Press Releases

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), under the direction of Trump-appointed Director Kathy Kraninger, released its plan to roll back the central protections of the agency’s 2017 payday and car-title lending rule. Kraninger’s plan is to eliminate the rule’s underwriting standards — the widely supported heart of the rule – which require lenders to verify a...

WASHINGTON, D.C. – U.S. Senator Mike Crapo (R-Idaho), Chairman of the Senate Banking Committee, released a proposed outline to reform our nation’s housing finance system. The plan calls to privatize Fannie Mae and Freddie Mac while also converting the Federal Housing Finance Agency’s (FHFA) single-director structure into a bipartisan board. The Center for Responsible Lending, The Leadership Conference on Civil...

Interactive Map and Fact Sheets for Each State Break Down the Numbers DURHAM, N.C. – Today, the Center for Responsible Lending (CRL) released “ The State of For-Profit Colleges” with new data that largely show for-profit college students continue to be less likely to graduate than their counterparts at public or private nonprofit institutions. These student borrowers carry more debt...

Center For Responsible Lending Calls for Answers on CFPB Settlement That Seems To Let Predatory Lender Off the Hook WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), which is led by Director Kathy Kraninger, announced a settlement with Mark Corbett, who sold veterans deceptive, high-interest loans. While under the settlement Mark Corbett will not continue in this line...

DURHAM, N.C. – New York Governor Andrew Cuomo included measures within his state budget proposal released today that would address abuses by for-profit colleges (PDF) and student loan servicers. (PDF) Advocates in the state have long pushed for these protections in light of the significant harms and costs to students and their families caused by abusive practices. Center for Responsible...

WASHINGTON, D.C. – Tomorrow, the partial government shutdown over funding of a wall along the U.S.-Mexico border will become the longest shutdown in U.S. history— causing financial hardship for many of the roughly 800,000 federal employees who have been furloughed or working without pay since December 21, 2018. According to a recent online report, unpaid federal workers already owe as...

State lawmakers should prevent such abuses before they occur DURHAM, N.C. – On Friday, New York Attorney General Letitia James and Department of Financial Services Superintendent Maria T. Vullo announced a settlement with ACS Education Services, now Conduent Education Services, that will require the student loan servicer to pay $9 million for deceiving student loan borrowers about their repayment options...

OAKLAND, CALIF. – In his inauguration speech earlier today, Governor Gavin Newsom criticized abusive payday lenders as special interest who target California’s most vulnerable populations, “… Polluters who threaten our coastline and pay-day lenders who target our most vulnerable…interests like these still have a tight grip on power. But here in California, we have the power to stand up to...

WASHINGTON, D.C. – Today, upon the Senate voting on party lines to confirm Kathy Kraninger for Director of the Consumer Financial Protection Bureau (CFPB), Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: Mulvaney’s tenure at the CFPB wasn’t public service—it was service to predatory lenders. The Administration’s pattern of nominating unqualified, political candidates to important...

DURHAM, NC. – In response to the nation’s still-spiraling student loan debt, the Center for Responsible Lending (CRL) convened a day-long summit to examine the impacts and solutions for North Carolina. People from around the state gathered at the Durham Convention Center for this working conference and included a wide variety of stakeholders that included: banks, colleges and universities, as...