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Press Releases

October 25, 2019
Continuing state action will hasten fair practices across the industry DURHAM, N.C. – A new wave of state legislation passed in 2019 continues the trend of states addressing abuses in the student loan servicing industry, according to a report by the Center for Responsible Lending (CRL) titled, Stepping Up: States Move to Hold Student Loan Servicers Accountable. The analysis notes that, since 2015, thirteen states have passed reforms to address the practices of companies that provide the crucial link between student borrowers and successful repayment of their loans. Those states include...
October 18, 2019
WASHINGTON, D.C. – The U.S. Supreme Court said today that it will take up Seila Law LLC v. Consumer Financial Protection Bureau (CFPB), a case attempting to undermine the independence of the nation’s consumer protection watchdog.  Seila Law LCC is pushing the Supreme Court to give President Trump influence and control over how the CFPB oversees the financial services industry. Specifically, the lawsuit contends that the structure of the CFPB is unconstitutional because it only allows the President to remove the CFPB Director for-cause. Congress, however, established the independent CFPB to...
October 17, 2019
WASHINGTON, D.C. – Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement today on the passing of U.S. Congressman Elijah Cummings, Chairman of the House Committee on Oversight and Reform: We are saddened by the passing of Chairman Elijah Cummings. He was a steadfast leader who served his community and country with passion and conviction. For consumers, he was the voice who championed reforms to protect families from abusive payday lenders, predatory for-profit colleges, and housing discrimination. His legacy is a shining example of what...
October 15, 2019
WASHINGTON, D.C. – Today, the U.S. House of Representatives Committee on Education and Labor introduced the College Affordability Act, a bill to lower the costs of college for students and improve the quality of education. The bill includes important provisions to make quality higher education more accessible and affordable for students and families, including indexing the Pell Grant to inflation, extending federal aid eligibility to DACA recipients and Pell Grants to individuals who are incarcerated, creating a path to debt-free community college through the America’s College Promise...
October 11, 2019
WASHINGTON, D.C. – The Financial Accounting Standards Board (FASB) is implementing a new Current Expected Credit Loss (CECL) methodology for estimating allowances for credit losses on financial institutions. This standard requires lenders to expense the lifetime expected losses of a loan at origination. Capital held by lenders covers unexpected losses in a stress scenario. Center for Responsible Lending President Mike Calhoun made the following statement: As proposed, CECL creates a significant disincentive for lenders to originate loans to low- and moderate-income families and...
October 7, 2019
2008 Crisis Echoes Through American Politics As Americans Seek More WASHINGTON, DC – As candidates vie to set the agenda for the next presidency, Democratic primary voters in Iowa, New Hampshire, Nevada, and South Carolina strongly support a tough approach to oversight and reform of Wall Street, according to a new poll conducted by the bipartisan team of Lake Research Partners and Chesapeake Beach Consulting. The views of these voters, whose decisions will influence the early trajectory of the race for the Democratic nomination, align with Democrats and independents broadly, and on many...
October 2, 2019
WASHINGTON, D.C. – Strong majorities across political parties show concern about the level of student debt in the United States and oppose the Department of Education’s and the Consumer Financial Protection Bureau's (CFPB) recent actions to weaken protections for students, according to a new poll released by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll was conducted by the bipartisan team of Lake Research Partners and Chesapeake Beach Consulting. View the polling memo showing voter opposition to recent Department of Education and CFPB actions...
September 26, 2019
WASHINGTON, D.C. – Today, U.S. Senator Lamar Alexander (R-TN), chair of the Senate Health, Education, Labor, and Pensions Committee (HELP) Committee, unveiled a package of eight bills to rewrite parts of the Higher Education Act. This action comes after Alexander once again blocked consideration of the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act, which would have extended a two-year mandatory funding for Black Colleges and Universities (HBCUs), Hispanic Serving Institutions (HSIs), Tribally Controlled Colleges or Universities (TCUs), and Minority-Serving...
September 20, 2019
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed the Forced Arbitration Injustice Repeal Act (FAIR Act) (H.R. 1423), a bill that would restore the ability of Americans to take their disputes with companies to a real court of law. Specifically, the legislation would prohibit contracts from requiring civil rights, consumer, or employment disputes be settled in arbitration – a process shown to be rigged in favor of powerful companies and against the average American. Center for Responsible Lending Executive Vice President Debbie Goldstein issued the following statement...
September 19, 2019
“Without significant changes, we believe the proposed rule will perpetuate abusive practices, harm already economically distressed families, and widen the racial wealth gap.” WASHINGTON, D.C. – As the time for the public to weigh in on a proposed rule governing debt collection practices comes to a close, a coalition of national consumer advocates and civil rights organizations sent a comment letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger urging her to make substantial changes to the agency’s proposal. The letter was submitted by the Center for Responsible...

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