Press Releases

WASHINGTON, D.C. – U.S. Senator Lindsey Graham (R-S.C.) has introduced a Congressional Review Act (CRA) resolution, S.J. Res. 56, which would repeal the Consumer Financial Protection Bureau (CFPB) rule to stop payday and car title loan debt traps and prevent the CFPB from ever issuing a similar rule. The CFPB rule, finalized in October, established basic consumer protections, including the commonsense standard that lenders should have to verify a borrower’s ability to repay before making the loan. Center for Responsible Lending Federal Advocacy Director Scott Astrada issued the following

Trump’s Pick at Consumer Bureau Will Not Pursue Abusive Payday Loan Debt Collector, Might Do Same for Three Other Payday Lending Companies WASHINGTON, D.C. – Today, Reuters published a report, " Exclusive: Trump official quietly drops payday loan case, mulls others – sources," that provides additional evidence that Trump's unlawfully appointed Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney is giving predatory payday lenders a free pass. Specifically, National Credit Adjusters, a debt collector for payday loan companies, confirmed that a pending case against the

OAKLAND, CALIF. – Washington Governor Jay Inslee signed the Washington Student Education Loan Bill of Rights into law yesterday, which will provide strong protections for the more than 730,000 student loan borrowers in the state carrying $22.9 billion in student loan debt. The law will establish a Student Loan Advocate to review complaints, and will authorize the state to license student loan servicers so they can ensure compliance with state and federal requirements and prevent mistreatment such as misappropriating payments or making false reports to credit bureaus. "We commend Governor

WASHINGTON, D.C. – Today, the U.S. Senate voted to pass S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in response to the biggest financial crisis since the Great Depression. The bill now goes to the U.S. House of Representatives for consideration. Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: The U.S. Senate just passed a bill to make it harder to track racial discrimination in the

WASHINGTON, D.C. – On Monday, March 12, the Federal Register will include an interpretation by the Department of Education that state-level student loan servicing laws are preempted by Federal law. While the Department purports to affect loans made under Title IV of the Higher Education Act, this interpretation has no legal effect on state laws. The non-binding memo asserts that state consumer protection statutes “undermine” federal regulator requirements. Citing a recent Massachusetts case, Massachusetts v. Pennsylvania Higher Education Assistance Agency, as an example of improper actions. In

WASHINGTON, D.C. – On March 6, the leadership at the U.S. Department of Housing and Urban Development (HUD) announced that it is changing its mission statement by stripping away language that promises inclusivity and communities free of discrimination. According to news reports, the new mission statement removes the reference to “inclusive” communities “free from discrimination.” The draft statement now reads: “HUD’s mission is to ensure Americans have access to fair, affordable housing and opportunities to achieve self-sufficiency, thereby strengthening our communities and nation.” In

WASHINGTON, D.C. – Today, the U.S. Senate voted to advance S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in the wake of the biggest financial crisis since the Great Depression. Read a short summary of S. 2155. Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: The financial crisis led to a Great Recession that cost millions of Americans their jobs, homes, and savings. This bill would allow

Center for Responsible Lending & National Urban League Report Shows Senators’ Proposal Would Cost More, Deliver Less WASHINGTON, D.C. – A new research report by the Center for Responsible Lending (CRL) and National Urban League critiques a legislative discussion draft by U.S. Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) to restructure the nation’s housing finance system, and it criticizes recently published papers supporting it. CRL and the National Urban League’s report finds that the proposed legislation repeals the important public interest mandates within the current system and

WASHINGTON, DC - A recent Bloomberg news article is reporting that the U.S. Department of Education may issue a proposal that would prohibit state law from regulating servicers and student loan debt collectors. Such a move would be an aggressive form of preemption of state laws by the Trump Administration and Education Secretary Betsy DeVos. An alternative view held by 26 state attorneys general (AGs) was also shared last fall with Secretary DeVos, that clarified the rights of states to enforce their own laws, along with federal statutes, like the Higher Education Act, that narrowly limit

Payday lenders strip $50 million per year from Colorado economy DENVER, CO – The Center for Responsible Lending (CRL) released a report today showing that payday lenders charge Coloradans an average of $119 in fees and interest to borrow $392, with an average annual percentage rate (APR) of 129%. This practice strips $50 million per year from low-income Coloradans. The report analyzed data published by the Colorado Attorney General’s office. Also today, a proposed initiative for the November ballot that would cap payday lending rates at 36% comes before the Colorado Initiatives and Title Board