Press Releases & Commentary
- New Report Finds CFPB Proposal Must Include Ability to Repay for All Payday Loans
March 31, 2015
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
March 30, 2015
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
March 26, 2015
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.
- Consumer Financial Protection Bureau to Limit Payday Loan Debt Trap; Curb 400% Interest Rate Loans
March 26, 2015
The Consumer Financial Protection Bureau offered a first look at where the agency’s efforts to rein in the abusive practices of payday and car title lenders are headed. At a hearing in Richmond, VA, the consumer agency released information outlining a proposed rule and took testimony from a panel of consumer and civil rights advocates as well as industry representatives.
- Student Aid Bill of Rights Would Ease the Burden of Student Debt
March 11, 2015
In a speech delivered at Georgia Tech yesterday, President Obama discussed his plans to implement more robust consumer protection for student loan borrowers. Shortly before his address, the president signed a Memorandum directing the Department of Education and other federal agencies to help students better manage their loans.
- Forced Arbitration Negatively Affects Consumers, New Report to Congress Shows
March 10, 2015
Consumer Financial Protection Bureau releases report on the effects of forced arbitration clauses in financial service contracts
- A Bold Step to Protect Student Borrowers by the US Department of Education
March 2, 2015
Department Ends Contracts with Five Private Debt Collectors
- Needed Protections for Retirement Savings Coming
February 26, 2015
This week President Obama directed the Department of Labor to protect families from “conflicted” retirement counsel provided by financial advisors. The Department will kick off a rulemaking process requiring all retirement advisors to abide by a "fiduciary," or trust standard.
- Equifax Report Gives Incomplete Picture of Troubling Subprime Auto Lending Practices
February 20, 2015
Equifax Report Gives Incomplete Picture of Troubling Subprime Auto Lending Practices
- POLL: Strong Bipartisan Support for Reining in Abusive Payday Lenders
February 19, 2015
Voters Offer Overwhelming Backing for New Rules, Protections