CRL in the News

Financial experts say there are steps that you can take now to prepare for the aftermath of the court’s decision. First, determine which company is servicing your federal loan or loans so you’ll know whom to pay if and when the time comes. Jaylon Herbin, director of federal campaigns for the Center for Responsible Lending, said there has been a lot of turnover among loan servicers in the nearly three years since borrowers were last required to make a payment.

Jaylon Herbin, Director of Federal Campaigns for the Center for Responsible Lending, joins Kristal to discuss the upcoming showdown as President Biden's student loan forgiveness program heads to SCOTUS.

Critics say much of the money will go to people who can afford to pay it back. But Jaylon Herbin of the Center for Responsible Lending says it will help low income Americans recover from a pandemic that’s hit them disproportionately. "Working class families, they're the ones who take out debt at a higher rate," Herbin said. "They're the ones that are impacted higher."

“If the Supreme Court accepts this deeply flawed argument against C.F.P.B. funding, it would set a dangerous precedent that would be used to challenge agencies with legally indistinguishable funding, including the Federal Reserve, F.D.I.C., Medicare and Social Security,” said Nadine Chabrier, a senior policy and litigation counsel at the nonpartisan research group Center for Responsible Lending.

One of my favorite quotes comes from the 2000 political drama "The Contender." In it, the vice presidential nominee, Laine Hanson, explains her refusal to neither confirm nor deny the sexist smear campaign against her with one sentence: "Principles only mean something if you stick by them when they're inconvenient." Twenty-three years later, I find myself thinking about that line in the context of the U.S. Supreme Court. And, when it comes to student loan forgiveness, the members of the court could learn a thing or two from the scriptwriters in Hollywood.

“If the Supreme Court accepts this deeply flawed argument against C.F.P.B. funding, it would set a dangerous precedent that would be used to challenge agencies with legally indistinguishable funding, including the Federal Reserve, F.D.I.C., Medicare and Social Security,” said Nadine Chabrier, a senior policy and litigation counsel at the nonpartisan research group Center for Responsible Lending.

While acknowledging the Bureau’s earlier efforts to rein in high-cost overdraft fees, Nadine Chabrier, a Senior Policy Counsel with the Center for Responsible Lending says more must be done to protect consumers from other costly junk fees. “These charges wreak havoc on household budgets,” said Chabrier. “We applaud President Biden for highlighting their harm… We are encouraged that the consumer bureau announced it will take additional steps, and we urge the bureau to place strong limits on the size and frequency of these fees.”

In comments submitted last spring, the Center for Responsible Lending, a consumer advocacy group, praised the revamped procedural rules, saying they would strengthen "the ability of the agency to protect consumers and the rights of respondents subject to agency action." Allowing bifurcated proceedings, for example, mirrors how cases can be handled in federal court, promotes case law development and "saves precious resources on the part of both the CFPB and respondents," CRL said. The group also said that letting the CFPB director take first crack at dispositive motions would "save time and

It’s become more expensive to carry debt in recent months since the Federal Reserve has been raising interest rates to try to get inflation under control. That may be contributing to the increase in credit card balances in a couple of ways, according to David Silberman at the Center for Responsible Lending. “As interest rates go up, the amount of any payment that goes to interest rather than to repaying the principal goes up,” he said.

A dozen advocacy groups, led by the Center for Responsible Lending, wrote to the Office of the Comptroller of the Currency and the Federal Reserve Bank of Philadelphia in August, urging them to curb the deal over the amount TD collects in overdraft fees.