CRL in the News

This report addresses the trend of for-profit colleges going exclusively online or contracting with non-profit (mostly public) colleges to run their online programs. Using results from focus groups of for-profit student borrowers, Robin Howarth and Lisa Stifler explore the risks that this rapid shift entails for students already vulnerable to poor outcomes. The Department of Education is seeking to weaken...

WASHINGTON, D.C. — (RealEstateRama) — Center for Responsible Lending (CRL) President Mike Calhoun testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs for a hearing on “Chairman’s Housing Reform Outline: Part 2.” In his testimony, Calhoun discussed that any reform of the U.S. housing system must ensure access to safe and affordable mortgage loans for all creditworthy...

The Senate Banking, Housing, and Urban Affairs Committee held the second part of its hearing on Committee Chairman Mike Crapo’s Housing Finance Reform outline on Wednesday. Testimonies by mortgage banking and housing experts gave further insights into the best way forward to strengthen and implement this outline. “Today, the Committee continues the conversation about the state of our housing finance...

WASHINGTON — Senators dove deeper Wednesday into the fight over which housing finance reform plan will work for lenders of all sizes, just as the Trump administration moved closer to crafting its own reform plan. The second Senate Banking Committee hearing this week on reforming the government-sponsored enterprises touched on whether Fannie Mae or Freddie Mac should be converted into...

Senators Maggie Hassan (D-NH) and Dick Durbin (D-IL) today introduced the Preventing Risky Operations from Threatening the Education and Career Trajectories of Students ( PROTECT Students) Act of 2019, a bill that would enshrine in law many key reforms sought by advocates for veterans and other students in order to prevent predatory practices by for-profit colleges. Many in the for-profit...

Payday loans can be a welcome rescue for people without credit or who are hit with an unexpected emergency, but small, short-term loans can accumulate debt in weeks due to interest rates that can reach 500 percent or higher. What does it take to pay off a loan secured by the promise of a future paycheck? What are the risks...

Payday loans are marketed as quick cash to help people get to their next paycheck, but they come at a great cost with an average interest of 300 percent and people getting multiple loans over time, according to a 2016 report. The Community Financial Services Association of America, which lobbies on behalf of payday lenders, held their annual conference in...

A Fannie Mae and Freddie Mac fix is on Washington’s agenda —- again. Congress this week kicks off its latest attempt to forge a path forward for the mortgage giants, something that’s proved extremely elusive in the 11 years that the companies have been under U.S. control. Starting Tuesday, Senate Banking Committee Chairman Mike Crapo will hold two days of...

In recent years, a number of major for-profit operators such as Education Corporation of America, Vatterott Colleges, Education Management Corporation, ITT Tech and Corinthian Colleges have abruptly closed their doors under the weight of mismanagement, scandal and state and federal investigations. As a result, tens of thousands of students have been left wondering how to recover the time and money...

Former Consumer Financial Protection Bureau Director Richard Cordray attacked the Trump Administration today for retreating on consumer financial protection. Aggressive policies are needed to protect consumers, said Cordray, pointing to mortgage market abuses that helped to propel the recession as a poster child. He urged states to take up the slack. “More consumer protection from the states is a good...