HBCU grads can face lifelong student debt burdens. Here’s what that looks like in NC

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Hannah Lang | The Charlotte Observer
Whether it’s buying a home, saving for retirement or starting a business, student debt makes it difficult for graduates of historically Black colleges and universities to build wealth after college, a new report shows. The report, from the Durham-based Center for Responsible Lending, evaluated polling, focus group and public education data to gauge the impact of heavy debt burdens — and relief from them, via the federal pause on student loan payments — on HBCU graduates.

What are payday loans and other types of predatory lending?

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Craig Harris | USA Today
The Center for Responsible Lending, a North Carolina-based nonprofit research organization that works to end predatory lending, released a study in late September that examined the "persistent harms of high-cost installment loans," a form of predatory lending that includes "rent-a-bank" loans. The group says it found predatory loans had a greater impact on people of color and people with low incomes.

Buy Now, Pay Later plans are easier than ever to access, but consumer advocates urge caution

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Alexandra Hart | Texas Standard
Nadine Chabrier is senior policy and litigation counsel at the Center for Responsible Lending, and spoke with the Standard about why consumers should use caution when financing with Buy Now, Pay Later. She said that, while the loans aren’t inherently predatory, they can quickly rack up fees if borrowers aren’t careful. Listen to the interview above or read the transcript below.

Public opposition of TD-First Horizon deal could prolong closing, analysts say

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Zoe Sagalow, Syed Muhammad Ghaznavi | S & P Global
The CRL is particularly concerned about TD's overdraft practices and is advocating for the bank to change those policies, said Nadine Chabrier, senior policy and litigation counsel at the center. Such a change could be part of a community benefit agreement, but those tend to focus on lending, and the center wants those changes to be made now, she added. "We're going to advocate for them to revise their overdraft policies to stop harming consumers before the merger happens," Chabrier said in an interview. "It should be a condition of it."

Biden student debt relief executive order a start, but not enough

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Charlene Crowell | The Charlotte Post
Biden’s executive order “will bring wealth-building opportunities to struggling borrowers who have been crippled by student loan debt, especially low-wealth individuals, women and people of color — who were also disproportionately affected by the burdens of an unforgiving public health crisis,” said Jaylon Herbin, outreach associate and policy manager at the Durham-based Center for Responsible Lending.

North Carolina case has big implications for debt buyers

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Kevin Wack | American Banker
Consumer advocates say that a pro-consumer ruling in the suit could make it difficult for debt buyers operating in North Carolina to churn out a high volume of lawsuits, which frequently lead to default judgments against borrowers. "This has the potential for disrupting the assembly line, because the debt buyer is held to a higher standard," Nadine Chabrier, senior policy and litigation counsel at the Center for Responsible Lending, said in an interview Wednesday.

Borrowers could get up to $300 back in their monthly budget from student loan forgiveness. Here’s how to use that money

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Jessica Dickler | CNBC
Now that the Biden administration has wiped out hundreds of billions of dollars in education debt and proposed a new income-driven repayment plan that could cut monthly payments in half for undergraduate loans, many borrowers will have lower monthly payments, or none at all. This “gives borrowers a chance to achieve their goals,” said Jaylon Herbin, a policy and outreach manager at the Center for Responsible Lending. That’s particularly true for women and Black borrowers, who carry higher balances after graduating, he said.

Beyond Student Loan Forgiveness, Here's What the Government Can Do to Keep the Rising Household Debt in Check

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Nathaniel Lee | NBC
"For folks who have higher debt loads, they're actually getting their wages garnished or seized at really high rates," according to Lucia Mattox, senior policy manager at the Center for Responsible Lending. "Currently at the federal level, only $217.50 is protected in someone's weekly paycheck and that bill hasn't been updated since the late '60s."