CFPB) rule on forced arbitration. The CFPB rule prohibits consumer contracts from denying Americans the right to band together in a lawsuit against a company for misconduct. The measure passed only with the Vice President’s tie-breaking vote and only under the special fast-track procedure known as the Congressional Review Act (CRA). If the President signs