CRL in the News

More workers can now use pay advance apps for quick cash to cover expenses between paychecks. The apps may offer no-cost options, but most users end up paying fees that can total hundreds of dollars a year, a new analysis finds. “They are not free in the vast majority of cases,” said Candice Wang, a senior researcher at the Center...

A January report from the Center for Responsible Lending found that OppFi facilitated personal installment loans with up to 195% APR on loans ranging from $500 to $5,000.

For Calhoun at the Center for Responsible Lending, the stakes are clear. An approval would lead to a normalization of three-digit APRs like the one Patrick is struggling with years later with no end in sight. He says it would not only open the floodgates to other fintech lenders that want to become banks — it would also push current...

Decades ago, banks allowed their customers to overdraft their accounts as a courtesy, Pete Smith, a senior researcher for the Durham-based Center for Responsible Lending, told The News & Observer in a phone interview. Banking wasn’t as digital as it is today, and customers couldn’t simply open an app to see whether a check had cleared.

Center for Responsible Lending President Mike Calhoun said the plan would “siphon away investment from the very communities in rural and urban America that most need those funds.” Calhoun also said it would “discourage banks from providing financial services — mortgages, small-business loans and other investments — to families who have been left behind by our country’s economic changes. The...

The Center for Responsible Lending also opposed the bill last month, saying in a press release that if the legislation becomes law it would exempt some EWA services “from laws that help stop lenders from fleecing consumers.”

Several factors are making buying cars more expensive, said Lucia Constantine, a senior researcher at the Durham-based Center for Responsible Lending. In recent years, vehicles have become pricier, thanks to the COVID-19 pandemic and resulting supply chain issues, not to mention new tariffs implemented by the Trump administration, Constantine said. Cars also incorporate more technology than before, which adds to...

Advocacy group Center for Responsible Lending conducts research and promotes financial fairness. “Anything could happen, because it is litigation. We see that the courts every day are overturning something that has been done years ago, and so they can overturn it, or they can affirm what is already in place right now,” said Jaylon Herbin, the director of federal campaigns...

By Mike Calhoun With the recent passing of former Rep. Barney Frank (D-Mass.), let’s remember and recommit to a central component of his legacy: stopping the predatory lending that had caused millions to lose their homes. President Trump recently signed an executive order, “Promoting Access to Mortgage Credit,” directing federal regulators to review protections established by the landmark law authored...

“The CFPB has put more than $21 billion back into consumers’ pockets, underscoring that a strong and independent watchdog can make a real difference in the lives of millions of American families,” said Mike Calhoun, president of the Center for Responsible Lending. “This legislation would help safeguard the agency's ability to continue protecting families from financial abuse, policing unfair practices...