CRL in the News
A coalition of consumer and labor groups is challenging the Consumer Financial Protection Bureau’s proposal to ease an Obama-era restriction on payday lenders, using language that suggests there are legal grounds to block the new rule.
CFPB Director Kathy Kraninger in February introduced the bureau’s proposed plan to effectively unwind regulation imposing underwriting standards on payday lenders, which was originally supposed to go into effect Aug. 19. The proposed rule has been championed by payday and auto title lenders but opposed by consumer groups.
Advocates from across the country are sounding off on what they say are efforts by the Trump administration to weaken protections against predatory payday lending, which sees borrowers pay skyrocketing interest rates, locking them into an inescapable cycle of debt.
Under a rule set to go into effect later this year, the U.S. Consumer Financial Protection Bureau will rescind an Obama-era requirement that lenders first determine a borrower’s ability to pay before they give them a loan.
While the 2020 hopefuls have been focused on introducing new legislation, the current administration is working to reverse some existing laws.
Last week, the Maine House voted on party lines to pass LD 103, which would direct the Department of Education to conduct a review of for-profit colleges and universities to determine whether adequate educational standards are being met. If the for-profit college is not meeting the standards, the state would be authorized to revoke the degree-granting authority of the college.
WASHINGTON – Rep. Patrick McHenry has been representing western North Carolina in the U.S. House since he was 29 years old.
The 10th District Republican, now 43, has long been considered a rising star among House GOP lawmakers. He’s worked in leadership as Republicans’ chief deputy whip, and he’s often labeled as an aspiring Speaker of the House. He’s got a lifetime rating of 93 percent from the American Conservative Union.
Now, he’s got a new platform: adversary-in-chief to House Financial Services Chairwoman Maxine Waters.
Lawmakers have introduced a bill that would make it easier for student loan borrowers to cancel their debt in bankruptcy.
The measure, which is supported by 14 Democrats, one Republican and one independent, is dubbed the Student Borrower Bankruptcy Relief Act of 2019.
People at their most desperate are at their most vulnerable. In an economy that’s booming, the wealth gap should be shrinking, not widening. Climbing the economic ladder for the working poor, especially for blacks and Latinos, is being threatened by payday loan lenders eager to exploit the situation with the help of the Consumer Financial Protection Bureau (CFPB).