Press Releases

Today, the US Department of Justice announced a $7 billion settlement with Citigroup; the financial institution will pay a record-setting $4 billion penalty for misleading investors about securities that included toxic mortgages. Center for Responsible Lending executive vice president Debbie Goldstein comments on the settlement below. CRL is a nonprofit research and advocacy organization focused on consumer lending. In December...

Today, the Consumer Financial Protection Bureau (CFPB) took action against the Texas-based financial services company ACE Cash Express. The agency found that the company employed abusive and illegal tactics to collect debts and trap borrowers into a cycle of debt. ACE will pay $5 million in refunds to borrowers and $5 million in fines. Center for Responsible Lending president Mike...

A new report from the Center for Responsible Lending (CRL) finds that the debt settlement remains a risky strategy for debt reduction – and often leaves consumers more financially vulnerable. Debt settlement companies offer the promise of settling a consumer's debt for a fraction of what they owe. The idea is simple: debt settlement companies offer to negotiate down the...

Contact: Harkin Press Office (202) 224-3254

On Tuesday, Senator Tom Harkin (D – IA) introduced a bill reauthorizing the Higher Education Act, the Higher Education Affordability Act, aimed in part at reducing the burden of student loans on borrowers and addressing abuses in student lending. In response to the bill, Center for Responsible Lending Senior Policy Counsel Maura Dundon said: The Center for Responsible Lending applauds...

Operation Choke Point Protects American Businesses, Consumers On Tuesday, the Senate will consider an amendment to the Commerce-Justice-Science Appropriations bill that would eliminate funding for a Department of Justice program called "Operation Chokepoint." Center for Responsible Lending president Mike Calhoun responds: It's clear that the mythology that Operation Chokepoint detractors have been marketing has reached our nation's lawmakers and legislators...

Senator Warren's Bank of Students Emergency Loan Refinancing Act Provides Important Options for Refinancing Student Loans This week, the Senate will vote on Senator Elizabeth Warren's Bank of Students Emergency Loan Refinancing Act, which would allow borrowers to refinance student loans at lower rates. Representatives Miller and Tierney have also introduced a companion bill in the House. The Center for...

Yesterday, President Barack Obama held a White House briefing and signed a Presidential Memorandum calling for new refinancing options, expanding access to income-based repayment, better outreach to distressed borrowers, and more accountability for student loan servicers. Later this week, the Senate is scheduled to vote on Senator Warren's Bank on Students Emergency Loan Refinancing Act, which would allow borrowers to...

"We must not undermine the progress we have made," says Ken Edwards Today, the House of Representatives will vote on the so-called "Mortgage Choice Act" – a bill that would threaten the safety of home loans and leave consumers vulnerable to excessive fees. These fees, according to the Center for Responsible Lending, would upset the careful balance struck by the...

Last month, the Department of Defense issued a report to Congress on the Military Lending Act: Enhancement of Protections on Consumer Credit for Members of the Armed Forces and Their Dependents. In its report, the Department of Defense reviews the regulations that implement the 2007 Military Lending Act, an act to protect servicemembers and their families by capping the cost...