Press Releases

WASHINGTON, DC – The U.S. Senate is expected to begin voting today on S.J.Res.18, legislation that would prevent a Consumer Financial Protection Bureau (CFPB) rule from lowering the typical price of an overdraft fee at very large banks and credit unions from around $35 to $5. If enacted, the legislation would eliminate this CFPB rule and forbid issuance of the...

WASHINGTON, D.C. – President Donald Trump is set to sign an executive order today aiming to dismantle or significantly restructure the U.S. Department of Education. The department, established by Congress nearly 50 years ago, plays a critical role in enforcing civil rights protections, distributing federal education funding and administering financial aid programs that make higher education accessible for millions of students...

Washington, D.C.—The U.S. Department of Education announced yesterday evening that it will reduce nearly half of its staff. In response, Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), issued the following statement: While Secretary McMahon frames this as a step toward restoring greatness in our education system, slashing staff at this scale is reckless and threatens...

WASHINGTON, D.C. – President Donald Trump signed an executive order last Friday directing the Secretary of the U.S. Department of Education to exclude borrowers employed at nonprofit organizations from Public Service Loan Forgiveness (PSLF) if they engaged in activities deemed improper or illegal by the administration. Established by Congress in 2007, PSLF was designed to provide student loan relief to...

Legislation to eliminate these consumer protections moving through Congress as Trump Administration has shut down nearly all Consumer Bureau operations WASHINGTON, DC – With the U.S. House Financial Services Committee voting today to prevent a Consumer Financial Protection Bureau (CFPB) rule from lowering the price of overdraft fees at megabanks and with the Senate Banking Committee scheduled to vote tomorrow...

WASHINGTON, D.C. — The U.S. Senate is expected to confirm Linda McMahon as education secretary today, following last week’s 51-47 procedural vote along party lines that advanced her nomination to a final confirmation vote. Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), issued the following statement: Linda McMahon’s confirmation raises pressing concerns about the future of...

WASHINGTON, D.C. — The Senate Health, Education, Labor, and Pensions (HELP) Committee today voted 12-11 to advance Linda McMahon’s nomination to serve as President Donald Trump’s secretary of education. The vote moves her nomination to the full Senate for consideration. Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL), made the following statement: Dismantling the department would...

WASHINGTON, DC – Today, chairs of the House and Senate finance committees introduced legislation that could rescind a rule from the Consumer Financial Protection Bureau (CFPB) that required the nation’s largest banks and credit unions to lower the typical overdraft fee charge from around $35 to closer to the service’s actual cost to the institution – an estimated $5. “This...

Research Will Help Create a Financial System That Enhances Economic Stability and Wealth-Building for Underserved Households WASHINGTON, DC – The Center for Responsible Lending (CRL) today announced the creation of the Julian Bond Financial Equity Research Institute, named for civil rights icon and founding CRL board member Julian Bond. The Julian Bond Institute (JBI), the first new research entity in...

WASHINGTON, DC – As attention now turns to the nomination of a new director for the Consumer Financial Protection Bureau (CFPB), the Administration continues its attacks on the consumer protection and enforcement activity of the agency. Reports indicate that current Acting Director Russell Vought late yesterday fired dozens of staff and canceled contracts for CFPB work, including for enforcement and...