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All CRL Content
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Prepaid Accounts Under the Electronic Fund Transfer Act and the Truth in Lending Act
In response to a request for comment, CRL offered feedback to the Consumer Financial Protection Bureau about the agency’s proposed rule addressing prepaid cards. The CFPB’s proposed rule would expand consumer protections on prepaid cards and include some protections that debit card holders currently have; the proposed rule also requires increased disclosures with prepaid cards to help ensure that cardholders are aware of the fees and penalties associated with using such cards. The CRL comment focused on credit products associated with prepaid cards – with a particular focus on overdraft fees. The CRL comment strongly urges the CFPB prohibit any overdraft charges on prepaid cards.

Payday Mayday: Visible and Invisible Payday Lending Defaults
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CFPB's Preliminary Proposal to Address Payday and Similar Debt-trap Loans
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Overdraft U Student Bank Accounts Often Loaded with High Overdraft Fees
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Comment on Proposed Revision of Information Collection
CRL commends the FDIC for soliciting comments to enhance the National Survey of Unbanked and Underbanked Households. Since its inception, the Survey has served as the best—and sometimes the only—public data source for analyzing trends in alternative financial products. We believe that by expanding the products covered, collecting information on frequency of use, and offering greater flexibility in online access to the data, FDIC could make this already valuable data source even more beneficial to researchers, policy makers, and the public at large.

Research Comment On: "Do Defaults on Payday Loans Matter?" by Robert Mann
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Research Comment On: "Payday Loan Rollovers and Consumer Welfare"
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Widespread Support for Reining in Abusive Payday Lenders
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Analysis: CRL Finds AFCC Debt Settlement Report Falls Short
In February 2013, the American Fair Credit Council, an association of debt settlement companies, released a report that claimed to assess the outcomes of debt settlement services by the industry. This report, “Options for Consumers in Crisis: An Economic Analysis of The Debt Settlement Industry,” was commissioned by the AFCC, and fails to demonstrate that debt settlement leaves consumers better off and in fact overstates the benefits of debt settlement for the consumers studied. This CRL analysis details the flaws in the report.

Reckless Driving: Implications of Recent Subprime Auto Finance Growth
The auto finance market has grown significantly in the past few years. According to Experian Automotive, outstanding auto loan balances reached a record-breaking $870 billion in the third quarter of this 2014, an increase of 9.9% and 24.5% over the same periods in 2013 and 2012, respectively. As of the end of the third quarter of 2014, loans to consumers with below prime credit comprised 38.7% of open accounts, totaling over $336 billion.

Noel Poyo to Join CRL Board of Directors
The Center for Responsible Lending (CRL) today announced the addition of Noel A. Poyo to its Board of Directors. Noel is the Executive Director of NALCAB - National Association for Latino Community Asset Builders (NALCAB), based in San Antonio, TX.

Labor Department Proposes Crucial Protections for Retirement Savings
The US Department of Labor proposed a rule that will prevent brokers and retirement advisors from offering “conflicted” financial advice to American consumers.

Poll: What Unites 93% of Tar Heels? Opposition to Predatory Lending and Bill Pushing Interest Rates to Over 60%+
According to a new poll conducted by Public Opinion Strategies and released today by the Center for Responsible Lending (CRL), North Carolina voters overwhelmingly disapprove of predatory lending and a bill that would legalize some of the worst lending abuses. The poll shows that 93% of registered North Carolina voters oppose pending legislation, that would allow finance companies to charge over 60% APR. The bill, SB 681, was introduced last month by State Senator Rick Gunn.

New Report Finds CFPB Proposal Must Include Ability to Repay for All Payday Loans
A new report released today by the Center for Responsible Lending (CRL) finds a high percentage of payday loan borrowers experience a “visible” or “invisible” payday loan default while caught in the debt trap.

Overdraft U: Exclusive bank-college partnerships yield few benefits, if any, for students
A new report by the Center for Responsible Lending finds that college-bank partnership checking accounts for students offer few benefits to the students who use them. Indeed, some students end up paying more in overdraft fees on these accounts per year than the average student pays for books per year.

CFPB Field Hearing on Payday Lending Prepared Remarks of Michael D. Calhoun
CRL president Mike Calhoun delivered the following testimony at the Consumer Financial Protection Bureau field hearing on payday loans in Richmond, VA on March 26, 2015.

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