Press Releases

WASHINGTON, D.C. – President Donald Trump signed an executive order last Friday directing the Secretary of the U.S. Department of Education to exclude borrowers employed at nonprofit organizations from Public Service Loan Forgiveness (PSLF) if they engaged in activities deemed improper or illegal by the administration. Established by Congress in 2007, PSLF was designed to provide student loan relief to...

Legislation to eliminate these consumer protections moving through Congress as Trump Administration has shut down nearly all Consumer Bureau operations WASHINGTON, DC – With the U.S. House Financial Services Committee voting today to prevent a Consumer Financial Protection Bureau (CFPB) rule from lowering the price of overdraft fees at megabanks and with the Senate Banking Committee scheduled to vote tomorrow...

WASHINGTON, D.C. — The U.S. Senate is expected to confirm Linda McMahon as education secretary today, following last week’s 51-47 procedural vote along party lines that advanced her nomination to a final confirmation vote. Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), issued the following statement: Linda McMahon’s confirmation raises pressing concerns about the future of...

WASHINGTON, D.C. — The Senate Health, Education, Labor, and Pensions (HELP) Committee today voted 12-11 to advance Linda McMahon’s nomination to serve as President Donald Trump’s secretary of education. The vote moves her nomination to the full Senate for consideration. Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), made the following statement: Dismantling the department would...

WASHINGTON, DC – Today, chairs of the House and Senate finance committees introduced legislation that could rescind a rule from the Consumer Financial Protection Bureau (CFPB) that required the nation’s largest banks and credit unions to lower the typical overdraft fee charge from around $35 to closer to the service’s actual cost to the institution – an estimated $5. “This...

Research Will Help Create a Financial System That Enhances Economic Stability and Wealth-Building for Underserved Households WASHINGTON, DC – The Center for Responsible Lending (CRL) today announced the creation of the Julian Bond Financial Equity Research Institute, named for civil rights icon and founding CRL board member Julian Bond. The Julian Bond Institute (JBI), the first new research entity in...

WASHINGTON, DC – As attention now turns to the nomination of a new director for the Consumer Financial Protection Bureau (CFPB), the Administration continues its attacks on the consumer protection and enforcement activity of the agency. Reports indicate that current Acting Director Russell Vought late yesterday fired dozens of staff and canceled contracts for CFPB work, including for enforcement and...

Late last night, Office of Management and Budget Director Russell Vought – who spearheaded the recent freeze on federal payments now blocked by U.S. courts– replaced Treasury Secretary Bessent as acting director of Consumer Financial Protection Bureau and immediately signaled that he will defang the independent watchdog agency. “Since its creation, the Bureau has returned $21 billion to people’s wallets...

New survey shows frequent, serious harm including that more than one in five late-paying borrowers had their car repossessed OAKLAND, CA – The Center for Responsible Lending (CRL) today issued a new research brief, Under the Radar: Evidence of Prohibited Vehicle-Title Loans Made in 22 States and DC. High-cost vehicle title lending is illegal in 33 U.S. states and the...

A $200 million rebound from the previous year DURHAM, NC – Today, the Center for Responsible Lending (CRL) released a new report, Down the Drain: Payday Lenders Take $2.4 Billion in Fees from Borrowers in One Year. Based on 2022 data, the report features a range of original findings. In addition to calculating that borrowers paid payday lenders $2.4 billion...