Press Releases & Commentary
- Report Shows Payday, Car Title Lenders Moving Into Unsafe Installment Loans
October 1, 2015
A new policy brief released today by the Center for Responsible Lending provides a state-by-state snapshot showing predatory payday and car title lenders increasingly moving into installment loans. The lenders are continuing to offer unsafe loans with excessive interest rates, which are carefully designed to trap borrowers in a cycle of debt they cannot escape, and actively seeking to expand into new states.
- Report Shows Student Loan Servicing Is A Mess In Need of Urgent Cleanup
September 29, 2015
Today, the Consumer Financial Protection Bureau’s (CFPB) and Department of Education (DOE) issued a new report on student loan servicing that confirms concerns that the student loan servicing system is both hurting borrowers and taxpayers and in need of swift regulatory reform.
- Fifth Third to Pay $21 Million for Illegal Auto Lending, Credit Card Practices
September 29, 2015
Yesterday, the federal Consumer Financial Protection Bureau (CFPB) announced that Fifth Third Bank will pay $21 million back to consumers as a part of two investigations into the institution’s practices. The bank will pay $18 million to African American and Latino consumers for engaging in auto dealer markups a discriminatory lending practice that resulted in borrowers of color paying more for their car loans.
- A+: Heitkamp Private Student Loan Refinancing Bill Will Provide Relief for Borrowers
September 23, 2015
This week, South Dakota Senator Heidi Heitkamp introduced the Private Education Loan Refinancing Act of 2015, which would provide relief to students burdened with risky or expensive loans. The bill would create incentives for lenders to work with borrowers to refinance and modify loans to help borrowers avoid default. In the mortgage market, loan modification and refinancing has helped many people avoid foreclosure or save money. There would be no net cost to taxpayers.
- Mortgage Lending Continues under Dodd-Frank
September 22, 2015
Despite a number of industry predictions, new data from the Home Mortgage Disclosure Act (HMDA) report today revealed that Dodd-Frank's mortgage protections and the Consumer Financial Protection Bureau's related new mortgage regulations did not produce a decrease in mortgage accessibility for homebuyers.
- CFPB Mortgage Rule Change Will Help Community Banks
September 22, 2015
Yesterday, the Consumer Financial Protection Bureau finalized changes to its Qualified Mortgage (QM) rule. The changes, which raise the number of loans a small creditor can re-sell and expand the number of banks that can qualify as a "rural bank," are a response to feedback from lenders.
- CRL Senior Vice President Chris Kukla Named to CFPB Consumer Advisory Board
September 18, 2015
Today, the federal Consumer Financial Protection Bureau (CFPB) announced new members of its Consumer Advisory Board, including Center for Responsible Lending (CRL) Senior Vice President Chris Kukla. The board brings together external experts, industry representatives, consumers, community leaders and advocates to discuss consumer protection issues, financial products and services, civil rights and underserved communities.
- Financial Fairness and Hispanic Heritage Month
September 16, 2015
In recognition of Hispanic Heritage Month, September 15-October 15, the Center for Responsible Lending will highlight issues this month that disproportionately affect this community. If your outlet is planning or considering coverage of financial services that pose challenges for consumers in general or Latinos in particular, CRL experts in policy, research and advocacy are available for scheduled interviews.
- Big Fines for Abusive Debt Collection
September 9, 2015
Today, the Consumer Financial Protection Bureau (CFPB) announced enforcement actions against Encore Capital Group and Portfolio Recovery Associates, the two largest debt buyers active in the United States.
- Federal Housing Administration’s Proposal Falls Short, Hits Borrowers Coming and Going
September 1, 2015
The Federal Housing Administration’s mutual mortgage insurance fund plays a critical role in providing access to credit so that millions of Americans -- many of whom are first-time buyers, come from low- and moderate-income backgrounds, or purchase homes in communities of color -- can be successful homeowners. The FHA today proposed revised language on the lender certification of loan and borrower eligibility and lender disbarment.