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CRL in the News

August 30, 2019 | By Eric Kelderman | The Chronicle of Higher Education
After some two years of deliberation, the U.S. Department of Education has released final rules meant to protect students from colleges that close or defraud them. The “borrower defense to repayment” rule allows students to have their federal student loans discharged in cases where they were given false or misleading information, for example. The closed school discharge gives some students the option of having their loans forgiven if a college closes suddenly.
August 27, 2019 | By Kate Berry | American Banker
Consumer advocates and lenders are joining forces to try to revamp or eliminate a key part of the Consumer Financial Protection Bureau's "qualified mortgage" rule establishing underwriting standards for most of the housing market.
August 16, 2019 | By Danielle Douglas-Gabriel | The Washington Post

The Consumer Financial Protection Bureau, once one of the most aggressive regulators of education loan companies, is signaling a retreat from oversight of federal student loans by limiting the duties of its new ombudsman. On Friday, the bureau announced the appointment of Robert G. Cameron as its ombudsman for private education loans, charged with receiving, reviewing and resolving borrower complaints. But those responsibilities previously extended to federal student loans as well.

August 16, 2019 | By David Lazarus | The Los Angeles Times
Something very important, affecting millions of consumers, won’t happen Monday. That’s when new protections from abusive payday and car-title lenders were set to take effect, requiring the firms to make sure borrowers can pay back their obligations in a reasonable amount of time and don’t become mired in debt . However, the Trump administration is delaying this perfectly reasonable safeguard for another 15 months, and already has declared its intention to do away with the rules entirely amid concern they’re too troublesome for lenders.
July 25, 2019 | By Susan Tompor | Detroit Free Press

Student loan debt is no doubt a drag on the U.S. economy, holding back how much money young consumers can spend on cars, homes and even invest in 401(k) plans or new businesses. 

But the debt crisis is giving an early kick start to the 2020 Democratic presidential race. One candidate after another has generated some buzz by offering up one freebie or another for tackling $1.5 trillion in student loan debt.  

July 25, 2019 | By Atlanta Daily World

This week, the Center for Responsible Lending and the National Association for the Advancement of Colored People (NAACP) released a report finding that student loan debt is unsustainable for many student borrowers, especially borrowers of color.

July 24, 2019 | By David Baumann | Credit Union Times

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.

July 24, 2019 | By Shailaja Neelakantan | Education Dive

Outstanding student debt continues to grow, with some 43 million Americans owing a total $1.4 trillion in federal student loan debt alone. 

July 24, 2019 | By Andrew Kreighbaum | Inside Higher Ed

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.

July 23, 2019 | By Poonkulali Thangavelu

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.

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