Press Releases & Commentary
- US Department of Education Proposes Rules to Better Protect College Students, Federal Financial Aid Dollars
July 2, 2015
The comment period on the US Department of Education proposed rule governing college-bank marketing partnerships closes on Thursday, July 2. CRL senior policy counsel Maura Dundon submitted comments to the Department and offered the following remarks:
- High Court Upholds Disparate Impact
June 26, 2015
On June 25, 2015, the Supreme Court of the United States held that disparate impact claims are recognizable under the Fair Housing Act. In the case Texas Department of Housing and Community Affairs v. the Inclusive Communities Project, the Justices ruled 5-4 to uphold the use of disparate impact to help prove claims of housing discrimination. Center for Responsible Lending president Mike Calhoun offered the following statement:
- Proposed Payday Lending Rules Will Enforce CA Law, Stop Payday Lending Abuses
June 25, 2015
Today, the Center for Responsible Lending (CRL) filed a public comment on urgently needed rules proposed by the California Department of Business Oversight (DBO) that would require payday lenders to follow California law by prohibiting the use of electronic transfers and debit cards in payday transactions. The rules would also create a new real-time electronic database to enforce existing law requirements that borrowers take out only one loan at a time.
- New CFPB Report Finds Troubling Practices in Private Loan Servicing and Origination
June 19, 2015
On June 18, the Student Loan Ombudsman at the Consumer Financial Protection Bureau released a new report on the private student loan industry that sheds light on many troubling servicing practices affecting students and loan co-signers.CRL senior policy counsel Maura Dundon offered remarks:
- Predatory Lending Impacts Economic Stability, Mobility of Families
June 16, 2015
In a new report, the Center for Responsible Lending examines the cumulative costs of abusive lending; calls for more data and regulations to end lending abuses
- CFPB, Department of Justice Take Action against Discriminatory Lending Practices
June 1, 2015
On May 28, the Consumer Financial Protection Bureau and the Department of Justice took enforcement action against Provident Funding Associates; the agencies found that the mortgage lender charged higher fees to African American and Hispanic borrowers.
- Federal Trade Commission takes Strong Action against For-Profit School Targeting Service Men and Women
May 28, 2015
Earlier this week, the Federal Trade Commission announced an enforcement action against the for-profit trade school Ashworth College. The federal agency charged the Georgia-based online college with misrepresenting their programs, leaving students with educations that could not lead to proper credentials or careers.
- Senate Bill Would Undermine Critical Post-Crisis Lending Rules
May 19, 2015
Bill attacks safe mortgage standards and exempts the largest banks from complying with key consumer protections
- New Department of Education Proposed Rule Will Protect Student Loan Funds by Stopping Banks and College from Teaming Up Against Students
May 15, 2015
The Department of Education today announced it would issue a strong proposed Cash Management rule. The rule would regulate the way colleges can enter into marketing agreements with banks and prepaid card issuers who wish to access their student populations. It would ban overdraft and point-of-sale fees on some accounts, and require that all accounts be in the “best interests” of students.
- Seven Ideas for a Fair Student Loan Servicing System
May 14, 2015
As the CFPB requests feedback on student loan servicing, CRL offers seven key ideas for the protection and safety of student loan borrowers