Press Releases

WASHINGTON, D.C. – Today, the U.S. Department of Education Secretary Betsy DeVos announced her new Borrower Defense to Repayment rule. These final rules will severely weaken accountability for for-profit colleges and prevent defrauded students from accessing relief. The new rules arrive more than a year after DeVos’ decision to rescind the Obama Administration’s Borrower Defense to Repayment rule, which provided...

Navient Claims It Doesn’t Have to Follow State Laws WASHINGTON, D.C. – The Center for Responsible Lending (CRL), the Student Borrower Protection Center (SBPC), the Pennsylvania SeniorLAW Center, the Lawyers’ Committee for Civil Rights Under Law, New Jersey Citizen Action, and the Community Legal Services of Philadelphia filed an amicus brief today in the Third Circuit Court of Appeals in...

OAKLAND, CALIF. – Two annual reports released this month by the California Department of Business Oversight (DBO) reveal that predatory lenders are still reaping millions of dollars by trapping Californians in unaffordable debt. The DBO reports focus on payday and installment lender activity data from 2018. Lending data shows that the majority--55 percent--of loans being made in the $2,500 to...

Policies Should Prioritize Quality and Accountability, Not Allow Unmanageable Debt to Weigh Down Families and NC Economy DURHAM, NORTH CAROLINA – In a comprehensive analysis of North Carolina-specific data, a Center for Responsible Lending (CRL) report released today paints a picture of a deepening student debt crisis that is distressing many communities, delaying home purchases and the creation of small...

WASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. Cameron most recently worked as a high-ranking official at the Pennsylvania Higher Education Assistance Agency (PHEAA), a student loan servicer that has been cited for mishandling payments and forgiveness programs for public...

WASHINGTON, D.C. – Today, the Department of Homeland Security (DHS) released new rules that drastically expand the criteria that determines whether an immigrant is likely to become a “public charge” and therefore be denied a green card or legal status in the United States. Among the new policy’s provisions, DHS is now requiring immigrants to provide their credit score and...

Advocates Urge the CFPB to Ask Court to Lift Stay on Payment Provisions of Payday Lending Rule "...limit lenders’ ability to relentlessly kick struggling borrowers when they are down..." WASHINGTON, D.C. – Consumer watchdog groups urged the U.S. Consumer Financial Protection Bureau (CFPB) in a letter, linked here and included at bottom, sent today to take action immediately to implement...

WASHINGTON, D.C. – It's been reported today that the U.S. Department of Housing and Urban Development (HUD) will rescind its enforcement of the 2013 Disparate Impact rule, a standard central to the Fair Housing Act meant to ensure that all families are treated fairly when securing housing and other housing-related services such as lending and insurance. In its place, HUD...

DURHAM, N.C. – Last week, Pennsylvania Attorney General Josh Shapiro announced a settlement with Think Finance LLC, a fintech company that had engaged in multi-party schemes to make loans with interest rates of up to 448% in Pennsylvania in violation of the state’s interest rate cap. Under the terms, Think Finance and its investor Victory Park Capital must void outstanding...

WASHINGTON, D.C. – As Congress plans to reauthorize the Higher Education Act (HEA), a new coalition has formed to advocate for needed federal investments and protections in order to promote more equitable outcomes within our higher education system. The College Affordability Coalition, a group of 25 organizations representing the voices of students and families, consumers, institutions, and civil rights groups...