CRL in the News

According to the Center for Responsible Lending (CRL), 70% of the people who graduated from college in 2016 have student loan debt with an average of $30,000 — and the problem gets worse for communities of color, says Ashley Harrington, federal advocacy director at the Center for Responsible Lending. “We definitely think we have to do something about this crisis,”...

Those directives are likely to make it harder for the CFPB to deploy the abusiveness standard, said Will Corbett, director of litigation at the Center for Responsible Lending. “The CFPB is deliberately tying the hands of its enforcement and supervision of abusive acts practices,” he said.

Ashley Harrington, senior policy counsel for the Center for Responsible Lending, celebrated the decision, but said student debt that impacts low-income and minority borrowers more than any others should be addressed long before debtors end up with interest-bloated loans. “

At its heart, the new Trump administration plan for the home loan market aims to change the rules for the mortgage giants Fannie Mae and Freddie Mac. The two companies are the bedrock foundation for home mortgages in the U.S. The government created them decades ago to provide a federally backed guarantee on loans to ensure that money would always...

Anyone who struggles with the rising costs of living knows all too well how hard it is to try stretching dollars when there’s more month than money in the household. Predatory lending, like payday and car-title loans, worsen financial stress with triple-digit interest rates that deepen the debt owed with each renewal. The irony is that many payday loan borrowers...

The Trump administration on Thursday unveiled a long-awaited plan to end federal control of two mortgage giants that had been bailed out by taxpayers during the 2008 financial crisis and return them to the private sector.

Whatever happened to the American dream of owning a home and giving your children a better life than you experienced as a child? Is this “dream” being deferred or denied? In 2019, these questions are as timely as they are timeless. Beyond rising housing costs for would-be buyers and renters alike, serious doubts are emerging about the nation’s commitment to...

After some two years of deliberation, the U.S. Department of Education has released final rules meant to protect students from colleges that close or defraud them. The “borrower defense to repayment” rule allows students to have their federal student loans discharged in cases where they were given false or misleading information, for example. The closed school discharge gives some students...

Consumer advocates and lenders are joining forces to try to revamp or eliminate a key part of the Consumer Financial Protection Bureau's "qualified mortgage" rule establishing underwriting standards for most of the housing market. Lenders fear the market will take a major hit under an agency plan released last month that would end an exception to QM given to loans...

The Consumer Financial Protection Bureau, once one of the most aggressive regulators of education loan companies, is signaling a retreat from oversight of federal student loans by limiting the duties of its new ombudsman. On Friday, the bureau announced the appointment of Robert G. Cameron as its ombudsman for private education loans, charged with receiving, reviewing and resolving borrower complaints...