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Press Releases

May 31, 2017
WASHINGTON, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.) announced the launch of DeVos Watch, a new online resource that will elevate emerging issues affecting actions and developments pursued by U.S. Department of Education Secretary Betsy DeVos. The online platform will be hosted on Senator Warren's website. Center for Responsible Lending (CRL) Counsel Ashley Harrington released the following statement: We applaud Senator Warren's leadership for holding Secretary DeVos and the Department of Education accountable to students and parents. This new resource will be valued not...
May 24, 2017
WASHINGTON – Consumer and civil rights groups released the following statements today following oral arguments in the U.S. Court of Appeals for the D.C. Circuit in PHH Corporation vs. CFPB. The hearing is a result of the Court’s decision to grant the Consumer Financial Protection Bureau’s (CFPB) petition for the full court to hear the case following a panel’s erroneous 2-1 ruling (PDF) that the President may remove the CFPB Director without cause. The panel’s decision last year undermines the agency’s independence to regulate the financial services industry and protect consumers from bad...
May 24, 2017
President's Proposal would Eliminate Consumer Watchdog and Drive Americans Deeper into Debt WASHINGTON, DC -- Alongside a parade of horribles in the White House budget, the proposal's attempt to completely defund the Consumer Financial Protection Bureau stands out. The Consumer Bureau has returned approximately $12 billion to the pockets of Americans who had money illegally taken from them by the predatory actions of financial companies, including Wells Fargo, payday lenders, and debt collectors. Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles released the...
May 23, 2017
The Department of Education Budget Cuts Funds from Better Alternatives to Predatory For-Profits and Eliminates Aids to Debt Reduction WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) assessed that cuts of $10.6 billion from federal education initiatives announced in the Department of Education’s proposed budget include measures that will drive low-income college students to for-profit colleges that leave them with heavy debt and frequently, no degrees. The budget is also expected to exacerbate the explosive burden of student loan debt that now follows millions of...
May 22, 2017
New Rules Will Create a Monopoly for a Single Servicer and Eliminate Requirements for Several Important Services WASHINGTON, D.C. - Today, the Center for Responsible Lending (CRL) expressed concern that new requirements released by the U.S. Department of Education in its contract solicitation for a future loan servicer will narrow the nation’s student loan servicers from nine to a single servicer, essentially creating a monopoly over management of a $1.3 trillion loan portfolio. The requirements also eliminate several services that the former administration had expected of student loan...
May 16, 2017
Using the CRA, Congress and White House have Erased Fourteen Regulatory Protections This Year WASHINGTON, D.C. - Today, the Center for Responsible Lending (CRL) commended Senator Cory Booker (D-NJ), Senator Tom Udall (D-NM), Congressman David Cicilline (D-RI), and Congressman John Conyers (D-MI) for introducing the Sunset the CRA and Restore American Protections (SCRAP) Act, a bill to repeal the Congressional Review Act (CRA). The CRA is a fast-track legislative tool that Congress can use to quickly eliminate the previous presidential administration's regulations, which were years or...
May 16, 2017
Faith and Credit Roundtable Calls Community to Action as Congress Threatens to Tie Hands of Consumer Agency DURHAM, N.C. — As the U.S. House of Representatives moves a bill that would roll back key consumer protections put into place after the 2008 financial crisis, the Faith & Credit Roundtable is calling on people of faith across the country to demand that Members of Congress support reform of predatory payday lending.  The Faith & Credit Roundtable is an interfaith coalition that seeks to end predatory lending's harmful impact on economically vulnerable families....
May 11, 2017
WASHINGTON, D.C. – A Congressional Review Act (CRA) resolution to repeal a new consumer protection rule on prepaid cards is not set to advance in the Senate ahead of a deadline, nixing the measure’s chances of getting a vote by the full chamber. The prepaid card rule was finalized by the Consumer Financial Protection Bureau (CFPB) last October. The rule includes many commonsense protections for prepaid users, such as standard fraud and disclosure provisions of the Electronic Funds Transfer Act. These protections apply to error resolutions, lost cards, and unauthorized transactions,...
May 4, 2017
WASHINGTON, D.C. – Today, the House Financial Services Committee passed along straight party lines the "Wrong CHOICE Act," an extreme bill that would shred essential consumer protections enacted in the wake of the financial crisis through the Dodd-Frank Wall Street Reform and Consumer Protection Act. Separately, the American Bankers Association recently wrote a letter asking President Trump’s Administration to essentially eliminate protections against predatory small dollar loans, including the popular CARD Act, which has saved consumers billions of dollars. Both initiatives call for nixing...
April 26, 2017
Hearing held today on legislation that would shred consumer protections enacted in wake of the financial crisis WASHINGTON, DC – Today at 10 AM, the House Financial Services Committee will hold a hearing on an updated and even more extreme version of the so-called Financial CHOICE Act. This radical bill would expose American families to risky financial practices that contributed to the Great Recession of 2008. For example, the legislation would severely obstruct the work of the Consumer Financial Protection Bureau (CFPB), an agency that has returned nearly $12 billion to 29 million...

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