CRL in the News

The cycle of the payday loan is a well-known horror story. A person needs money, and they need it fast, so they visit a payday lender with names like EZ Cash or Cash Express. They get their money on the spot. The trouble comes later, when it’s time to repay the loan. Most borrowers default on that small-dollar loan, which...

La Oficina de Protección al Consumidor Financiero (CFPB) ha propuesto eliminar la obligatoriedad de que los prestamistas verifiquen la capacidad de un cliente para devolver un crédito de tipo payday (préstamo del día de pago) y contra los títulos de propiedad de carros (car title lending). El CFPB, bajo la dirección de Kathy Kraninger, cree que no hay “pruebas suficientes...

The Consumer Financial Protection Bureau (CFPB) on Wednesday proposed striking certain borrower safeguards from a 2017 regulation on short-term, high-interest loans. The bureau on Wednesday kicked off a proposal to loosen the bureau’s rule on “payday” loans, a measure meant to protect vulnerable consumers from bottomless debt.

In what progressive lawmakers and advocacy groups decried as the Trump administration's latest " shameful" attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.

NEW YORK — The nation’s federal financial watchdog said Wednesday that it plans to abolish most of its critical consumer protections governing payday lenders. The move is a major win for the payday lending industry, which argued the government’s regulations could kill off a large chunk of its business. It’s also a big loss for consumer groups, who say payday...

The nation’s new consumer financial watchdog proposed Wednesday to significantly water down tough pending rules on payday and other short-term loans designed to prevent lenders from taking advantage of cash-strapped Americans. The proposal by Kathy Kraninger, who became director of the Consumer Financial Protection Bureau in December after being nominated by President Trump, would eliminate key provisions requiring lenders to...

The Consumer Financial Protection Bureau announced it plans to roll back its Payday Lending Rule aimed at protecting consumers from the high-interest short-term loans. The proposed changes would be one of the first major policy implementations made by new director Kathy Kraninger. Established in 2018, the Payday Lending ruleaimed to protect consumers from bad lending practices and repayment abuse. The...

In 2016, Donald Trump slithered into the White House by pitching himself as the guy who would save the working class. That pitch, obviously, turned to be a classic Trump scam, given that the former real-estate developer’s “accomplishments” in the past two years have included passing a giant tax cut that disproportionately benefits corporations and the uber-rich; sabotaging the Affordable...

REFINANCING STUDENT loans can save you money under the right circumstances. It could be helpful to score a lower interest rate, to change from a variable interest rate to a fixed rate, to consolidate your loans for a single monthly payment, or to release a co-signer. At the same time, you could lose protections and benefits from your original student...

Students attending for-profit colleges continue to be less likely to graduate than their counterparts at public institutions, the Center for Responsible Lending says. The center has analyzed government data that show students from for-profit higher education institutions carry more debt regardless of whether they graduate, and they default on that debt at higher rates.