Press Releases

The comment period on the US Department of Education proposed rule governing college-bank marketing partnerships closes on Thursday, July 2. CRL senior policy counsel Maura Dundon submitted comments to the Department and offered the following remarks: The Department of Education's proposed rule governing college-bank partnerships is a good first step towards protecting students from unfair marketing practices and overdraft fees...

Today, the Center for Responsible Lending (CRL) filed a public comment on urgently needed rules proposed by the California Department of Business Oversight (DBO) that would require payday lenders to follow California law by prohibiting the use of electronic transfers and debit cards in payday transactions. The rules would also create a new real-time electronic database to enforce existing law...

On June 18, the Student Loan Ombudsman at the Consumer Financial Protection Bureau released a new report on the private student loan industry that sheds light on many troubling servicing practices affecting students and loan co-signers. CRL senior policy counsel Maura Dundon offered the following remarks: The Consumer Financial Protection Bureau's report confirms what consumers and consumer advocates have known...

On May 28, the Consumer Financial Protection Bureau and the Department of Justice took enforcement action against Provident Funding Associates; the agencies found that the mortgage lender charged higher fees to African American and Hispanic borrowers. As early as 2006, the Center for Responsible Lending documented the pernicious extent of mortgage pricing disparities for borrowers of color by both brokers...

Earlier this week, the Federal Trade Commission announced an enforcement action against the for-profit trade school Ashworth College. The federal agency charged the Georgia-based online college with misrepresenting their programs, leaving students with educations that could not lead to proper credentials or careers. CRL senior policy counsel Maura Dundon offers the following remarks: The complaint against Ashworth College gets to...

On May 12, Senator Richard Shelby unveiled a discussion draft of a bill that would, among other things, undermine key banking and mortgage reforms established by the landmark Wall Street Reform and Consumer Protection law. Center for Responsible Lending vice president Mitria Wilson offered the following remarks: For five years, post-crisis lending rules have made the financial system safer by...

The Department of Education announced today it would issue a strong proposed Cash Management rule. The rule would regulate the way colleges can enter into marketing agreements with banks and prepaid card issuers who wish to market to their student populations. It would ban overdraft and point-of-sale fees on some accounts - and require that all accounts be in the...

On May 14, the Consumer Financial Protection Bureau will hold a field hearing on student loan servicing and announce a formal Request for Information on the issue of student loan servicing, which may lead to a proposed student loan servicing rule. Center for Responsible Lending senior policy counsel Maura Dundon offers remarks on the consumer protection agency's announcement: Today, the...

On Monday, May 11, 2015, Mitria Wilson, CRL vice president for government affairs, joined a congressional forum examining how mainstream financial service providers were not fully meeting the needs of many in the middle class – and many who aspire to it – for basic banking services like check cashing services and small dollar loans. The panel explored how this...

This morning, the House Armed Services Committee voted on the National Defense Authorization Act. Congresswoman Tammy Duckworth introduced an amendment before the vote, stripping away provisions that delayed the Defense Department's recommended improvements to the Military Lending Act. Gary Kalman, executive vice president of the Center for Responsible Lending, offers remarks: The members of House Committee on Armed Services who...