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Press Releases

September 19, 2019
NCUA votes for changes to Payday Alternative Loan program; while addressing some key concerns of community groups, overall the vote is a step in the wrong direction WASHINGTON, D.C. – Today, the National Credit Union Administration (NCUA) voted to approve a final rule governing Payday Alternative Loans, referred to as PAL II. In response, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) acknowledged improvements over the proposed PAL II rule while critiquing changes that could expose credit union members to more loans with effective annual percentage...
September 19, 2019
WASHINGTON, D.C. – Today, Senator Lamar Alexander (R-TN), chair of the Senate Health, Education, Labor, and Pensions Committee (HELP) Committee, blocked consideration of the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act. The bipartisan bill, introduced by Senator Doug Jones (D-AL) and Senator Tim Scott (R-SC), extends important mandatory funding for Historically Black Colleges and Universities (HBCUs), Hispanic Serving Institutions (HSIs), Tribally Controlled Colleges or Universities (TCUs), and Minority-Serving Institutions (MSIs) set to expire at the end...
September 18, 2019
WASHINGTON, D.C. - Unsealed court documents are shedding new light on student loan servicing company Navient and its practice of steering student loan borrowers into forbearance rather than helping them enroll in affordable income-base repayment plans (IBR). According to the documents, an internal memo outlining Navient’s predecessor’s forbearance strategy was: “forbear them, forbear them, make them relinquish the ball … said another way, we are very liberal with the use of forbearance once it is determined that a borrower cannot pay cash or utilize other entitlement programs.” A federal...
September 17, 2019
WASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger joined the Trump Administration in urging the U.S. Supreme Court to give the president more influence and control over the CFPB, the agency that regulates the financial services industry. Kraninger and the U.S. Department of Justice (DOJ) jointly asked the Court to consider an appeal that would allow the president to remove the CFPB director at-will instead of for-cause. Since its creation, the CFPB has operated as an independent agency, free of political influence or interference. In joining DOJ...
September 17, 2019
WASHINGTON, D.C. – This evening, the U.S. House of Representatives passed the Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act introduced by Representative Alma Adams (D-NC) and Representative Mark Walker (R-NC). The FUTURE Act extends important mandatory funding for Historically Black Colleges and Universities (HBCUs), Hispanic Serving Institutions (HSIs), Tribally Controlled Colleges or Universities (TCUs), and Minority-Serving Institutions (MSIs) set to expire at the end of this month. The Senate companion bill, introduced by Sen. Doug Jones (D-AL), Sen. Tim...
September 11, 2019
"Survey also reveals that one in five Americans have been contacted by a debt collector in the past twelve months, including higher numbers in communities of color, among lower-income people, and military families." WASHINGTON, D.C. - Strong majorities across parties oppose the Consumer Financial Protection Bureau's (CFPB) proposed debt collection rule including medical debt, 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...
September 10, 2019
CFPB finalizes policy that gives companies a private channel to seek approvals of untested new products and a promise that the CFPB will not take action for consumer protection law violations WASHINGTON D.C. — Consumer advocates criticized today’s announcement by the Consumer Financial Protection Bureau that it has finalized policies to give banks, fintech companies, and other corporations no-action letters and approvals that will protect companies from enforcement and deem potentially risky new products and services to be in compliance with the law. “The new ‘compliance assurance...
September 10, 2019
WASHINGTON, D.C. – Today, Center for Responsible Lending (CRL) Senior Policy Counsel Ashley Harrington testified before the full House Financial Services Committee for hearing entitled A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable. In her remarks, Harrington discussed the need to rein in the abusive practices of the student loan servicing industry and urged members of the committee to pass reforms that allow student borrowers easy access to affordable repayment plans. View Harrington’s full written testimony for the record. “Student...
September 5, 2019
WASHINGTON, DC - Yesterday, in response to a Presidential Memorandum on Federal Housing Finance Reform, the U.S. Department of Treasury and U.S. Department of Housing & Urban Development released recommendations for reform of the nation’s housing finance system. The National Urban League, Center for Responsible Lending, Leadership Conference on Civil and Human Rights, NAACP, National Coalition for Asian Pacific American Community Development, National Fair Housing Alliance, UnidosUS (formerly the National Council of La Raza), National Community Reinvestment Coalition, and the NAACP...
August 30, 2019
WASHINGTON, D.C. – Today, the U.S. Department of Education Secretary Betsy DeVos announced her new Borrower Defense to Repayment rule. These final rules will severely weaken accountability for for-profit colleges and prevent defrauded students from accessing relief. The new rules arrive more than a year after DeVos’ decision to rescind the Obama Administration’s Borrower Defense to Repayment rule, which provided a viable pathway for students to obtain relief and institutions to be held accountable. Among its many changes, the Department’s new regulations place an extremely high bar in...

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