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CRL in the News

August 1, 2017 | By Rebecca Borné | Center for Responsible Lending

Financial institutions charge large fees when a customer’s checking account doesn’t have enough money for a purchase but the bank pays the transaction anyway. Instead of declining the transaction, as many customers expect banks would, the bank often “covers” the amount and adds a fee, typically as high as $35. This practice is particularly egregious on debit card transactions, which the bank could easily decline at the point of sale, which would result in the consumer’s paying no fee at all.

July 31, 2017 | By Chris Kukla | Center for Responsible Lending

North Carolinians need to know that when protections for our citizens and military members from predatory lending was in jeopardy, Congressman Walter Jones was there.

July 29, 2017 | By Jillian Berman | MarketWatch

In that environment, states, beginning with Connecticut in 2015, started enacting legislation requiring servicers to abide by certain consumer protections. That effort has picked up over the past several months as borrower advocates grow increasingly concerned that Betsy DeVos’s Department of Education will do little to protect borrowers from mistreatment at the hands of servicers.

July 7, 2017 | By Marisa Sanfilippo | GoodCall

Ashley Harrington, counsel for the center, says DeVos and the department haven’t been advocates for students. "These Attorneys General are setting an example of what it means to stand up for struggling students," she says in a statement. "The premise of the Borrower Defense to Repayment Rule is simple – students defrauded by their schools should be able to have their loans discharged. Secretary DeVos has consistently sided with private interests, often at the expense of student borrowers across the country."

June 20, 2017 | By Marina Villeneuve | Associated Press

That change and Navient's lobbying against state licensing efforts are drawing concern from consumer advocacy groups, who point to federal scrutiny over Navient and President Donald Trump's administration's moves to change regulations protecting borrowers. "From our perspective, that's going to require more state oversight," said Whitney Barkley-Denney, from the Center for Responsible Lending. "One servicer creates a too-big-to-fail environment where it's a state-created monopoly for student loan servicing."

June 16, 2017 | By Ann Carrns | The New York Times

The National Consumer Law Center filed the request along with Public Citizen, the Center for Responsible Lending, the Consumer Federation of America, Public Knowledge, and Higher Ed, Not Debt. The F.C.C. declined to comment.

June 15, 2017 | By Stewart Greene | The Village Suntimes

"The bill even specifically exempts payday and vehicle title lenders - notorious for springing devastating debt traps for their already vulnerable customers - from any regulation", added Yana Miles, senior legislative counsel for the Center for Responsible Lending.

June 12, 2017 | By Coalition on Human Needs

Yana Miles, senior legislative counsel for the Center for Responsible Lending, said, “The bill even specifically exempts payday and car title lenders — notorious for springing devastating debt traps for their already vulnerable customers — from any regulation.” The bill passed the House (233-186) with only Republican support; all Democrats and Republican Rep. Walter Jones (NC) voted no. It is not expected to be taken up in the Senate, where it would need 60 votes to pass but does not have any Democratic support.

June 9, 2017 | By Robert Zullo | Richmond Times-Dispatch

Seventeen states plus the District of Columbia either cap interest rates so low that lenders don’t set up shop there or bar the use of a vehicle title as a collateral for a loan, said Lisa Stifler, deputy director of state policy for the Center for Responsible Lending. The center is a North Carolina nonprofit that aims to protect low-income communities from predatory lending.

June 8, 2017 | By Geoff Bennett | NPR WAMU 88.5

"The bill even specifically exempts payday and car title lenders — notorious for springing devastating debt traps for their already vulnerable customers — from any regulation," added Yana Miles, senior legislative counsel for the Center for Responsible Lending.

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