Press Releases

Washington, DC— The Center for Responsible Lending (CRL), National Consumer Law Center (NCLC), and the Student Borrower Protection Center (SBPC) submitted comments yesterday urging bank regulators to end bank-fintech partnerships that engage in predatory lending, evade the law, and pose a high risk of unfair, deceptive, or abusive practices and violations of consumer protection laws. Some banks help fintechs to...

Washington, DC— The Department of Education announced a long-anticipated proposal aimed at providing critical debt relief to millions of federal student loan borrowers facing financial hardship last Friday. The proposal introduces two key pathways for relief, a one-time automatic cancellation for borrowers at high risk of default and an application-based process with a holistic review of borrowers’ economic circumstances. If...

WASHINGTON, DC – The Center for Responsible Lending (CRL) today released “ A Loan Shark in Your Pocket: The Perils of Earned Wage Advance,” a report on the fast-growing market for cash advance apps and how these loans harm consumers. The report features a dataset of transactions showing rates of reborrowing, loan stacking, and overdraft fees experienced by people borrowing...

WASHINGTON, D.C. – In a case centered around a federal law that was interpreted by a court for the first time, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) submitted an amicus brief urging the U.S. Court of Appeals for the 10th Circuit to correct the lower court’s misinterpretation of a Colorado law, and the...

WASHINGTON, DC – Martin Eakes, chief executive officer of the Center for Responsible Lending (CRL), today announced that LaShawn Warren has joined the board of directors of the nonprofit, nonpartisan research and policy advocacy organization. CRL works to promote financial fairness and economic opportunity for all, end predatory lending, and close the racial wealth gap. Ms. Warren is the chief...

WASHINGTON, D.C. – In light of the recent news of the Walt Disney Company’s attempted use of its terms and conditions to deny the legal rights of its patrons harmed at a restaurant on its premises, public interest organizations today called on the U.S. House and Senate Judiciary Committees to take steps to pass the Forced Arbitration Injustice Repeal Act...

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) filed today a proposed order against student loan servicer Navient for decades of defrauding borrowers. According to an announcement made by the CFPB, Navient would have to pay a $20 million penalty and provide $100 million in redress for affected consumers. The CFPB’s order also permanently bans Navient from most federal...

Fresh data also show voters support the CFPB cracking down on junk fees, discrimination, and other harmful actions from financial firms WASHINGTON, DC – As the focus on the American voter intensifies with the coming election, a new poll released today shows voters across the political spectrum overwhelmingly support the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation...

WASHINGTON, DC – Today, the Center for Responsible Lending (CRL), the National Consumer Law Center (NCLC), and the Consumer Federation of America (CFA) released their joint comment letter to the Consumer Financial Protection Bureau (CFPB), which detailed their support and recommendations for the CFPB’s proposed interpretive rule for paycheck advance apps – credit products that are essentially fintech payday loans...

WASHINGTON– More than 160 consumer, labor, civil rights, faith-based, and community organizations submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in support of its proposed interpretive rule ensuring important legal protections for consumers who use earned wage advance (EWA) or other fintech cash advance products that need to be repaid with the borrower’s next paycheck. The letter...