CRL's Media Center
As a non-partisan research and policy organization, we’re here to provide expertise on the financial services industry, whether it’s about mortgage lending, payday loans, credit cards or a host of other products and services that have a daily impact on the wallets and economic well-being of every American.
Take some time to browse the website, where our research and policy positions are organized by topic: mortgages, payday, overdraft, credit cards, auto lending, car title loans, debt collection & settlement.
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Latest Press Releases
- Discover Bank’s Illegal Student Loan Servicing Practices Show Need for New Rules
July 23, 2015
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a consent order requiring Discover Bank to pay a $2.5 million dollar fine and $16 million in refunds to consumers for illegal student loan servicing practices. The bank overstated the minimum amounts due on billing statements and denied consumers information they needed to obtain federal tax benefits. According to the CFPB, the company also engaged in illegal debt collection tactics.
- Military Lending Act Rules Stop 'Debt Trap' Payday, Car-Title, Installment Loans to Service Members
July 21, 2015
In a speech today in Pittsburgh at the annual Veterans of Foreign Wars convention, President Obama announced new Department of Defense rules to further protect service members and their families from predatory lending practices. The rules strengthen the Military Lending Act (MLA), closing loopholes unscrupulous lenders use to target military families with predatory, high-cost loans, and applying the Act's rules to all existing lending practices in the marketplace. The new rules go into effect October 1.
- Honda Finance Settles with CFPB, DOJ over Discriminatory Dealer Interest Rate Markups
July 14, 2015
Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a settlement with Honda Finance Corporation, which will result in the finance company paying $24 million in restitution to affected borrowers. Honda Finance's past practices resulted in thousands of borrowers of color paying higher interest rates than white borrowers. The company will also change its lending practices to reduce discrimination, and submit to continued oversight to monitor for discriminatory impact.
- CFPB Seeks Information on Student Loan Servicing Issues
July 14, 2015
The Consumer Financial Protection Bureau issued a Request for Information (RFI) soliciting feedback on student loan servicing issues. CRL submitted comments to this request for information – comment author Maura Dundon offered the following remarks on student loan servicing issues...