CRL in the News

A coalition of consumer groups is asking the CFPB to extend the comment period for the agency’s controversial proposed debt collection rules by two months.

When Senator Elizabeth Warren, a contender for the 2020 Democratic presidential nomination, joined House Majority Whip James Clyburn in unveiling an ambitious student debt cancellation bill Tuesday, she said they weren’t “looking for one headline” about the $640 billion proposal. Clyburn, a member of the Democratic leadership, said he plans to push legislation that could pass in the House. The South Carolina lawmaker added that the bill was about making headway over headlines.

Outstanding student debt continues to grow, with some 43 million Americans owing a total $1.4 trillion in federal student loan debt alone. The decade-long disinvestment in public higher education and the inability of underfunded colleges that serve minorities to deepen access contributes to borrowing disparities, the report notes. In response, black and Latino students, in particular, have been disproportionate targets of for-profit colleges, many of which haven't provided students with a return on investment. That's left them with debt they can't pay back, offsetting upward mobility gains

Student loan debt is swelling for graduates across the country. But according to a new report, the crisis is hitting students of color the hardest – and widening the racial wealth gap in the process. The National Association for the Advancement of Colored People (NAACP) and the Center for Responsible Lending (CRL) released a report titled “Quicksand: Borrowers Of Color & The Student Debt Crisis” during the NAACP national convention in Detroit this week. The report is “trying to make the argument that higher education is a public good,” said Julia Barnard, one of the co-authors and a researcher

National student debt has reached the trillion-dollar mark and some senators want to cancel it, proposing huge amounts of money to do so. But it turns out - 10-thousand dollars might do the trick. Market Watch looked at a new analysis from the center for responsible lending. It suggests just 10 grand might make a difference for a huge amount of borrowers. 40 percent of people in repayment--- and a majority of people who are defaulting.

Even as the Consumer Financial Protection Bureau (CFPB) moves to update the Fair Debt Collection Practices Act of 1977 to better reflect the impact of newer communications technology, some consumer advocates point to the inadequacy of the proposed measures. The consumer protection agency has invited public comment on the proposed update, which would set up rules on how debt collectors could use newer technologies – including social media, text messages and emails – to interact with debtors, such as those delinquent on credit card debt. It would also require enhanced disclosures from debt

Araceli Panameño, Center for Responsible Lending "vaya a la página de internet de la comisión federal de comercio, busque ahí la información acerca de este acuerdo, regístrese para recibir correos electrónicos". El acuerdo final está sujeto al visto bueno de una corte federal en los próximos meses.

FIRST LOOK: NAACP TO PUT SPOTLIGHT ON STUDENT DEBT:Student loan debt is unsustainable for many student borrowers — especially borrowers of color, the Center for Responsible Lending and the NAACP warn in a new research report. — The report will be released today in conjunction with the NAACP’s national convention in Detroit, which is expected to draw 10,000 attendees. The report authors recommend changes that include improving loan payment options and cracking down on for-profit schools. Read the report here.

The race to become the Democratic nominee for president has brought the idea of mass and even total student-debt cancellation into the spotlight. A new analysis suggests that even a relatively small amount of debt relief would make a difference to a large share of student-loan borrowers. Cancelling $10,000 of every federal student-loan borrower’s debt would wipe out the federal student loans for about 40% of borrowers who aren’t in a grace period or aren’t in school, according to a new analysis from the Center for Responsible Lending, a consumer advocacy group.

Credit union advocates and lawmakers are arguing over the benefit of overdraft protection credit union programs as the CFPB considers new rules. The Consumer Financial Protection Bureau (CFPB) has recently been soliciting public opinion on potential changes to the rules that govern overdraft fees. In a financial climate where consumers are growing increasingly frustrated with excessive overdraft fees, changes to overdraft rules could be critical for both financial institutions and their customers.