Press Releases

This week, North Dakota Senator Heidi Heitkamp introduced the Private Education Loan Refinancing Act of 2015, which would provide relief to students burdened with risky or expensive loans. The bill would create incentives for lenders to work with borrowers to refinance and modify loans to help borrowers avoid default. In the mortgage market, loan modification and refinancing has helped many...

Yesterday, the Consumer Financial Protection Bureau finalized changes to its Qualified Mortgage (QM) rule. The changes, which raise the number of loans a small creditor can re-sell and expand the number of banks that can qualify as a "rural bank," are a response to feedback from lenders. CRL Policy Counsel Yana Miles issued the following statement: The CFPB's Qualified Mortgage...

Despite a number of industry predictions, new data from the Home Mortgage Disclosure Act (HMDA) report today revealed that Dodd-Frank's mortgage protections and the Consumer Financial Protection Bureau's related new mortgage regulations did not produce a decrease in mortgage accessibility for homebuyers. The data also show that borrowers of color and families with low-to-moderate incomes continue to be underserved in...

Today, the federal Consumer Financial Protection Bureau (CFPB) announced new members of its Consumer Advisory Board, including Center for Responsible Lending (CRL) Senior Vice President Chris Kukla. The board brings together external experts, industry representatives, consumers, community leaders and advocates to discuss consumer protection issues, financial products and services, civil rights and underserved communities. Kukla, who leads CRL's auto lending...

In recognition of Hispanic Heritage Month, September 15-October 15, the Center for Responsible Lending will highlight issues this month that disproportionately affect this community. If your outlet is planning or considering coverage of financial services that pose challenges for consumers in general or Latinos in particular, CRL experts in policy, research and advocacy are available for scheduled interviews. View a...

Today, the Consumer Financial Protection Bureau (CFPB) announced enforcement actions against Encore Capital Group and Portfolio Recovery Associates, the two largest debt buyers active in the United States. According to the Bureau, Encore will pay up to $42 million in refunds to affected consumers, a $10 million fine and cease collection on $125 million in debts. Portfolio will pay $19...

The Federal Housing Administration's mutual mortgage insurance fund plays a critical role in providing access to credit so that millions of Americans—many of whom are first-time buyers, come from low- and moderate-income backgrounds, or purchase homes in communities of color—can be successful homeowners. The FHA today proposed revised language on the lender certification of loan and borrower eligibility and lender...

Today, the Federal Housing Finance Agency (FHFA) issued a final rule setting affordable housing goals for Fannie Mae and Freddie Mac (the GSEs). Affordable housing goals are meant to ensure that people in lower-wealth communities have access to homeownership and affordable rental housing. [1] FHFA announced that its single-family, low-income home purchase goal for 2015-2017 would be set at a...

We at the Center for Responsible Lending were deeply saddened by the loss of Julian Bond, a great American, our friend, colleague and a member of the CRL Board of Directors. We all knew Julian as an iconic warrior in the trenches of the American civil rights movement. As a founding and longtime CRL board member, Julian also brought vision...

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a consent order requiring Discover Bank to pay a $2.5 million dollar fine and $16 million in refunds to consumers for illegal student loan servicing practices. The bank overstated the minimum amounts due on billing statements and denied consumers information they needed to obtain federal tax benefits. According to the CFPB, the...