Press Releases

State lawmakers should prevent such abuses before they occur DURHAM, N.C. – On Friday, New York Attorney General Letitia James and Department of Financial Services Superintendent Maria T. Vullo announced a settlement with ACS Education Services, now Conduent Education Services, that will require the student loan servicer to pay $9 million for deceiving student loan borrowers about their repayment options. Among other abuses, the officials found that ACS had overcharged military servicemembers and had failed to put borrowers into the income-based repayment plans for which many qualified. Center

OAKLAND, CALIF. – In his inauguration speech earlier today, Governor Gavin Newsom criticized abusive payday lenders as special interest who target California’s most vulnerable populations, “… Polluters who threaten our coastline and pay-day lenders who target our most vulnerable…interests like these still have a tight grip on power. But here in California, we have the power to stand up to them – and we will.” CRL has consistently fought against predatory lending practices across California, including abusive payday lenders. Previously, CRL announced that a DBO research report detailed how

WASHINGTON, D.C. – Today, upon the Senate voting on party lines to confirm Kathy Kraninger for Director of the Consumer Financial Protection Bureau (CFPB), Center for Responsible Lending Senior Legislative Counsel Yana Miles issued the following statement: Mulvaney’s tenure at the CFPB wasn’t public service—it was service to predatory lenders. The Administration’s pattern of nominating unqualified, political candidates to important independent agencies, like the CFPB, is dangerous, misguided, and will cause irreparable harm to families across the country. Kathy Kraninger’s inexperience and

DURHAM, NC. – In response to the nation’s still-spiraling student loan debt, the Center for Responsible Lending (CRL) convened a day-long summit to examine the impacts and solutions for North Carolina. People from around the state gathered at the Durham Convention Center for this working conference and included a wide variety of stakeholders that included: banks, colleges and universities, as well as advocates representing older Americans, veterans, community developers, low-income residents and others. Throughout the day, people shared their own powerful and personal stories of how student

WASHINGTON, D.C. – El Senado de los Estados Unidos se prepara para la votación final para confirmar a Kathy Kraninger, actual directora adjunta de la Oficina de Administración y Presupuesto (OMB, por sus siglas en inglés), como directora de la agencia de protección del consumidor (CFPB, por sus siglas en inglés). Hace un año, el actual director del OMB, y aliado de los préstamos de día de pago (mejor conocidos en inglés como préstamos Payday), Mick Mulvaney asumió el papel de director del CFPB. Ante este cargo, Mulvaney lanzó una campaña de sabotaje en contra de la misión principal de la

November 27, 2018 By Yana Miles A year ago today, the Trump Administration’s budget chief Mick Mulvaney took over as head of the Consumer Financial Protection Bureau (CFPB) and launched a campaign of sabotage against the agency’s mission and work. Mulvaney’s tenure provides ample reason for the Senate to reject Kathy Kraninger’s nomination for permanent Director of the CFPB. The Senate is expected to vote on her nomination as soon as tomorrow. Ms. Kraninger currently works as an aide at the Office of Management and Budget, where Mick Mulvaney is the Director (in addition to leading the CFPB)

WASHINGTON, D.C. – Today, the Center for Responsible Lending, Americans for Financial Reform, and other leading national labor, civil rights, consumer advocacy, fair housing, and legal services organizations responded in a joint comment to the Office of the Comptroller of the Currency’s (OCC) Advance Notice of Proposed Rulemaking (ANPR) on how the agency should update Community Reinvestment Act (CRA) procedures. The groups pressed the OCC that any changes to the CRA must strengthen -- not weaken -- banks’ obligation to meet the needs of low-income communities and communities of color and that

Broad Coalition has Urged Agency to Maintain Guidance That Guards Against Unaffordable Loans By Banks WASHINGTON, D.C. – The Federal Deposit Insurance Corporation (FDIC) yesterday issued a Request for Information (RFI) on small-dollar lending by banks. Existing FDIC policies have kept predatory lending by FDIC-supervised banks largely at bay, and they should not be weakened. Civil rights, faith, and consumer groups have forcefully urged the FDIC to not allow banks to make loans that exceed 36% interest. The RFI also asks about bank partnerships, which have been used to facilitate rent-a-bank

Campaign led by representatives of highly impacted communities garnered support from over 50 veterans’ groups, faith groups, lawmakers of both political parties, and both urban and rural communities OAKLAND, C.A.– Coloradans have come together to stop predatory payday lending by passing a 36% cap on annual interest rates for payday loans. Today’s results make Colorado the fifth state to affirm an interest rate cap by ballot and the sixteenth state (plus the District of Columbia) to protect against predatory payday lending through reasonable usury limits. In a campaign led by representatives of

WASHINGTON, D.C. – This evening, several news outlets are reporting that Congressional Democrats have gained control of the U.S. House of Representatives. Media wires are also showing that Republicans have kept their majority in the U.S. Senate. Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement: We look forward to working with this new Congress on issues that are of the utmost importance, including addressing the student loan debt crisis, ensuring a sustainable and inclusive housing finance system that serves all borrowers, stopping