CRL in the News

Something very important, affecting millions of consumers, won’t happen Monday. That’s when new protections from abusive payday and car-title lenders were set to take effect, requiring the firms to make sure borrowers can pay back their obligations in a reasonable amount of time and don’t become mired in debt . However, the Trump administration is delaying this perfectly reasonable safeguard...

This week, the Center for Responsible Lending and the National Association for the Advancement of Colored People (NAACP) released a report finding that student loan debt is unsustainable for many student borrowers, especially borrowers of color. “ Quicksand: Borrowers Of Color & The Student Debt Crisis” offers policy recommendations for reforming the country’s broken and inefficient student loan system, close...

Student loan debt is no doubt a drag on the U.S. economy, holding back how much money young consumers can spend on cars, homes and even invest in 401(k) plans or new businesses. But the debt crisis is giving an early kick start to the 2020 Democratic presidential race. One candidate after another has generated some buzz by offering up...

Outstanding student debt continues to grow, with some 43 million Americans owing a total $1.4 trillion in federal student loan debt alone. The decade-long disinvestment in public higher education and the inability of underfunded colleges that serve minorities to deepen access contributes to borrowing disparities, the report notes. In response, black and Latino students, in particular, have been disproportionate targets...

A coalition of consumer groups is asking the CFPB to extend the comment period for the agency’s controversial proposed debt collection rules by two months.

When Senator Elizabeth Warren, a contender for the 2020 Democratic presidential nomination, joined House Majority Whip James Clyburn in unveiling an ambitious student debt cancellation bill Tuesday, she said they weren’t “looking for one headline” about the $640 billion proposal. Clyburn, a member of the Democratic leadership, said he plans to push legislation that could pass in the House. The...

Student loan debt is swelling for graduates across the country. But according to a new report, the crisis is hitting students of color the hardest – and widening the racial wealth gap in the process. The National Association for the Advancement of Colored People (NAACP) and the Center for Responsible Lending (CRL) released a report titled “Quicksand: Borrowers Of Color...

National student debt has reached the trillion-dollar mark and some senators want to cancel it, proposing huge amounts of money to do so. But it turns out - 10-thousand dollars might do the trick. Market Watch looked at a new analysis from the center for responsible lending. It suggests just 10 grand might make a difference for a huge amount...

Even as the Consumer Financial Protection Bureau (CFPB) moves to update the Fair Debt Collection Practices Act of 1977 to better reflect the impact of newer communications technology, some consumer advocates point to the inadequacy of the proposed measures. The consumer protection agency has invited public comment on the proposed update, which would set up rules on how debt collectors...

The race to become the Democratic nominee for president has brought the idea of mass and even total student-debt cancellation into the spotlight. A new analysis suggests that even a relatively small amount of debt relief would make a difference to a large share of student-loan borrowers. Cancelling $10,000 of every federal student-loan borrower’s debt would wipe out the federal...