All CRL Content
FDIC and OCC Finalize Crackdown on Bank Payday Lending
Good news for banking customers: Today the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) finalized guidance that effectively directs the banks they supervise to end abusive practices inherent in payday lending.
CRL Statement on CFPB Action Against Cash America
For many years, we have warned that payday loans are a defective product designed to trap consumers in debt. Today’s Consumer Financial Protection Bureau (CFPB) enforcement action against Cash America—one of the largest payday lenders in the U.S.—shows multiple harms to consumers that go beyond the inherent abuses of the product.
Debt Settlement Programs May Leave Consumers Worse Off
Debt settlement programs too often are not the solution they are marketed to be, according to new CRL research.
Federal Trade Commission Protects For-Profit College Students in New Guidance
The Center for Responsible Lending applauds the Federal Trade Commission for its tough new guidance against deceptive practices by vocational schools.
Twenty Consumer And Community Groups Oppose HB 3569 Allowing "Unlimited Fees" To Be Imposed On Massachusetts Consumers By For-profit Debt Relief Firms
Quietly and unexpectedly, the Massachusetts House passed HB 3569 via a voice vote on Wednesday. Yesterday, nearly two dozen consumer protection experts and community groups working to stop predatory lending in Massachusetts issued a major sign-on letter raising concerns about HB 3569 advancing further in the State legislature.
CRL Statement on Representative Watt’s Nomination to Lead Housing Agency
CRL remains a strong supporter of Congressman Watt to head the Federal Housing Finance Agency.
New Remittance Rules Bring Clarity and More Consumer Protections
Starting today, U.S. consumers sending money abroad will have more information on the fees and other terms of their remittance transfers, along with added protections against unfair or deceptive practices. These changes come as a result of rules published by the Consumer Financial Protection Bureau (CFPB).
Federal Regulators Urged to Crack Down on Illegal Payday Loans
Consumer and civil rights groups are asking for action to stop illegal payday lending. In a letter to key federal regulators, the National Consumer Law Center, Consumer Federation of America, the Center for Responsible Lending and 26 other groups thanked the agencies for their efforts to date and pushed for stronger measures to stop illegal payments from being taken out of consumers’ bank accounts.
Momentum Builds Against All Types of Payday Loans
Even as payday lenders attempt to defend their defective product, a growing number of actions by federal and state regulators are cracking down on their predatory practices.
Credit Card Rules Prove to be a Good Deal for Families and Lenders, But Problems Remain
Two new studies show that the Credit CARD Act of 2009 successfully reformed credit card practices, with one study estimating that the Act is saving households over $20 billion per year in previously-hidden fees.
A Roll of the Dice: Debt Settlement Still a Risky Strategy for Debt-Burdened Households
Debt settlement programs too often are not the solution they are marketed to be, according to this new CRL research.
Debt Settlement Firms Adopt "Attorney Model" to Evade State and Federal Rules
This paper discusses debt settlement firms’ increased use of affiliations with legal firms to
circumvent state and federal restrictions on upfront fees and other unfair and deceptive practices.
Civil Rights Groups to Federal Regulators: We Support Aligning Mortgage Rules and Oppose Down Payment Requirements
A host of civil rights and fair housing groups joined with CRL in submitting comments to federal financial regulators and HUD.
CRL Testimony to Senate Banking Committee : Preserve What Works, Reform What Needs Change
In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Eric Stein, CRL Senior Vice-President, reminded lawmakers that consumer concerns must not be lost in proposed housing finance reforms.
Letter to Federal Regulators: Stop Illegal Payday Loans
The National Consumer Law Center, Consumer Federation of America, Center for Responsible Lending and 26 other consumer and civil rights groups sent a letter to federal regulators urging stronger measures to stop illegal payments from being taken out of consumers’ bank accounts. The letter went to federal bank regulators, the U.S. Department of Justice, and the Federal Trade Commission.
Fixing What Went Wrong and Building on What Works in Housing Finance
CRL proposes housing policy reforms for the GSEs.