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CRL in the News

May 10, 2019 | By RAUL I. RAYMUNDO | Crain's Chicago Business

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). 

May 9, 2019 | By Libby Watson | Splinter

Bernie Sanders and Alexandria Ocasio-Cortez will reportedly introduce new legislation today capping credit card and consumer loan interest rates at 15 percent and also set penalties for companies that violate the law “including a forfeiture of all interest on the ill

May 9, 2019 | By Mark Weiner |

WASHINGTON – U.S. Rep. John Katko has joined with some ideological foes – Elizabeth Warren and Jerrold Nadler – to help some of the 44 million Americans trying to repay $1.5 trillion in student loan debt.

The Democrats and Katko, R-Camillus, introduced a bill Thursday that would give borrowers who declare bankruptcy the option of having their student loan debt forgiven.

May 9, 2019 | By Jay Willis | GQ

On Thursday, New York congresswoman Alexandria Ocasio-Cortez introduced her first official bill in the United State Congress: the Loan Shark Prevention Act, which would limit the interest rate on all consumer loans to 15 percent. (Over in the Senate, Vermont senator and Democratic 2020 hopeful Bernie Sanders unveiled an identical proposal.) Enacting the measure into law would have two primary effects: First, it would force most credit card companies to lower the rates their customers currently pay. Second, and most importantly, it would wipe the payday lending industry off the map.

May 8, 2019 | By Lisa Rowan | Two Cents

The Consumer Financial Protection Bureau is making plans to enter the technology age with its proposal to change the rules for debt collectors.

May 7, 2019 | By Katy O'Donnell

The Consumer Financial Protection Bureau released a highly anticipated proposal on Tuesday to update the rules governing debt collectors, establishing new guidelines on disclosure and the number of times a collector can contact a consumer.

May 7, 2019 | By Law 360

The Consumer Financial Protection Bureau on Tuesday rolled out a highly anticipated package of proposed debt collection regulations, saying it aims to clarify and modernize consumer communication and disclosure standards 

May 7, 2019 | By Jillian Berman | Market Watch

Over the past several years, debate has raged among policymakers at the federal level about the best way to ensure for-profit colleges provide students with a decent college education, and don’t burden their students with high levels of debt they can’t repay.

Toward the end of their tenure, Obama administration officials implemented two rules aimed at cracking down on for-profit colleges, over resistance from Congressional Republicans and the for-profit college industry.

May 7, 2019 | By Anna Meyer | Inc.

Normally, Amazon opening up yet another store wouldn't necessarily make headlines. The company has 12 Amazon Go stores, three Amazon 4-Star stores, five Amazon Pop Ups, 19 Amazon Books stores, and four malls "presented" by Amazon.

May 6, 2019 | By Pamela Babcock | US News and World Report

If you carry a balance and can get a low interest rate, you might consider getting a fixed-rate card. But fixed-rate credit cards can be difficult to find and may come with other drawbacks. Here's a look at whether these cards might be a good option for you.