Press Releases

OAKLAND, CALIF. – Washington Governor Jay Inslee signed the Washington Student Education Loan Bill of Rights into law yesterday, which will provide strong protections for the more than 730,000 student loan borrowers in the state carrying $22.9 billion in student loan debt. The law will establish a Student Loan Advocate to review complaints, and will authorize the state to license...

WASHINGTON, D.C. – Today, the U.S. Senate voted to pass S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in response to the biggest financial crisis since the Great Depression. The bill now goes to the U.S...

WASHINGTON, D.C. – On Monday, March 12, the Federal Register will include an interpretation by the Department of Education that state-level student loan servicing laws are preempted by Federal law. While the Department purports to affect loans made under Title IV of the Higher Education Act, this interpretation has no legal effect on state laws. The non-binding memo asserts that...

WASHINGTON, D.C. – On March 6, the leadership at the U.S. Department of Housing and Urban Development (HUD) announced that it is changing its mission statement by stripping away language that promises inclusivity and communities free of discrimination. According to news reports, the new mission statement removes the reference to “inclusive” communities “free from discrimination.” The draft statement now reads...

WASHINGTON, D.C. – Today, the U.S. Senate voted to advance S. 2155, a banking deregulation bill that if enacted would constitute the largest-ever roll back of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank law was enacted in the wake of the biggest financial crisis since the Great Depression. Read a short summary of S...

Center for Responsible Lending & National Urban League Report Shows Senators’ Proposal Would Cost More, Deliver Less WASHINGTON, D.C. – A new research report by the Center for Responsible Lending (CRL) and National Urban League critiques a legislative discussion draft by U.S. Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) to restructure the nation’s housing finance system, and it criticizes...

WASHINGTON, DC - A recent Bloomberg news article is reporting that the U.S. Department of Education may issue a proposal that would prohibit state law from regulating servicers and student loan debt collectors. Such a move would be an aggressive form of preemption of state laws by the Trump Administration and Education Secretary Betsy DeVos. An alternative view held by...

Payday lenders strip $50 million per year from Colorado economy DENVER, CO – The Center for Responsible Lending (CRL) released a report today showing that payday lenders charge Coloradans an average of $119 in fees and interest to borrow $392, with an average annual percentage rate (APR) of 129%. This practice strips $50 million per year from low-income Coloradans. The...

Assemblymember Kalra's AB 2500 provides pragmatic solution to curb abusive high-cost loans SACRAMENTO, CALIF. - Today, the Center for Responsible Lending (CRL) and city leaders from across the state applauded California Assemblymember Ash Kalra’s (D-San Jose) introduction of AB 2500, the Safe Consumer Lending Act, a bill to protect California families from abusive high-cost installment loans. The legislation would extend...

WASHINGTON, D.C. – Last night, the U.S. House of Representatives voted to pass H.R. 3299, the so called “Madden fix” bill which would preempt state interest rate caps and open the flood gates to online predatory lending of 300% APR and higher loans. The bill passed despite opposition from consumer advocates. Several Members of Congress took to the floor to...