All CRL Content
CFPB Unveils Changes to the Home Mortgage Disclosure Act
Today, the Consumer Financial Protection Bureau released a proposed rule to improve the Home Mortgage Disclosure Act (HMDA). In response Center for Responsible Lending president Mike Calhoun comments.
Americans Agree: Wall Street Regulation Still Needs to be Tougher
Nearly five years after the financial crisis, a new national poll shows continued bipartisan support for tough regulation of the financial industry and its products and services, along with a pervasive sense that more needs to be done.
Report: Consumer Interest, Federal Agencies Moved Consumer Protections Forward
2013 was a milestone year for consumer protections, according to a new report by the Center for Responsible Lending. Agency action, advocacy, and public interest around consumer finance all played a critical role in enhancing and expanding legal consumer protections.
Citigroup to Pay $7 Billion for Subprime Mortgage Scams
Today, the US Department of Justice announced a $7 billion settlement with Citigroup; the financial institution will pay a record-setting $4 billion penalty for misleading investors about securities that included toxic mortgages.
CFPB Finds ACE Cash Express Used Abusive, Illegal Tactics
Today, the Consumer Financial Protection Bureau (CFPB) took action against the Texas-based financial services company ACE Cash Express.
Debt Settlement Programs Increase Financial Risks to Vulnerable Consumers
A new report from the Center for Responsible Lending (CRL) finds that the debt settlement remains a risky strategy for debt reduction – and often leaves consumers more financially vulnerable.
Abuses, Improvements in Student Lending Take Center Stage in Harkin Bill
The Center for Responsible Lending applauds Senator Harkin for his commitment to higher education and making substantive reforms protecting students as consumers of financial products and services.
Operation Choke Point Protects American Businesses, Consumers
On Tuesday, the Senate will consider an amendment to the Commerce-Justice-Science Appropriations bill that would eliminate funding for a Department of Justice program called “Operation Chokepoint.”
Center for Responsible Lending president Mike Calhoun responds:
It’s clear that the mythology that Operation Chokepoint detractors have been marketing has reached our nation’s lawmakers and legislators.
Senator Warren’s Bank of Students Emergency Loan Refinancing Act
This week, the Senate will vote on Senator Elizabeth Warren’s Bank of Students Emergency Loan Refinancing Act, which would allow borrowers to refinance student loans at lower rates. Representatives Miller and Tierney have also introduced a companion bill in the House.
President Obama Acts to Ease Student Loan Burdens
Yesterday, President Barack Obama held a White House briefing and signed a Presidential Memorandum calling for new refinancing options, expanding access to income-based repayment, better outreach to distressed borrowers, and more accountability for student loan servicers.
Issues and Outcomes Report: January to December 2013
In July 2014, CRL released an Issues and Outcomes Report that summarized financial regulations for the year 2013. This report provides a review of some of the financial products and services most in need of reform and an accounting and analysis of reform outcomes from January to December 2013.
The State of Lending: Debt Settlement
Debt settlement companies offer the promise of settling a consumer’s debt for a fraction of what they owe. Unfortunately debt settlement carries significant risks that may result in consumers becoming even worse off.
Letter of Support for Higher Education Act
This letter is written to the Chairman of the HELP Committee, Senator Tom Harkin (D – IA), as he seeks to reauthorize the Higher Education Act.
CRL Supports Proposed CFPB Amendments to Qualified Mortgage Rule (QM)
In these comments, CRL expresses general support for the Consumer Financial Protection Bureau’s proposals to amend the 2013 Mortgage Rules under the Truth in Lending Act (Regulation Z).
Comments on Amendments to the 2013 Mortgage Rules
No description available
Gainful Employment Regulations Needed to Protect Students
Reforming for-profit college lending is a critical consumer protection need. For-profit colleges aggressively market their education programs and, in many cases, fail to provide a useful education to the students they enroll.