Press Releases

Suit against Navient underscores need to keep the CFPB undisturbed with Richard Cordray as director. The Consumer Financial Protection Bureau (CFPB) announced it is suing Navient, formerly part of Sallie Mae and the nation’s largest servicer of both federal and private student loans, over allegations that it routinely cheated borrowers out of their right to lower loan repayments based on...

Innovation Should Not Come at the Expense of Consumer Protection The Center for Responsible Lending (CRL), The Leadership Conference on Civil and Human Rights, and the NAACP have sent a letter to Comptroller of the Currency Thomas J. Curry urging him not to offer national charters to financial technology firms, which could severely undermine state oversight and state laws that...

The Center for Responsible Lending (CRL) lauded congressional leaders from the U.S. House of Representatives and U.S. Senate for calling on President-elect Donald Trump to reject attempts to weaken the Consumer Financial Protection Bureau (CFPB) by removing CFPB Director Richard Cordray. Democrats from the House Financial Services Committee, led by Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Committee on...

Advocates underscore real threat to state law protections against predatory lenders "The OCC's charter proposal enables companies to avoid state licensing regimes and oversight by state regulators and attorneys general." More than 250 groups sent a letter today to Comptroller of the Currency Thomas J. Curry urging him not to grant national charters to financial technology firms, which could preempt...

Today, the Consumer Financial Protection Bureau (CFPB) released a survey which highlights that over one-in-four consumers contacted by a debt collection agency felt threatened. Additionally, the CFPB noted in their survey that one in seven consumers contacted about a debt during the previous year were sued in state court. About 75 percent of those sued do not go to the...

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing today to consider the nomination of Dr. Ben Carson to be Secretary of the U.S. Department of Housing and Urban Development (HUD). Nikitra Bailey, an Executive Vice President for the Center for Responsible Lending's (CRL) released the following statement: The work of the Department of Housing and...

Today, the Center for Responsible Lending (CRL) lauded a group of U.S. Senate Banking Committee Democrats for calling on Wells Fargo Chief Executive Timothy Sloan to explain the recent boost in revenue from overdraft charges and whether the increase is connected to the bank’s practice of opening fraudulent accounts. In a letter, led by U.S. Senator Sherrod Brown (D-Ohio), ranking...

Research released earlier today by the Consumer Financial Protection Bureau (CFPB) finds that a growing number of consumers aged 60 or older are struggling financially to repay student loans. The majority of these loans were either co-signed or borrowed on behalf of younger family members. From 2005 to 2015, the number of senior citizens affected quadrupled from 700,000 to 2.8...

The California Supreme Court recently ruled against payday lenders who try to use tribal sovereignty to avoid state licensing and consumer protection laws. In 2007, the California Department of Business Oversight (DBO)—then called the Department of Corporations—filed a suit alleging that private payday lenders such as Ameriloan and OneClickCash, each affiliated with the Miami Nation of Oklahoma or the Nebraska-based...

Two recent federal actions underscore the challenges many college graduates have getting licensed in their career fields because of inadequate higher education regulations. The Career Ready Student Veterans Act, passed on December 13, prevents the Veterans Administration from approving programs for GI Bill dollars if graduates are ineligible for licensure in licensed programs. And on Friday, the U.S. Department of...