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CRL in the News

June 13, 2019 | By Rebekah Tuchscherer | USA Today

Sallie Mae, the student loan provider once sponsored by the government, is expanding into credit cards.

The company this month unveiled a suite of three credit cards aimed at college students, recent graduates and young professionals. Its new cards offer rewards for responsible financial behavior. They come 18 months after the company introduced personal loans. 

June 13, 2019 | By BARRY BRIDGES | BANKRATE.COM

When you’re dealing with medical bills not covered by your insurance or car repairs not covered by your warranty, sometimes a personal loan has you covered. You could even use a personal loan for a non-emergency such as a home improvement project.

June 13, 2019 | By HANNAH WILEY | Sacramento Bee

For California borrowers trapped in loans with triple-digit interest rates, a proposed bill to impose a 36% cap might seem like a godsend.

If passed, Assembly Bill 539 would end a decades-long practice of allowing installment loans of $2,500 to $10,000 to carry such high interest rates by limiting that number to 36%.

June 11, 2019 | By LaMont Jones | Diverse: Issues in Higher Education

Millions of Americans have filed Chapter 7 bankruptcy to eliminate crippling debt and get a fresh financial start, but nowadays it isn’t unusual for people to come out of the process still owing much of their debt in the form of student loans, according to a report issued Tuesday by LendEDU.

Based on anonymized data from 1,083 bankruptcy cases across the nation supplied by Upsolve, a nonprofit that helps low-income people file for Chapter 7 bankruptcy free of charge, 32 percent of filers had student loan debt.

June 11, 2019 | By Dan Neumann | Maine Beacon

Bringing “real accountability to the Wild West of student loan servicing,” Maine lawmakers passed a “Student Loan Bill of Rights,” which will give the state the authority to investigate and intervene when borrowers complain of abusive or deceptive practices by student loan lenders.

June 10, 2019 | By Diane Standaert | The Washington Examiner

Tim Worstall recently took issue with the Center for Responsible Lending’s position that payday loans should be capped at a 36% annual rate. He seemed troubled by the fact that with such a rate cap in place, payday lenders choose to no longer make their predatory loans.

June 7, 2019 | By CARLY SITRIN | NJ Spotlight

State lawmakers have again taken aim at the growing student-debt crisis in New Jersey, releasing a bill that former Gov. Chris Christie let die when he left office.

June 7, 2019 | By Shelby Harris | The Daily Times

You’ve seen them scattered along the outskirts of highways. It seems that around every corner, you’re bombarded with the opportunity to “get cash now!” And though the promise of instant funds is captivating, how wise is it to get that cash now?

Not very, according to statistics.

Payday loans, as they’re commonly referred to, are less about receiving money instantly and more about the heaps of interest piled atop the instant cash.

June 5, 2019 | By Danielle Douglas-Gabriel | The Washington Post

Civil rights organizations are urging the director of the Consumer Financial Protection Bureau to step up oversight of the student-loan servicing industry and root out discrimination.

It has been two years since the bureau identified student-loan servicing as posing substantial risk of credit discrimination and pledged further investigation into disparate outcomes for borrowers. That level of evaluation requires records and data from servicing companies that manage student-loan payments on behalf of the federal government and private lenders.

June 5, 2019 | By Poonkulali Thangavelu | Credit Cards.com

In a bid to give consumers more choice when it comes to credit card and other disputes with corporations, two Democratic lawmakers are pursuing the Forced Arbitration Injustice Repeal Act.

The bill would do away with forced arbitration clauses relating to credit card disputes. This means consumers would have the choice of opting for arbitration after a dispute erupts, instead of being forced into arbitration.

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