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Tag Archives: Center for Responsible Lending

CRL Report Results in Silence From the Debt Relief Industry

Lowering Coffin

The other day I published the debt settlement recommendation report from The Center for Responsible Lending (CRL), click here. As vocal as critics have been in attacking this site and myself for being outspoken about consumer unfriendly debt relief practices I felt certain people would have comments to offer about the CRL recommendations. But silence, except for one commenter. Some ... Read More »

Forget About Credit. Will Anyone Be Able to Save a Down Payment to Buy a House in The Future?

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The Center for Responsible Lending has a very interesting publication out that addresses the proposed new regulation that will mandate a 20% down payment for a residential mortgage. The 20% proposal is ridiculous and you will not that it has nothing to do with if you have good or bad credit. The new proposed large downpayment would block consumers out ... Read More »

Consumer Groups Call on CFPB to Provide Easy Access to Complaints Filed Against Companies

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Consumers Union and a bunch of other groups have submitted a letter to the CFPB to ask that consumers have easy access to complaints filed against companies. Get Out of Debt Guy – Twitter, G+, Facebook Washington D.C.- A coalition of consumer, civil rights, good government, and community groups have called on the new federal financial watchdog, the Consumer Financial ... Read More »

See Who is For and Against California SB 708 Debt Settlement Legislation

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A tipster (send in your tips here) sent me in the link to the current California debt settlement bill that listed who was before and against it. What is interesting to note is that Visa is for it and Consumers Union. Gail Hillebrand who was behind these efforts at Consumers Union is now with the CFPB. In Support of the ... Read More »

Payday Loans: How Quick Is A Quick Solution?

Average Days Indebted

On March 31, 2011 The Center for Responsible Lending put out a publication entitled “Payday Loans, Inc.: Short on Credit, Long on Debt” where they featured a recent study of payday loan borrowers. The CRL tracked 11,000 Oklahoma payday loan borrowers for 24 months from the date of their first loan and revealed their findings in their latest publication. Their ... Read More »

Banks Target MVBs, Most Vulnerable Bankers, to Keep Overdraft “Protection” Before Regulation E Comes Into Effect

Samples of Opt-In Marketing Strategies to Financial Institutions

Overdraft “protection” as we know it in America will make a positive change August 15, 2010. Considering to protect something means to cover or shield from exposure, injury, damage, or destruction, overdraft “protection” is anything but that. I view it as one of those “convince” fees. Let’s just call it what it is: a service charge. Most banks charge a ... Read More »

CRL Says TASC and USOBA Harm Ordinary Families at the Hands of Debt Settlement Companies

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Here is another letter sent to the FTC in support of banning advance fees for debt settlement programs. It is notable for it’s strong statements and its well documented footnotes. Get Out of Debt Guy – Twitter, G+, Facebook Comments of Michael Calhoun, President, of the Center for Responsible Lending to the Federal Trade Commission Notice of Proposed Rule-Making: Telemarketing ... Read More »

Consumer Groups Make the Case to Not Exempt Debt Settlement Attorney Model From Regulation

Americans for Financial Reform

This letter was sent in by a loyal tipster (send in your tips here), thank you. Get Out of Debt Guy – Twitter, G+, Facebook Oppose the House Offer on H.R. 4173 to Exempt Attorneys Engaged in Unfair, Deceptive or Abusive Consumer Financial Practices June 22, 2010 House-Senate Conferees, H.R. 4173 Washington, DC 20510 Dear Senator or Representative: Americans for ... Read More »

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