Press Releases

Interactive Map and Fact Sheets for Each State Break Down the Numbers DURHAM, N.C. – Today, the Center for Responsible Lending (CRL) released “ The State of For-Profit Colleges” with new data that largely show for-profit college students continue to be less likely to graduate than their counterparts at public or private nonprofit institutions. These student borrowers carry more debt regardless of whether they graduate, and they default on that debt at higher rates, often because a for-profit college degree does not provide the anticipated access to higher-paying jobs. In many states, the

Center For Responsible Lending Calls for Answers on CFPB Settlement That Seems To Let Predatory Lender Off the Hook WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), which is led by Director Kathy Kraninger, announced a settlement with Mark Corbett, who sold veterans deceptive, high-interest loans. While under the settlement Mark Corbett will not continue in this line of business, he also received a civil money penalty of a single dollar. This settlement arrives a few days after Director Kraninger announced that the CFPB will not monitor lenders to verify compliance

DURHAM, N.C. – New York Governor Andrew Cuomo included measures within his state budget proposal released today that would address abuses by for-profit colleges (PDF) and student loan servicers. (PDF) Advocates in the state have long pushed for these protections in light of the significant harms and costs to students and their families caused by abusive practices. Center for Responsible Lending Deputy Director of State Policy Lisa Stifler issued the following statement: We applaud Governor Cuomo for proposing strong measures to rein in abuses by for-profit colleges, which often saddle New

WASHINGTON, D.C. – Tomorrow, the partial government shutdown over funding of a wall along the U.S.-Mexico border will become the longest shutdown in U.S. history— causing financial hardship for many of the roughly 800,000 federal employees who have been furloughed or working without pay since December 21, 2018. According to a recent online report, unpaid federal workers already owe as much as $438 million in mortgage and rent payments this month. The Center for Responsible Lending (CRL) believes it is unjust and unfair for federal employees and contractors to be deprived of their paychecks and

State lawmakers should prevent such abuses before they occur DURHAM, N.C. – On Friday, New York Attorney General Letitia James and Department of Financial Services Superintendent Maria T. Vullo announced a settlement with ACS Education Services, now Conduent Education Services, that will require the student loan servicer to pay $9 million for deceiving student loan borrowers about their repayment options. Among other abuses, the officials found that ACS had overcharged military servicemembers and had failed to put borrowers into the income-based repayment plans for which many qualified. Center

OAKLAND, CALIF. – In his inauguration speech earlier today, Governor Gavin Newsom criticized abusive payday lenders as special interest who target California’s most vulnerable populations, “… Polluters who threaten our coastline and pay-day lenders who target our most vulnerable…interests like these still have a tight grip on power. But here in California, we have the power to stand up to them – and we will.” CRL has consistently fought against predatory lending practices across California, including abusive payday lenders. Previously, CRL announced that a DBO research report detailed how

DURHAM, NC. – In response to the nation’s still-spiraling student loan debt, the Center for Responsible Lending (CRL) convened a day-long summit to examine the impacts and solutions for North Carolina. People from around the state gathered at the Durham Convention Center for this working conference and included a wide variety of stakeholders that included: banks, colleges and universities, as well as advocates representing older Americans, veterans, community developers, low-income residents and others. Throughout the day, people shared their own powerful and personal stories of how student

WASHINGTON, D.C. – Today, upon the Senate voting on party lines to confirm Kathy Kraninger for Director of the Consumer Financial Protection Bureau (CFPB), Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: Mulvaney’s tenure at the CFPB wasn’t public service—it was service to predatory lenders. The Administration’s pattern of nominating unqualified, political candidates to important independent agencies, like the CFPB, is dangerous, misguided, and will cause irreparable harm to families across the country. Kathy Kraninger’s inexperience and

WASHINGTON, D.C. – El Senado de los Estados Unidos se prepara para la votación final para confirmar a Kathy Kraninger, actual directora adjunta de la Oficina de Administración y Presupuesto (OMB, por sus siglas en inglés), como directora de la agencia de protección del consumidor (CFPB, por sus siglas en inglés). Hace un año, el actual director del OMB, y aliado de los préstamos de día de pago (mejor conocidos en inglés como préstamos Payday), Mick Mulvaney asumió el papel de director del CFPB. Ante este cargo, Mulvaney lanzó una campaña de sabotaje en contra de la misión principal de la

November 27, 2018 By Yana Miles A year ago today, the Trump Administration’s budget chief Mick Mulvaney took over as head of the Consumer Financial Protection Bureau (CFPB) and launched a campaign of sabotage against the agency’s mission and work. Mulvaney’s tenure provides ample reason for the Senate to reject Kathy Kraninger’s nomination for permanent Director of the CFPB. The Senate is expected to vote on her nomination as soon as tomorrow. Ms. Kraninger currently works as an aide at the Office of Management and Budget, where Mick Mulvaney is the Director (in addition to leading the CFPB)