CRL in the News

The higher education system is broken, but instead of fixing it, the Department of Education is intent on breaking it even more. The gainful employment rule was an Obama-era regulation that protected against the predatory loan practices of for-profit colleges by monitoring their students’ ability to earn back their debt after graduation. Last week, the Department of Education repealed it...

The question of what will happen in mortgage lending after the government-sponsored enterprise (GSE) Patch expire in January 2021 is the focus of a new report published by the Center for Responsible Lending (CRL). “ A Smarter Qualified Mortgage Can Benefit Borrowers, Taxpayers, and the Economy” calls on the Consumer Financial Protection Bureau (CFPB) to formulate a strategy that would...

According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis.

After the government-sponsored enterprise patch expires, "near prime" loans over the 43% debt-to-income ratio should be qualified mortgages if they have compensating factors, according to a new Center for Responsible Lending report.

According to the Center for Responsible Lending, interest rates on these loans average 24 percent: 3 to 4 times the average rate for used car loans.

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. “Predatory lenders like to prey on young...

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. “Predatory lenders like to prey on young...

The Consumer Financial Protection Bureau just wrapped up a public comment period on a rule that extends some protections to consumers who overdraw their checking accounts. The CFPB must examine the rule under a federal law that requires agencies to review rules that might affect small businesses. Before the Federal Reserve Board set the 2009 overdraft rule, banks could automatically...

Signature gatherers are starting to fan out across Arizona in an effort to curb a type of high-interest lending in the state. Roughly 20 community groups on Tuesday kicked off a drive to qualify a measure that would curtail auto-title loans that feature high interest rates and, critics say, trap borrowers in a debt cycle.

Overdraft services are essential for some credit union members, trade groups said, asking the CFPB not to take any additional action to restrict them.