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Press Releases

August 29, 2019
Navient Claims It Doesn’t Have to Follow State Laws WASHINGTON, D.C. – The Center for Responsible Lending (CRL), the Student Borrower Protection Center (SBPC), the Pennsylvania SeniorLAW Center, the Lawyers’ Committee for Civil Rights Under Law, New Jersey Citizen Action, and the Community Legal Services of Philadelphia filed an amicus brief today in the Third Circuit Court of Appeals in support of Pennsylvania Attorney General Josh Shapiro’s lawsuit against Navient Corporation, one of the nation’s largest student loan servicers. The brief focused on the impact of improper student loan...
August 22, 2019
OAKLAND, CALIF. – Two annual reports released this month by the California Department of Business Oversight (DBO) reveal that predatory lenders are still reaping millions of dollars by trapping Californians in unaffordable debt. The DBO reports focus on payday and installment lender activity data from 2018. Lending data shows that the majority--55 percent--of loans being made in the $2,500 to $4,999 range, carry an annual percentage rate (APR) of 100 percent or more. Loans over $2,500 are currently not subject to an interest rate cap. In 2018, DBO settled with Advance America, Check Into...
August 20, 2019
Policies Should Prioritize Quality and Accountability, Not Allow Unmanageable Debt to Weigh Down Families and NC Economy DURHAM, NORTH CAROLINA – In a comprehensive analysis of North Carolina-specific data, a Center for Responsible Lending (CRL) report released today paints a picture of a deepening student debt crisis that is distressing many communities, delaying home purchases and the creation of small businesses, and diverting dollars away from the local economy. North Carolina’s Student Debt: Dimensions of a Crisis finds that North Carolinians are burdened with increasing—...
August 16, 2019
WASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. Cameron most recently worked as a high-ranking official at the Pennsylvania Higher Education Assistance Agency (PHEAA), a student loan servicer that has been cited for mishandling payments and forgiveness programs for public service workers. The Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement: What we’ve seen today is more...
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....

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