Press Releases

Washington, DC – The Julian Bond Institute (JBI) today revealed the first members of its new Research Advisory Council, representing a range of educational institutions, community members and financial industry participants that will advise the institute on research selection, research design, and analysis of findings. Including community perspectives and industry stakeholders in the institute’s research provides insights into the real-world...

Veterans Affairs Servicing Purchase Program Provided ‘Last Resort’ for Veterans, Congress Must Act Quickly to Fill the Gap WASHINGTON – Today, the U.S. Department of Veterans Affairs (VA) dramatically increased the risk of foreclosure for tens of thousands of Veterans and their families. The VA discontinued the Veterans Affairs Servicing Purchase (VASP) program, the only VA mortgage assistance option that...

Veto would help millions of families struggling with the high cost of living WASHINGTON, DC – The Center for Responsible Lending today joined a group of consumer, economic justice and civil rights organizations in sending a letter to the White House, urging President Trump to veto S.J. Res 18, legislation that would eliminate a Consumer Financial Protection Bureau (CFPB) rule...

Passage would send the bill to the president’s desk to be signed into law WASHINGTON, DC – The U.S. House of Representatives will vote today on S.J.Res.18, legislation that would overturn a Consumer Financial Protection Bureau rule designed to reduce the typical price of an overdraft fee at very large banks and credit unions from around $35 to an amount...

ANNAPOLIS, Md. – The Maryland State Senate is scheduled to vote this afternoon on HB 1294, legislation that would exempt payday loans made through cell phone apps from the state’s usury law, which limits annual interest rates to 33% APR. "Maryland policymakers should reject this legislation, which would legalize cellphone app payday loans that regularly trap people in debt,” said...

WASHINGTON, DC – The U.S. Senate is expected to begin voting today on S.J.Res.18, legislation that would prevent a Consumer Financial Protection Bureau (CFPB) rule from lowering the typical price of an overdraft fee at very large banks and credit unions from around $35 to $5. If enacted, the legislation would eliminate this CFPB rule and forbid issuance of the...

WASHINGTON, D.C. – President Donald Trump is set to sign an executive order today aiming to dismantle or significantly restructure the U.S. Department of Education. The department, established by Congress nearly 50 years ago, plays a critical role in enforcing civil rights protections, distributing federal education funding and administering financial aid programs that make higher education accessible for millions of students...

Washington, D.C.—The U.S. Department of Education announced yesterday evening that it will reduce nearly half of its staff. In response, Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), issued the following statement: While Secretary McMahon frames this as a step toward restoring greatness in our education system, slashing staff at this scale is reckless and threatens...

WASHINGTON, D.C. – President Donald Trump signed an executive order last Friday directing the Secretary of the U.S. Department of Education to exclude borrowers employed at nonprofit organizations from Public Service Loan Forgiveness (PSLF) if they engaged in activities deemed improper or illegal by the administration. Established by Congress in 2007, PSLF was designed to provide student loan relief to...

Legislation to eliminate these consumer protections moving through Congress as Trump Administration has shut down nearly all Consumer Bureau operations WASHINGTON, DC – With the U.S. House Financial Services Committee voting today to prevent a Consumer Financial Protection Bureau (CFPB) rule from lowering the price of overdraft fees at megabanks and with the Senate Banking Committee scheduled to vote tomorrow...