Press Releases

OAKLAND, CALIF. - Great Lakes Educational Loan Services, Inc., one of the country’s largest student loan servicers that was acquired by NelNet Inc. last February, has signaled to the California Department of Business Oversight (DBO) that it will not comply with that state’s Student Loan Servicing Act of 2016. The law requires that in order for a servicer to operate...

WASHINGTON, D.C. – On July 9, 2018, Brett Kavanaugh, a Judge on the U.S. Court of Appeals for the District of Columbia Circuit, was nominated to be the next associate justice of the U.S. Supreme Court. In 2016, Kavanaugh authored an opinion for a panel of judges on the U.S. Court of Appeals for the District of Columbia Circuit considering...

WASHINGTON, D.C. - Center for Responsible Lending (CRL) Senior Legislative Counsel Yana Miles released the following statement today regarding Leandra English's decision to step down as Acting Director of the Consumer Financial Protection Bureau (CFPB): "Leandra English is a revered public servant with a history of prioritizing consumer protection. Throughout her tenure at the CFPB, even before becoming Acting Director...

OAKLAND, CA – Yesterday, California Attorney General (AG) Xavier Becerra filed a lawsuit against Navient Corporation, the nation's largest student loan servicer and its subsidiaries for violations of the state's Unfair Competition and False Advertising Law. Approximately 1.5 million student loan borrowers in California could be affected by the litigation. Specifically, the lawsuit charges that Navient: Steers vulnerable borrowers toward...

WASHINGTON, D.C. – A bipartisan coalition of Attorneys General from 19 states plus D.C. asserted their states’ authority to protect consumers from financial abuse yesterday in a letter opposing two bills being considered in Congress that would allow lenders to sidestep state consumer protection laws. HR 3299 and HR 4439 would override state interest rate caps by authorizing sham relationships...

WASHINGTON, D.C. - Today, the Office of Management and Budget released a report entitled, “Delivering Government Solutions in the 21st Century: Reform Plan and Reorganization Recommendations.” This 132-page document details an unprecedented and broad reorganization across many federal agencies. The proposal also addresses the future of mortgage finance, specifically how two Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac...

WASHINGTON, D.C. – Today, a federal district court judge in New York wrongly sided with RD Legal, a company that was sued by the Consumer Financial Protection Bureau (CFPB) for scamming 9/11 first responders out of millions of dollars in compensation funds. The judge claimed that the CFPB is unconstitutionally structured and should not be in existence. The impact of...

Today Harvard University’s Joint Center for Housing Studies (JCHS) released its annual report, The State of the Nation’s Housing 2018. Published annually since 1988, this year’s report again identifies trends and changes in housing. Key to this year’s findings are: A growing income inequality where the cost of housing has outpaced growth in income, particularly for young and lower-income households...

WASHINGTON, D.C. – The Trump Administration has announced its plan to nominate Kathy Kraninger, an Office of Management and Budget (OMB) official, to be the next Director of the Consumer Financial Protection Bureau (CFPB). Prior to her role at OMB, Kraninger's experience in the federal government has been focused on homeland security issues, having worked at the Department of Homeland...

OAKLAND, CALIF. – Today at a press conference, California Attorney General Xavier Becerra announced a settlement of $67 million in debt relief for former California students of Corinthian Colleges. The for-profit college, which the federal government shut down four years ago, was a higher education predatory institution that targeted African Americans and Latinos. Attorney General Becerra’s announcement comes as the...