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Press Releases

August 12, 2019
Advocates Urge the CFPB to Ask Court to Lift Stay on Payment Provisions of Payday Lending Rule "...limit lenders’ ability to relentlessly kick struggling borrowers when they are down..." WASHINGTON, D.C. – Consumer watchdog groups urged the U.S. Consumer Financial Protection Bureau (CFPB) in a letter, linked here and included at bottom, sent today to take action immediately to implement the payment provisions in its payday lending rule, whose compliance date is August 19, 2019. These provisions restrict payday and vehicle-title lenders from attempting to withdraw money from borrowers...
August 12, 2019
WASHINGTON, D.C. – Today, the Department of Homeland Security (DHS) released new rules that drastically expand the criteria that determines whether an immigrant is likely to become a “public charge” and therefore be denied a green card or legal status in the United States. Among the new policy’s provisions, DHS is now requiring immigrants to provide their credit score and credit report. Center for Responsible Lending and Self-Help Co-founder and CEO Martin Eakes released the following statement on behalf of Self-Help Federal Credit Union, Self-Help Credit Union, and the Center for the...
July 31, 2019
WASHINGTON, D.C. – It's been reported today that the U.S. Department of Housing and Urban Development (HUD) will rescind its enforcement of the 2013 Disparate Impact rule, a standard central to the Fair Housing Act meant to ensure that all families are treated fairly when securing housing and other housing-related services such as lending and insurance. In its place, HUD has proposed a rule which guts one of the most effective tools for redressing discrimination in housing. This action severely weakens an important enforcement tool that is critical for combatting ongoing forms of...
July 29, 2019
DURHAM, N.C. – Last week, Pennsylvania Attorney General Josh Shapiro announced a settlement with Think Finance LLC, a fintech company that had engaged in multi-party schemes to make loans with interest rates of up to 448% in Pennsylvania in violation of the state’s interest rate cap.  Under the terms, Think Finance and its investor Victory Park Capital must void outstanding balances on loans, compensate those who already paid their loans back, and have their credit reports cleaned up. CRL Director of State Policy and Executive Vice President Diane Standaert released the following...
July 25, 2019
WASHINGTON, D.C. – As Congress plans to reauthorize the Higher Education Act (HEA), a new coalition has formed to advocate for needed federal investments and protections in order to promote more equitable outcomes within our higher education system. The College Affordability Coalition, a group of 25 organizations representing the voices of students and families, consumers, institutions, and civil rights groups, today released principles for HEA to strengthen the Pell Grant program (PDF), renew a federal-state partnership for college affordability, and create a borrower-centered federal...
July 22, 2019
WASHINGTON, D.C. – Today, two years after the massive Equifax data breach, the credit monitoring agency has agreed to a settlement of up to $700 million. The agreement includes at least $400 million in consumer relief, $175 million to states, and $100 million to the Consumer Financial Protection Bureau in civil penalties. CRL Director of State Policy and Executive Vice President Diane Standaert released the following statement: The consequences of this data breach will be lasting, and it only underscores the need for rigorous oversight and reform over credit monitoring agencies....
July 22, 2019
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) and the National Association for the Advancement of Colored People (NAACP), co-authored a research report finding that student loan debt is unsustainable for many student borrowers, especially borrowers of color. The research paper, titled Quicksand: Borrowers Of Color & The Student Debt Crisis, offers policy recommendations to reform our country’s broken and inefficient student loan system, close the racial wealth gap, and ensure that the system is fair to all students. The report was released in conjunction with NAACP’s...
July 8, 2019
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released A Smarter Qualified Mortgage Can Benefit Borrowers, Taxpayers, and the Economy, a report urging the Consumer Financial Protection Bureau (CFPB) to take timely steps to ensure widespread access to safe and sustainable loans. Unless the CFPB revises its mortgage rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), an expiring provision will cause a significant number of mortgages to face new legal liability, and these loans likely would not be originated at all or would have...
July 2, 2019
WASHINGTON, D.C. – The Center for Responsible Lending (CRL), National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform Education Fund, National Association for the Advancement of Colored People (NAACP), National Coalition for Asian Pacific American Community Development (National CAPACD), and National Fair Housing Alliance (NFHA) late yesterday submitted a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger urging her not to weaken the Federal Reserve Board’s 2009 overdraft “opt in” rule. Under the Rule, which went into...
June 28, 2019
WASHINGTON, D.C. – The Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement today after the U.S. Department of Education Secretary Betsy DeVos announced her decision to rescind the agency’s Gainful Employment Rule: Betsy DeVos’ decision to eliminate this important education protection is a disservice to the public and only serves to put corporate interests ahead of struggling students and taxpayers. Over the past few years, and after a rigorous review process, the Obama Administration proposed and finalized the Gainful Employment...

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