Press Releases

IDR program has failed borrowers for decades, organizations contend, calling on the Education Secretary to fulfill broken promises WASHINGTON, D.C. — Today, a group of 104 diverse advocacy organizations, including American Federation of Teachers (AFT), National Education Association (NEA), and UnidosUS, sent a letter to the Biden administration, calling on U.S. Secretary of Education Miguel Cardona to reform broken, dysfunctional...

Washington D.C.— Lucia Mattox, the director of western states outreach and senior policy associate at the Center for Responsible Lending (CRL) made the following statement in response to recent reports that JPMorgan Chase, the nation’s largest bank with over $3.2 trillion in assets, has renewed a predatory practice called “robo-signing,” which occurs when companies filing lawsuits against consumers sign and...

Today’s departure of FDIC Chair appointed by former President Trump presents a new opportunity for the agency to stop illegal loans with 100%+ APR that are exploiting financially vulnerable families WASHINGTON, D.C. – With a new chairman taking the helm of the Federal Deposit Insurance Corporation (FDIC), the Center for Responsible Lending joined with more than a dozen other organizations...

Washington, DC – Today, Navient, one of the largest student loan servicers in the country, reached a $1.85 billion settlement with 39 states over predatory student loan practices. In response, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) released the following statement: Navient’s history of steering borrowers into high-cost, long-term forbearances instead of placing them...

Advocates Outline Path for the Biden Administration to “Do its Part” in Fixing IDR Washington, DC -Today, the Center for Responsible Lending, Student Borrower Protection Center, and National Consumer Law Center released a whitepaper outlining why the U.S. Department of Education (ED) must act now, before the payment pause ends, to provide relief for the millions of federal student loan...

WASHINGTON, DC – Bank of America, America’s second-largest retail bank with about $2.35 trillion in assets, today announced it will reduce overdraft fees and non-sufficient funds (NSF) fees (aka bounced check fees) for its consumer banking customers. Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement: Bank of America’s decision will provide much-needed relief for customers who...

Washington, D.C.— A coalition of public interest and advocacy organizations recently urged the Consumer Financial Protection Bureau (CFPB) to expand the data collection and reporting requirements under its proposed rule to implement changes to Section 1071 of the Dodd-Frank Wall Street Reform and Protection Act. The CFPB’s proposal would expand the data collection and reporting requirements in the small business...

79 Groups Ask CFPB to Provide Much Needed Oversight for Emerging Credit Products WASHINGTON, D.C. — The Center for Responsible Lending, Consumer Federation of America, National Consumer Law Center, Student Borrower Protection Center, and 75 additional organizations called for Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to carefully examine fintech credit products and fee models that are evading consumer...

WASHINGTON, D.C. – The Biden Administration announced today that it will extend the federal student loan payment pause until May 1st, 2022. In response, Jaylon Herbin, outreach associate at the Center for Responsible Lending (CRL), made the following statement: We commend the President for safeguarding student loan borrowers at a time of profound economic uncertainty. The extension of the payment...

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is opening an inquiry into large “Buy Now, Pay Later” (BNPL) lenders. “Use of ‘Buy Now, Pay Later’ credit has exploded, so it is important that we understand the impacts of this debt. In opening this inquiry, the Consumer Bureau is taking a great first step in learning...