Skip to main content

Search form

Press Releases

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...
June 26, 2019
WASHINGTON, D.C. – Today, U.S. House Representatives Susie Lee (D-Nev.) and Rosa DeLauro (D-Conn.) introduced the Preventing Risky Operations from Threatening the Education and Career Trajectories of (PROTECT) Students Act of 2019, a bill to protect higher education students by improving oversight and accountability of predatory institutions, including for-profit colleges and universities. This legislation is a House version of the PROTECT Students Act of 2019 introduced by U.S. Senators Maggie Hassan (D-N.H.) and Richard Durbin (D-Ill.) in March. "We applaud Reps. Lee and DeLauro for...
June 25, 2019
WASHINGTON, DC – Today Harvard University’s Joint Center for Housing Studies (JCHS) released its annual report, The State of the Nation’s Housing 2019. (PDF) Published annually since 1988, this year’s report again identifies recent trends and issues facing the housing industry. Key to this year’s findings are: In 2019, the cost of a median-priced home rose by 4% to $261,600, outpacing the growth of median household income for the seventh straight year. The price-to-income ratios rose in 85 of the nation’s largest markets last year. More than 60% of home mortgages issued in the...
June 20, 2019
WASHINGTON, DC – Over two dozen faith leaders from around the country and two former borrowers met with the director of the Consumer Financial Protection Bureau (CFPB), Kathy Kraninger, today at CFPB headquarters in Washington. The group asked Director Kraninger to give great consideration to the people harmed by payday lending, as a CFPB proposal threatens to gut landmark reform of the triple-digit interest rate loans that payday lenders make, which was scheduled to take effect this summer. The meeting comes less than two weeks after the CFPB announced it will delay for fifteen months...

Pages