CRL in the News

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...

“Elements of solar financing products and sales processes are identical to those used by predatory subprime lenders in 2007,” according to a report by the Center for Responsible Lending. Anneliese Lederer, a senior policy counsel at the organization, described cases in which aggressive sales tactics targeted lower-income homeowners. “Certain financial companies and poor actors were working in ways to strip...

“Borrowers are facing a great deal of confusion and anxiety ahead of the changes,” said Jaylon Herbin, ‌director of federal campaigns at the Center for Responsible Lending, a consumer advocacy organization. “We’re encouraging borrowers to carefully review all available repayment options before enrolling in a new plan,” Herbin said. Here’s what to know about the two new repayment options coming...

Ambition Without Access, a newly released study by the Julian Bond Institute (JBI), an initiative of the Center for Responsible Lending (CRL), is the first nationally representative look at how wealth and financial aspirations differ across race and generations particularly for Blacks and Latinos.

Amid historic affordability challenges in the U.S., a new study released today by the Julian Bond Institute for Financial Equity Research (JBI) debunks preconceived notions that younger, more diverse generations lack motivation to contribute to the economy.

As of this writing, 21 states and the District of Columbia have outlawed triple-digit interest rates on payday loans and similar credit products. These hard-won consumer victories largely stopped lenders from trapping people in triple-digit interest rate debt — key strides towards financial freedom.

“If you take one step forward, but you take 15 steps back, you have a very low odds of being able to achieve your objective, which is to give Americans some relief in the cost of housing today,” Mitria Wilson-Spotser, vice president and federal policy director at the Center for Responsible Lending, told TPM of White House housing policy.

Prevost recommended a few websites to learn about next steps if you have a solar contract that has gone bad. The National Association of Consumer Advocates for help finding attorneys in your area The Center for Responsible Lending for answers about widespread solar loan practices He also recommended caution in searching for solar panel attorneys on Facebook or social media...

The Oregon Senate passed House Bill 4116, which stops online lenders from exploiting a loophole in federal law to charge consumer loan interest rates above Oregon’s 36% cap through “rent-a-bank” schemes. The bill now moves to Governor Tina Kotek’s desk to be signed into law. “Predatory ‘rent-a-bank’ loans have high rates of interest, defaults, and repeat borrowing. The business model...