Press Releases

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...

WASHINGTON, D.C. – Today, two years after the massive Equifax data breach, the credit monitoring agency has agreed to a settlement of up to $700 million. The agreement includes at least $400 million in consumer relief, $175 million to states, and $100 million to the Consumer Financial Protection Bureau in civil penalties. CRL Director of State Policy and Executive Vice...

WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) and the National Association for the Advancement of Colored People (NAACP), co-authored a research report finding that student loan debt is unsustainable for many student borrowers, especially borrowers of color. The research paper, titled Quicksand: Borrowers Of Color & The Student Debt Crisis, offers policy recommendations to reform our country’s...

WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released A Smarter Qualified Mortgage Can Benefit Borrowers, Taxpayers, and the Economy, a report urging the Consumer Financial Protection Bureau (CFPB) to take timely steps to ensure widespread access to safe and sustainable loans. Unless the CFPB revises its mortgage rule under the Dodd-Frank Wall Street Reform and Consumer Protection...