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CRL President Mike Calhoun Testifies Before Senate Banking Committee
On September 16, CRL President Mike Calhoun delivered testimony before the Senate Banking Committee at a hearing called “Examining the State of Small Depository Institutions.”
No Need for Higher MI Fees with QM
Consumers with lower credit scores often also have low down payments when purchasing a home. As a result, fees for mortgage insurance are added to payments. In these comments, CRL argues for these consumers, citing how higher fees would be another barrier to successful homeownership.
G-Fees Should be Lowered, not Raised
As the Federal Housing Finance Agency (FHFA) considers how best to manage mortgage risk CRL responded to its offer for comments. Discouraging fees that would create unnecessary barriers to homeownership, CRL called for a reduction in Guarantee Fees, also known as ‘g-fees’, and reminds FHFA of its duty to serve the entire market.
Comment on the Hearing on Financial Products for Students: Issues and Challenges
The Center for Responsible Lending (CRL) is pleased to provide a comment for the record on some of the issues covered in the Senate Banking Committee’s hearing, “Financial Products for Students: Issues and Challenges” held on July 31, 2014.
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.
Comments on Amendments to the 2013 Mortgage Rules
No description available
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).
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.
FTC, CFPB Take Action against Payday Lenders
This week, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) announced lawsuits against two payday lenders. Both payday lending networks are accused of illegally extracting interest payments and fees from consumer accounts without consumer knowledge or consent. Both agencies have taken legal action to halt the lenders’ activities.
CFPB Proposes Rule to Extend Oversight to Largest Nonbank Auto Lenders
Today, the Consumer Financial Protection Bureau (CFPB) announced that it intends to supervise the largest nonbank based auto lenders in a new “larger participant” proposed rule. The Bureau also announced that it has required indirect auto lenders to pay another $56 million to 190,000 consumers as redress for abusive practices, including dealer markup. According to the Federal Reserve Bank of New York, the lenders covered by the proposed rule accounted for more than half of the $355 billion auto loan market last year. Many lenders covered by the new CFPB rule are also deeply invested in the increasingly volatile subprime auto lending market.
Chris Kukla Testifies at CFPB Hearing on Auto Lending
Today, at a Consumer Financial Protection Bureau (CFPB) Indianapolis field hearing on auto lending practices, Center for Responsible Lending Senior Vice President Chris Kukla testified about abuses in the market.
Consumer Financial Protection Bureau Sues Corinthian Colleges
Yesterday, the Consumer Financial Protection Bureau (CFPB) sued Corinthian Colleges, Inc., the for-profit college company. The consumer protection agency claims that Corinthian engaged in deceptive and predatory lending practices in an effort to recruit students, get them to take out private student loans, and then to collect on those loans.
Dear DC Council, Please Protect Consumers from Abusive Debt Collection
In a letter sent today, the Center for Responsible Lending (CRL) along with several other groups - Legal Aid Society of the District of Columbia, District of Columbia Consumer Rights Coalition, Consumers Union, National Association of Consumer Advocates, National Consumers League, and U.S. PIRG - asked Councilmember Vincent Orange, the Chair of the Council’s Committee on Business, Consumer and Regulatory Affairs, to schedule a hearing and committee markup on legislation designed to protect consumers from unscrupulous debt buyers’ abusive collection tactics. The group also urged other members of the council to take a leading role in ensuring debt collectors are transparent with consumers and accountable for abusive actions.
Groups Welcome New Guidelines for Banks Selling Old Consumer Debt to Debt Collectors
Civil rights, consumer, and community groups lauded the Office of the Comptroller of the Currency (OCC) for issuing strong guidance this week regarding banks’ selling of charged-off consumer debts to debt buyers.