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Press Releases

March 26, 2019
WASHINGTON, D.C. – Today, U.S. Senators Maggie Hassan (D-N.H.) and Richard Durbin (D-Ill.) 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 colleges and universities, particularly for-profit institutions. The bill would improve the 2014 Gainful Employment (GE) rule to ensure that graduates who attended for-profit institutions find good-paying jobs that will allow them to repay their federal student loans, and it would...
March 21, 2019
WASHINGTON, D.C. – Today, President Donald Trump signed an executive order addressing free speech, transparency and accountability on campus, a move that comes after conservative groups claimed their voices being silenced at colleges and universities throughout the country. Aside from ensuring that colleges receiving federal research or education grants promote free speech, the order directs the Education Department to publish program-level outcomes data to the College Scorecard, and submit a report that includes policy recommendations to the White House on student loan risk-sharing,...
March 19, 2019
If consumer bureau delays payday rule, it would “inflict profound financial and psychological harm on consumers, particularly communities of color and those on a fixed income” WASHINGTON, D.C. – Today, several national consumer and civil rights groups released their official comment letter, linked here, to the Consumer Financial Protection Bureau (CFPB) on its new leadership’s proposed delay of a 2017 rule the agency had issued to stop payday and car title loans from trapping consumers in debt. The letter rebuts the CFPB’s rationale for proposing a 15-month delay of the payday rule, which...
March 18, 2019
"Do not rob the poor because they are poor;” participants quote verse as predatory lenders enjoy golf under the Miami sky MIAMI, Fla. – Faith leaders from Texas, Louisiana, Georgia, Missouri, Colorado, Virginia and North Carolina joined Florida clergy and Miami faithful today at the gates of President Trump’s golf course resort, the Trump National Doral Miami, to bring attention to the harms predatory lending causes financially vulnerable families. Inside the gates, payday lenders were registering for their first day of the annual conference of their national trade association, the CFSA....
March 18, 2019
DURHAM, N.C. – Debt collection abuses rank first in the type of complaints filed by Washington State military servicemembers to the Consumer Financial Protection Bureau, and second for all consumers in the state. A new Center for Responsible Lending (CRL) report may help explain why. “Debt by Default: Debt Collection Practices in Washington 2012-2016” found that over 80% of lawsuits filed by debt buyers against consumers are unchallenged in court, meaning the debt buyer wins by default. So people sued by debt buyers are frequently subject to a judgment or garnishment of their wages,...
March 12, 2019
Representatives and Senators Repeatedly Grilled the Director on Proposal that would Keep Consumers Trapped in Debt WASHINGTON, D.C. – Today, in her second hearing before Congress, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger struggled in explaining why she issued a plan that would gut a rule designed to protect Americans from debt trap payday and car title loans. Center for Responsible Lending (CRL) Senior Policy Counsel Rebecca Borné issued the following statement: Director Kraninger continues to wear blinders, looking only at protecting the profits of...
February 14, 2019
  View the map. Durham, N.C. – Today, Trump-Appointed Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s plan to gut the payday rule was published in the Federal Register, which starts the clock for public comment on the proposal. To provide context for this action, the Center for Responsible Lending (CRL) is releasing its two-page initial overview and analysis of the proposed repeal and a map showing the typical interest rate for payday loans in states that allow these debt trap products.     Center for Responsible Lending Researcher Charla...
February 6, 2019
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), under the direction of Trump-appointed Director Kathy Kraninger, released its plan to roll back the central protections of the agency’s 2017 payday and car-title lending rule. Kraninger’s plan is to eliminate the rule’s underwriting standards — the widely supported heart of the rule – which require lenders to verify a borrower’s ability to repay their loan. This proposed rollback would result in more Americans falling into devastating debt traps. The predatory, payday lending business model relies heavily on a...
February 4, 2019
WASHINGTON, D.C. – U.S. Senator Mike Crapo (R-Idaho), Chairman of the Senate Banking Committee, released a proposed outline to reform our nation’s housing finance system. The plan calls to privatize Fannie Mae and Freddie Mac while also converting the Federal Housing Finance Agency’s (FHFA) single-director structure into a bipartisan board. The Center for Responsible Lending, The Leadership Conference on Civil and Human Rights, NAACP, National Fair Housing Alliance, National Urban League, National Community Reinvestment Coalition, UnidosUS, and National Coalition for Asian Pacific American...
January 29, 2019
Interactive Map and Fact Sheets for Each State Break Down the Numbers DURHAM, N.C. – Today, the Center for Responsible Lending (CRL) released “The State of For-Profit Colleges” with new data that largely show for-profit college students continue to be less likely to graduate than their counterparts at public or private nonprofit institutions. These student borrowers carry more debt regardless of whether they graduate, and they default on that debt at higher rates, often because a for-profit college degree does not provide the anticipated access to higher-paying jobs. In many states, the...

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