CRL in the News

In his Oct. 1 op-ed, “Diminish Congress’s taste for diminishment,” George F. Will urged the Supreme Court to affirm a decision from the U.S. Court of Appeals for the 5th Circuit that invalidated funding for the Consumer Financial Protection Bureau (CFPB). This decision is contradicted by constitutional text, historical practice and judicial precedent, including recent rulings by the 2nd Circuit...

“The Supreme Court has a choice in its ruling: it can side with judicial precedent, historical practice, common sense, and text of the Constitution—or it can side with payday lenders and economic chaos,” said Michael Calhoun, president of the Center for Responsible Lending, one of the groups represented at the rally.

Student debt can also ripple from one generation to the next, those at the CBCF conference emphasized. That debt makes it harder to build wealth as "the disproportionate impact of student loan debt on Black borrowers…has been demonstrated to exacerbate the racial wealth gap," a study from the Center for Responsible Lending found.

HORSLEY: You know, the CFPB is popular with the public. Polls show Democrats and Republicans alike feel it's useful to have an agency that's looking out for them in their dealings with often much more sophisticated financial institutions. Over the years, the bureau has recovered some $17 billion for consumers. It's gone after not only predatory lenders, but debt collectors...

The Consumer Financial Protection Bureau, a federal agency that rose from the wreckage of the Great Recession, is readying for a high-stakes fight Tuesday at the U.S. Supreme Court.

"Es probable que los latinos retrasen decisiones financieras importantes, como comprar una casa, debido a sus préstamos estudiantiles, lo que en última instancia los mantiene en un ciclo de deuda", dijo David Ferreira, gerente senior de asuntos gubernamentales del Centro para Préstamos Responsables.

“Latinos are likely to delay important financial decisions, like purchasing a home, because of their student loans, which ultimately keeps them in a cycle of debt,” said David Ferreira, senior government affairs manager at the Center for Responsible Lending.

“Almost 1 in 4 borrowers were getting ready to be in default or at risk already. About 2.6 million borrowers were already in this risk factor. So what we want to make sure this on-ramp process is safe for borrowers. We don't want to widen that gap,” said Jaylon Herbin, the director of Federal Campaigns for CRL. Herbin says there...

Jaylon Herbin, student loan lead for the Center for Responsible Lending, a nonprofit financial policy organization, said a first step for borrowers is to locate their loan servicer since many servicers have changed over the past three years. Borrowers can check by logging on to studentaid.gov. Once borrowers are logged in, Herbin said they should also make sure to check...

In CFPB v. CFSA, Supreme Court will decide whether to overturn an unprecedented Fifth Circuit Court of Appeals ruling, which has implications not only for the CFPB’s 12 years of rulemakings, enforcement and supervision, but also for numerous other agencies that Congress chose to fund outside of appropriations, such as the Federal Reserve and Social Security. Leading voices from these...